Grains finished higher to open the month, led by significant technical moves in the Corn and Soybean futures complexes. July Corn futures gained 5'4 to settle at 480'2, marking a 17-cent gain for the week. The new crop December Corn contract briefly traded above 5'0, its first time reaching that level since late 2023. Soybean futures also saw strength, with November futures hitting a two-and-a-half-year high close at 1182'6.
In addition to technical momentum, strong weekly export sales for Corn provided support, totaling 1.598 million metric tons. As planting season progresses, market participants are shifting focus toward U.S. weather patterns. The current 6 to 10-day outlook suggests cooler temperatures across key growing regions with a moisture split between the East and West.