Grain markets experienced a mixed finish to the week, with May Corn and Soybean futures managing to battle back from early morning lows. The July Chicago Wheat contract closed softer, acting as the weak link in the agricultural sector. Early headlines regarding the Strait of Hormuz introduced volatility across the commodities space, initially pressuring corn and heavily impacting oil. However, strong demand and ongoing uncertainty surrounding the U.S. crop allowed corn to recover by the close. Export data highlighted a divergence in demand, with corn sales jumping 3% to 1.4 million metric tons, led by buyers in Japan, South Korea, and Mexico. Conversely, soybean export sales hit a marketing year low of just 248,000 metric tons, while wheat sales also saw notable declines from the four-week average.
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