CORN

• Corn futures are trading higher at midday, buoyed by double-digit gains in the wheat market.
• However, Brazil’s ongoing harvest and a wet forecast across the Corn Belt this week may limit upside in the near term.
• Geopolitical tensions are offering some support, as Russia and Ukraine ramp up attacks ahead of peace talks in Turkey — including a Ukrainian drone strike on Russian nuclear bombers over the weekend.

SOYBEANS

• Soybean futures are lower on Monday, pressured by favorable Midwest moisture and stalled U.S.–China trade negotiations.
• July crush margins fell to a two-year low at $1.26 per bushel, adding to market weakness.
• Analysts estimate soybean planting progress reached 85%–88% in Monday’s Crop Progress report. Initial crop condition ratings are expected between 64% and 68% good to excellent.

WHEAT

• Winter wheat futures traded sharply higher midday Monday amid escalating Russia–Ukraine tensions, despite scheduled peace talks.
• Despite peace talks scheduled for this week Russia and Ukraine continued to step up attacks on the other, with a weekend drone attack by Ukraine hitting Russian nuclear bombers.
• Monday’s Crop Progress report is expected to show a 1–2 point improvement in winter wheat ratings, with spring wheat also likely to rebound from last week’s 45% good-to-excellent reading.

Author

Keegan Madigan