CORN

• Corn futures are edging higher at midday, supported by a recovery from oversold levels
• The July-December calendar spread has narrowed significantly, moving from a 33-cent inverse at the end of April to a 1-cent carry early this morning. Futures have been under pressure recently due to expectations of sharply increased U.S. acreage, a faster-than-normal planting pace, and improving drought conditions.
• Global corn ending stocks are projected to decline by an additional 10 million metric tons in 2025–26, despite increased production in both Brazil and the United States.

SOYBEANS

• Soybean futures are mixed at midday as traders await direction near recent highs, with weather and trade developments likely to determine the next move.
• Soybean planting in the U.S. is running well ahead of the 5-year average, with several more days of clear weather forecast before rains return to the Midwest.
• Traders remain hopeful for progress on 45Z, favoring proposals that prioritize North American feedstocks and exclude foreign used cooking oil.

WHEAT

• Winter wheat futures have rebounded at midday, following new contract lows reached yesterday. Support is coming from a weaker U.S. Dollar Index and value buyers entering the market at oversold levels.
• Improving global weather conditions continue to pressure wheat prices, with wetter forecasts ahead for both Ukraine and Russia in the Black Sea region.
• Wheat futures hit new contract lows again on Tuesday, with Minneapolis futures also closing at fresh contract lows.

Author

Keegan Madigan