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The row crop market saw bulls in a better mood on Friday, as there were several friendly factors to close the week. An EPA proposal on RVOs was released. Israel attacked Iran overnight, which added to some premium to the crude oil market.
The latest 7-day cumulative precipitation map from NOAA shows rain covering much of Minnesota, Wisconsin, Iowa, Nebraska, the Dakotas and Kansas over the next week with the Eastern Corn Belt also seeing totals near an inch. Very light totals are seen in the Missouri and southwest Illinois.
On Wall Street, stocks were lower on Thursday, pressured by the rising geopolitical tensions. The S&P 500 index was down 1.14%, while the Dow was 1.84% lower. The U.S. Dollar index was down 0.455 to $98.615. Crude Oil rallied $5.76/barrel to $73.80 following the Israel strikes on Iran on Thursday evening.
Corn ends the week on high note
July corn futures were up 6 cents on Friday to $4.445 per bushel, closing within a penny of the intraday high. December corn was 2.5 cents to $4.43.
Corn spot basis bids was up a penny at a Nebraska processor, but down 2 cents at an Iowa terminal, with the rest of the country holding firm.
A wetter pattern across the U.S. over the next week added some pressure to new contracts, while crude oil strength supported the complex.
Soybeans rally as EPA raises RVO limits for 2026 and beyond
July soybeans rallied 27.5 cents to $10.6975 on Friday following an EPA announcement. November soybeans were 27.5 cents higher to $10.5475. That was supported by limit 3 cent gains in the soybean oil market out through September 2026 contracts. Soybean meal was the lagger in the spread, with losses.
The big news came via an EPA proposal of the D4 Biomass-based diesel RVO for 2026 at 5.61 billion gallons, above the current 3.35 billion gallons level and well above the number rumored previously. Other steps were taken to support the domestic market, as the EPA proposed limiting credits to 50% of the value for imported biodiesel feedstocks.
The gains in the crude oil market also provided some support to bean oil.
Soybean spot basis bids were mostly steady across the U.S. on Friday, with a single Indiana processor down 15 cents.
Wheat rallies on Friday
July SRW wheat futures were up 17.25 cents to $5.4375. July HRW futures added a 18-cent gain to $5.4075, while July spring wheat was back up 13.5 cents to $6.3425.
Basis was steady across much of the U.S. HRW area on Friday.
The market rallied with other markets around the world, as the EU wheat prices were 2% higher at the close. That was supported by the rising Middle East tensions.
The continued precipitation for parts of the SRW area is limiting early harvest progress. HRW areas have an opening, with much of Texas and southwest Kansas seeing drier weather.