CORN

• Corn futures are trading higher this morning as the market looks for support following recent losses. May corn is up 2-3/4 cents at $4.43, while December corn is 2-1/2 cents higher at $4.73-1/2.
• USDA Crop Progress data showed the U.S. corn crop was 5% planted as of Sunday, up 2 percentage points on the week and slightly ahead of the 5-year average pace of 4%.
• Estimates for the upcoming CONAB report peg Brazilian corn production for the 2025/26 marketing year at 139.9 million metric tons, up 1.6 million from March. The increase is expected to come from improved yields, with planted acreage remaining unchanged.

SOYBEANS

• Soybean futures are trading slightly higher this morning as the market remains within its recent consolidation pattern. May soybeans are up 2 cents at $11.64-1/4, while November soybeans are 1-1/4 cents higher at $11.51.
• Easing tensions between the U.S. and Iran, along with signs of renewed talks to extend the ceasefire, have helped calm fears of prolonged supply disruptions through the Strait of Hormuz, weighing on crude oil prices.
• The resulting decline in energy markets has reduced support for vegetable oils, including soybean oil, as their prices are closely tied to crude oil through biodiesel demand, where weaker energy prices translate into softer biofuel-driven consumption.

WHEAT

• The wheat complex is trading mixed this morning, with Chicago and Kansas City futures higher while Minneapolis remains unchanged. May Chicago wheat is up 3-1/4 cents at $5.85-1/2, Kansas City wheat is 5-1/2 cents higher at $6.08-3/4, and Minneapolis spring wheat is unchanged at $6.24-1/2.
• USDA’s latest weekly Crop Progress report showed U.S. winter wheat conditions declining, with 34% rated good-to-excellent, down from 35% the previous week and below analyst expectations from a Reuters survey.
• Wheat prices have been supported by higher oil prices and expanding drought across the U.S. Plains. Commodity Weather Group noted that roughly two-thirds of the U.S. wheat crop is at risk of yield loss due to ongoing dryness.

Author

Amanda Brill