Key facts
- Agricultural futures faced selling pressure due to potential US tariffs on Brazil and a higher-than-expected jobless report.
- US commercial crude inventories decreased by 8 million barrels to 433.7 million barrels in the week ending May 29th.
- Copper futures rebounded after mid-session losses, with raised price forecasts from Goldman Sachs and Citigroup.
- Central banks purchased 244 tonnes of gold in Q1 2026.
- Next week's US corn export inspections are projected at 1.90 million metric tons.
- June Census corn exports are estimated at 8.09 million metric tons.
- Soybean export inspections could be 600,000 MT, down 16% from the prior week.
- The Philippines booked 190,000 metric tons of soy meal.
- Soybean futures settled lower at 1117'4 due to weak sales and Brazilian competition.
- July hogs confirmed support at the $100 level and closed near session highs.
Agricultural futures faced selling pressure, influenced by the prospect of US tariffs on Brazil and a higher-than-expected jobless report. Favorable crop conditions for corn and soybeans also contributed to the market's movement, alongside geopolitical tensions creating uncertainty. US commercial crude inventories decreased by 8 million barrels to 433.7 million barrels in the week ending May 29th, marking the sixth consecutive weekly decline. Despite this sharp drop, AgResource Company suggests a lasting break in energy prices is unlikely due to a tight balance sheet.
Copper futures experienced a mid-session rebound, recovering from earlier losses to turn positive. Goldman Sachs and Citigroup have raised their copper price forecasts, citing projected supply shortfalls and mine disruptions. In the precious metals market, central banks purchased 244 tonnes of gold in Q1 2026, establishing a structural floor for the metal. Projections for next week indicate US corn export inspections at 1.90 million metric tons, representing a 10% increase from the prior week, with June Census corn exports estimated at 8.09 million metric tons. Soybean export inspections could reach 600,000 MT, a decrease of 16% from the previous week.
Agricultural futures consolidated as managed money liquidations reduced the market's risk premium. Mixed US weather forecasts and a jobs report with caveats contributed to choppy trade. The Philippines booked 190,000 metric tons of soy meal. Soybean futures settled lower at 1117'4, impacted by an 8% week-over-week drop in export sales and increased competition from Brazil. Corn futures declined for a sixth consecutive session, while wheat futures showed mixed activity due to rainfall in China. Market participants are awaiting the upcoming USDA report. CME hog futures recovered from an early decline, having been initially pulled lower by sharp drops in cattle markets. July hogs confirmed support at the $100 level and closed near session highs.