Grain futures closed lower on weak export demand and rain.

Grain futures faced across-the-board pressure to close out the month lower. Soybean futures fell after weekly export sales missed expectations, dropping 15% from the prior week, which caused an early rally to fizzle out. July Soybean futures slid to 1186, while options activity showed an increase in call open interest and liquidations in puts. Corn futures tumbled to a new three-month low, weighed down by a 52% week-over-week drop in export sales, lower ethanol production, and month-end positioning. July Corn futures fell to 447 1/2. Meanwhile, Wheat futures retraced to early May levels as beneficial rainfall across the Central Plains provided vital drought relief to the winter crop. July Wheat futures finished down at 612 1/2. Weakness in WTI Crude Oil futures added macro pressure across the entire agricultural complex.