By Kirk Maltais


--Corn for July delivery fell 1.9% to $4.11 a bushel on the Chicago Board of Trade Thursday, with the USDA raising its outlook for Brazilian and Argentinian corn crops in Thursday's WASDE while U.S. crops enjoy supportive weather.

--Soybeans for July delivery fell 0.7% to $11.15 3/4 a bushel.

--Wheat for July delivery fell 0.2% to $5.86 1/4 a bushel.


HIGHLIGHTS


More Cushion: CBOT grain futures fell after the release of the June WASDE report by the USDA, which showed higher production out of South America softening the global supply outlook. Higher projections for Brazilian corn and Argentinian soybeans that exceeded the projections from analysts surveyed by The Wall Street Journal hit futures. With good weather seen in the U.S. to start June, traders see little reason to fret over potential supply issues. "With U.S. weather non-threatening, there isn't much to turn the trend right now," said Doug Bergman of RCM Alternatives in a note.

Little Moved: Declarations from President Trump about the status of the war in Iran was a factor weighing on the sentiment around grain futures - even as it rapidly changed from threats of elevated war to the potential for a soon-to-come peace deal. Trump posted on Truth Social threatening to hit Iran "very hard" this morning, but this afternoon posted that strikes were cancelled in lieu of a deal being reached - a claim disputed in a story published by Israeli media.


INSIGHT


Storm Formed: The global climate has officially shifted into an El Niño system, the National Weather Service's Climate Prediction Center said in a notice Thursday. It's a potential boon for U.S. row crops, bringing drought relief for fields in the southern Plains while more-northern states see conditions that are warmer and drier. Entering the summer growing season, weather in the Corn Belt has been largely supportive for crops. "The U.S. weather is nearly ideal," said Gary Sandlund, of Futures International.

Case List: The USDA's Animal and Plant Inspection Service now reports seven total cases of New World screwworm in animals. On its online dashboard, APHIS lists six of the seven reported cases in Texas -- going as far north as Gillespie County, which is outside of Austin. In Thursday's WASDE, the USDA noted it reduced its outlook for 2026 beef production, taking into account supply hiccups coming from the parasite.

Beating the Mark: Export sales of U.S. corn and wheat reported by the USDA both exceeded the forecasts of analysts surveyed by The Wall Street Journal this week. In Thursday's weekly export sales report, the USDA said that for the week ended June 4, export sales of corn across the 2025/26 and 2026/27 marketing years totaled 1.93 million metric tons. That's roughly 130,000 tons more than the high-end of analyst estimates for the week. Wheat sales totaled 666,300 tons for 2026/27, with an additional 298,600 tons rolled over from 2025/26. The marketing year for U.S. wheat ended June 1, while the marketing year for corn and soybeans wraps up in September.


AHEAD


--The CFTC will release its weekly Commitment of Traders report at 3:30 p.m. ET Friday.

--The USDA will release its weekly Grain Export Inspections report at 11 a.m. ET Monday.

--The USDA will release its weekly Crop Progress report at 4 p.m. ET Monday.


Write to Kirk Maltais at kirk.maltais@wsj.com


(END) Dow Jones Newswires

06-11-26 1538ET