CORN

• Corn futures are trading higher at midday as the market tries to stabilize near recent lows.
• U.S.-China trade talks are reportedly progressing, though China’s corn imports remain underwhelming. Year-to-date imports total just 440,000 metric tons — down 95% from the same period last year, according to customs data.
• Rainfall is moving through many of the driest areas of the western Corn Belt this week, with cooler-than-normal temperatures expected to follow. The forecast remains broadly supportive of early crop development across the Midwest.

SOYBEANS

• Soybeans are slightly higher to begin the week as the market waits for developments on trade talks and EPA biofuel policy.
• On Monday morning, USDA reported a private export sale of 145,000 metric tons of soybean cake and meal to the Philippines for 2024/2025 delivery.
• In Argentina, heavy weekend rains dropped 6 to 10 inches in key soybean regions, causing flooding and raising concerns about potential quality issues for roughly half of the unharvested crop.

WHEAT

• Wheat futures are rebounding Monday after hitting fresh contract lows last week.
• Last week’s pressure came in part from the Kansas Wheat Quality Council tour, which reported a bearish yield estimate of 53.7 bushels per acre — the second highest on record.
• Managed money funds have continued to pile onto the short side, pushing combined net short positions in Chicago and KC wheat to a record 204,000 contracts as of last Tuesday.

Author

Keegan Madigan