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Global food commodity prices declined in May, driven by marked drops in cereal, sugar, and vegetable oil prices, the United Nations's Food and Agriculture Organization said on Friday.

The International Grains Council on Thursday raised its forecast for global wheat production in the 2025/26 season, largely reflecting improved crop outlooks in India and Romania.

The U.S. Department of Agriculture lowered its U.S. corn supply forecast in a monthly supply-and-demand report on Friday and raised its outlook for U.S. exports of the grain this season to a record high following a strong pace of overseas shipments.

The Great Plains have long been celebrated for the “amber waves of grain” in the popular hymn “America the Beautiful.” The region’s states produce most of the U.S.-grown crop of hard red winter wheat, favored by bakers for bread. But with prices hovering around $5 (C$6.86) per bushel, U.S. wheat farmers have reached an inflection point, with many forced to either lose money, feed wheat to cattle or kill off the crop.

Chicago soybeans fell on Monday after an overnight rally with the mood in outside markets souring as U.S. President Donald Trump attacked U.S. Federal Reserve Chair Jerome Powell, causing concerns about the autonomy of the U.S. central bank.

Chicago Board of Trade soybean futures closed higher on Tuesday, supported by rising crude oil prices and uncertainty about Midwest crop weather in the weeks ahead, while soyoil prices eased following a sharp two-day rally tied to stronger U.S. biofuel blending mandates.

Chicago | Reuters — U.S. soybean futures rose on Tuesday, rallying from a seven-week low struck a day earlier, as strong crude oil prices lifted soyoil futures and traders weighed expectations that the leaders of United States and top global soy buyer China will speak this week. Corn futures bounced after dipping to multi-month lows[...]

Chicago | Reuters — Chicago Board of Trade soybean and soyoil futures fell to their lowest levels in seven weeks on Monday on worries about demand for U.S. oilseed supplies and generally favorable crop weather, analysts said. Corn futures followed soybeans lower. But wheat futures rose on short-covering as a Ukrainian drone attack in Russia[...]