Wheat futures declined on the Chicago Board of Trade during Friday trading, ending the week down by 1.1%, as abundant global supply stemming from ongoing harvests in the Northern Hemisphere overshadowed the strength of US exports.

Corn futures also fell after US export sales triggered a round of short-covering in the previous session, recording a weekly loss of 1.7% amid expectations of a bountiful harvest in the United States.

Soybeans also declined by 1.3% during the week, after US weekly export sales came in at the lower end of trade estimates.

Strong US wheat sales

Net US wheat export sales for the week ending July 17 totaled 712,000 metric tons, a figure at the high end of trade estimate ranges.

US wheat is now cheaper than European or Russian wheat (the latter having started to flow into the market from its major harvest), noting that CBOT wheat prices fell in May to their lowest level in five years at 5.06¼ dollars per bushel.

In the same context, participants in the annual crop tour of North Dakota expected the average yield of spring red hard wheat in the top-producing state to reach about 49.0 bushels per acre, which is a drop from the record 54.5 bushels reported last year.

However, those figures remain above the five-year average, according to Rabobank analyst Vitor Pistoua, who added: “There are still strong crops coming from that region.”

Pistoua noted that as the Northern Hemisphere harvest season progresses, it is "unlikely that supply expectations will change," pointing out that abundant corn supply and low prices are also putting pressure on the wheat market.

He said: “Nobody is expecting a price increase.”

Corn and soybean exports

As for corn, the US Department of Agriculture (USDA) announced on Thursday export sales of 135,000 tons to South Korea and 284,196 tons to unknown destinations.

Soybeans came under additional pressure from weakness in the soymeal market on Thursday, following reports that Chinese buyers purchased additional volumes of Argentine soymeal, although prices regained some strength on Friday.

Corn

In trading, corn futures for December delivery ended the session down by 0.4% at $4.19 per bushel.

Soybeans

Soybean futures for November delivery fell by 0.2% to $10.21 per bushel.

Wheat

Wheat futures for September delivery settled down by 0.4% at $5.38 per bushel.

Most cryptocurrencies declined during Friday trading, despite improved risk appetite in the markets following the announcement of trade agreements between the United States and its partners.

This comes amid optimism about progress in trade talks between the US and the European Union, as the European Commission announced that reaching an agreement with the United States is now within reach, following Washington’s announcement earlier this week of a trade deal with Japan.

Regarding corporate earnings, data from FactSet showed that 82% of companies listed on the S&P 500 that have reported their results so far have exceeded Wall Street expectations, including Alphabet, which announced quarterly profits that beat estimates.

For his part, US President Donald Trump stated on Friday that he held a good meeting with Federal Reserve Chair Jerome Powell, and came away with the impression that the central bank chief might be ready to lower interest rates.

Trump had visited the Fed in Washington yesterday, where he toured renovation works in two buildings at the bank’s headquarters.

Trump used the opportunity to renew his public call for Powell to lower interest rates immediately. The president told reporters on Friday: “We had a very good meeting… I think it was a very good meeting about interest rates.”

He added: “He [Powell] told me, ‘Congratulations, the economy is doing very well,’ and I understood from that that he may start recommending rate cuts based on that conversation.”

Ethereum

As for trading, Ethereum declined by 2.5% to $3,643.7 at 21:08 GMT on CoinMarketCap, though the digital currency recorded a weekly gain of 3.5%.

Federal Reserve Chair Jerome Powell has told several aides and allies that there is no chance he will yield to President Donald Trump's calls for him to step down, asserting his determination to endure months of unprecedented attacks from the president over his refusal to cut interest rates.

Powell has said in private conversations that staying in office is not just a personal choice but a defense of the Federal Reserve’s institutional independence, according to people familiar with those discussions. He believes resigning now would undermine the long-standing tradition of political non-interference in central banking.

Republican Senator Mike Rounds of South Dakota, who spoke with Powell personally about the issue, said: “He strongly believes it's his responsibility to preserve that independence. I asked him, and he said no, because stepping down would weaken the Fed’s independence.”

Powell's insistence on serving his full term through May 2026 means he remains a target of White House attacks aimed at pressuring the Fed to lower rates. This coordinated campaign has placed traditional Fed decisions under intense scrutiny and sparked new concerns about the economic fallout of political meddling in monetary policy.

Known as a calm, data-driven economist who served under President George H.W. Bush, Powell has maintained a nonpartisan reputation. His distance from day-to-day politics and moderately conservative leanings helped him gain bipartisan Senate support when Trump appointed him in 2017.

However, the pragmatic approach that once attracted Trump has now become a source of frustration. Trump has repeatedly expressed disappointment over Powell's refusal to heed his calls for rate cuts and has not tried to win him over personally.

Earlier this month, Trump said, “I think he’s terrible. Talking to him is like talking to a chair. He has no personality.”

Jump or Boil

Trump has escalated his attacks lately, openly wishing for Powell’s resignation and accusing him of sabotaging his presidency. He has called Powell “stupid,” “a fool,” and “one of the worst appointments I’ve made.”

Trump aides and allies have echoed those criticisms and spread unsubstantiated rumors of Powell’s imminent resignation. The White House has recently zeroed in on the Fed’s $2.5 billion renovation project, launching budget probes and implying it could serve as grounds for dismissal.

On Thursday, Trump visited the Fed’s headquarters to inspect the renovations and was personally guided by Powell. During the tour, Trump again urged for rate cuts, even patting Powell on the back and joking, “I’d love you if you lowered rates.”

Trump later said, “I just want one thing: Interest rates need to come down.”

Despite his harsh critiques, Trump reaffirmed that he does not plan to fire Powell, following advisors’ warnings that such a move could rattle financial markets and spark an economic crisis.

Still, Trump’s aides are working to make Powell’s tenure “as uncomfortable as possible,” hoping to damage his credibility or force a resignation.

Trump allies view the Fed renovation as a pressure point, likening the cost to “the everyday American struggling to afford a home” — a crisis they argue rate cuts could help alleviate.

One Trump advisor said, “Every day Jerome Powell stays in Washington is a gift to the president.” Comparing the pressure to the boiling frog metaphor, he added: “Either Powell jumps, or he boils.”

A Fed spokesperson declined to comment on the report, referring only to Powell’s previous statements committing to serve his full term.

Staying Professional

Despite the pressure, Powell has told confidants that he is focused solely on doing his job and disregards the political drama.

During Trump’s visit, the interaction seemed to ease tensions briefly, with Trump calling the meeting “very productive.”

Trump later added, “I don’t want to be one of those who complains after the fact. It got out of hand, and that happens.”

But the calm may be short-lived, as the Fed is expected to keep interest rates unchanged next week, potentially delaying any policy shifts until the fall — a move likely to upset Trump, who is seeking economic stimulus ahead of the upcoming midterm elections.

Nevertheless, Powell continues to insist that the Fed’s decisions should be based purely on economic considerations, free from political influence.

Bill English, a Yale economics professor and former Fed monetary affairs director, said, “The best defense for the Fed is making the right monetary policy decisions.”

“I feel for him, but the best thing he can do now is stay the course and do his job well,” he added.

Democrats Rally Around Powell

Outside of Trump’s orbit, Powell has received renewed support from Democrats — even from those who once criticized him for hiking rates under President Biden to combat inflation.

While those rate hikes had previously raised concerns among White House and Democratic officials about triggering a recession, former officials now defend Powell, fearing the consequences of a sudden resignation.

Jared Bernstein, former head of Biden’s Council of Economic Advisers, said, “He’s putting the institution’s interests above his own. If I were 72 and being insulted by the president every day, retirement would be tempting. But I believe Powell truly sees himself as protecting the institution.”

Some Republicans have also urged the White House to stop its attacks, arguing that reduced political pressure would make any future rate cuts more effective and less controversial.

Senator Rounds said, “Most senators understand market dynamics and how damaging it would be if there were signs the Fed was being coerced.” “Powell is in the right place. It’s a tough position, but I respect him for standing firm.”

US stock indices rose during Friday trading, moving near record highs as corporate earnings continued to flow in.

Intel shares fell by more than 9% as investors evaluated CEO Pat Gelsinger’s remarks regarding the company’s plans to scale back its third-party chip manufacturing operations.

Data from FactSet showed that 82% of companies listed on the S&P 500 index that have reported their earnings so far have exceeded Wall Street expectations, including Alphabet, which posted quarterly profits that beat estimates.

In trading, the Dow Jones Industrial Average rose by 0.1% (equivalent to 50 points) to 44,744 points as of 16:43 GMT, while the broader S&P 500 index increased by 0.2% (equivalent to 14 points) to 6,377 points, and the Nasdaq Composite Index rose by 0.2% (equivalent to 48 points) to 21,105 points.