A stronger US dollar combined with falling oil prices has put broad pressure on CBOT agricultural products, with wheat and corn down 2–3 cents and soybeans dropping almost 8 cents.

⑴ Chicago Board of Trade wheat futures edged lower in technical trading, as the US Dollar Index rose to a one-year high following the Federal Reserve policy meeting, which reinforced expectations of a rate hike this year. A strong dollar makes US commodities more expensive for overseas buyers. In addition, position adjustments before the Juneteenth market holiday on Friday contributed to the move. The CBOT July Soft Red Winter Wheat contract fell by 2.75 cents to $6.10 per bushel.⑵ Corn futures declined, dragged down by a fall in crude oil prices. Oil prices dropped by more than 1% on Thursday to their lowest since the start of the Iran war. A temporary peace agreement between the US and Iran reopened the Strait of Hormuz and eased sanctions, improving the global supply outlook. Corn and soybeans, as biofuel feedstocks, typically track crude oil price movements. The US Department of Agriculture reported morning export sales of 285,800 tonnes of corn to Mexico for delivery in the 2026/2027 marketing year. The CBOT July corn contract closed down 2.5 cents at $4.1825 per bushel.⑶ Soybean futures retreated from a two-week high, as a strong dollar and weak oil prices dampened the rally driven by rumors of Chinese demand. The US Department of Agriculture reported export sales of 132,000 tonnes of soybeans to China and 120,000 tonnes to unknown destinations on Thursday. The CBOT July soybean contract fell by 7.75 cents to $11.2425 per bushel.