CORN

• Corn futures are mixed at midday, with nearby contracts holding steady while new-crop futures post modest gains. July corn is unchanged at $4.09-3/4, while December corn is trading 3/4 of a cent higher at $4.38.
• Ample rainfall and moderate temperatures across the U.S. Midwest continued to pressure the market by supporting strong crop conditions. However, some traders cautioned that excessive moisture in certain areas could begin to hinder crop development if wet conditions persist.
• Meanwhile, progress in ongoing U.S.-Iran peace talks has improved shipping activity through the Strait of Hormuz, fueling expectations of a quicker recovery in global energy supplies and contributing to lower crude oil prices.

SOYBEANS

• Soybean futures are mixed at midday, with nearby contracts trading slightly lower while deferred contracts post modest gains. July soybeans are trading 1/4 cent lower at $11.16-3/4, while November soybeans are up 3/4 of a cent at $11.42-1/2.
• Lower crude oil prices, along with a strong U.S. dollar, have continued to pressure the soybean complex. Weakness in crude oil has weighed on soybean oil values, which has in turn added pressure to soybean futures.
• The U.S. market continues to monitor Chinese demand after confirmation last week of the first U.S. soybean sales since the May summit between Presidents Donald Trump and Xi Jinping.

WHEAT

• The wheat complex is trading mostly higher at midday, with the winter wheat contracts posting gains while spring wheat shows modest losses. Looking at July contracts, Chicago wheat is 6-1/2 cents higher at $5.93-1/4, Kansas City wheat is up 4-3/4 cents at $6.23, and Minneapolis spring wheat is 4-1/4 cents lower at $5.83-3/4.
• The winter wheat harvest was 40% complete as of June 21, according to USDA’s latest Crop Progress report. That pace is well ahead of both last year and the five-year average. The accelerated harvest has added pressure to wheat futures as new supplies continue to move into the marketplace.
• Agricultural research firm SovEcon estimates Russian farmers will plant 25.8 million hectares of wheat for the 2026/27 marketing year. That would be down from both its previous forecast and last year’s acreage. If realized, it would mark the lowest Russian wheat planted area since 2014, a development that could become supportive for wheat prices longer term.

Author

Matthew Lucas