CORN

• Corn futures are lower to start the week, with July leading the decline as a continued non-threatening weather forecast weighs on the market.
• Crude oil futures reversed lower after early gains, as traders grow confident the Israel-Iran conflict will remain contained.
• Brazil’s safrinha corn harvest is 5.5% complete, well behind last year’s pace of 14% for the same week.

SOYBEANS

• Soybean futures are mixed this morning, supported by a sharp rally in soybean oil.
• Soybean oil futures gapped higher to start the week following Friday’s EPA announcement of significantly higher biofuel blending mandates over the next two years.
• NOPA crush data due later today is expected to show a record-high May crush of 193.5 mb, nearly 10 mb above May 2024.

WHEAT

• Wheat futures are lower across the board to start the week as harvest gains momentum across the U.S. Plains.
• This afternoon’s crop progress report may reflect expanding dryness in areas like Montana and Idaho, though recent rains elsewhere could offset declines and keep national ratings roughly steady.
• If tensions escalate in the Middle East or Black Sea region, traders may look to cover part of their sizable net-short position—currently estimated at over 160,000 contracts across KC and Chicago wheat.

Author

Amanda Brill