U.S. wheat futures capped a bullish week with a strong close, sitting directly below 2026 highs for KC futures while Chicago futures hit a new high point in over two-years early Thursday. Traders are currently weighing the long-term risks and uncertainty tied to disrupted grain trade in the Black Sea, with few reports of improvements to the situation. Corn and soybeans were supported at the close of the week as well, with demand a bright spot within the soybean market. The corn market was sluggish through the second half of this week with next week’s forecasts calling for cooler temperatures across the U.S. Grain Belt. However, it is difficult to say the risk to the corn crop is over, with a dry outlook still in the cards for the Western Corn Belt over the next week to ten days. Outside markets on Friday leaned mostly positive influence on ag futures, with firm energy markets as crude oil traded to its highest mark in over a month as the war between the U.S. and Iran continues to escalate.

No new cash cattle trade developed throughout the day.

Milk futures closed mixed. The increase in cheese prices resulted in the nearby months closing with double-digit gains except for July. The rest of Class III and IV futures were mixed. Trade volume was large in the August and September contracts. Fluid milk sales in May were 2.1% below a year ago.

The cotton market closed moderately lower Friday, amid end-of-week position squaring.

Ethanol RINs were higher and ethanol cash prices were lower Friday. September corn closed up 3 1/4 cents per bushel at $4.44 3/4 and December closed up 3 1/2 cents at $4.67 1/2.