CORN

• July corn futures are 2-1/2 lower at 477-3/4 while December futures are 1-1/4 lower at 497-1/2 currently.
• Corn futures are slightly lower to start the week after new-crop December futures briefly traded above the $5.00 level overnight. That level remains a key psychological resistance and a clear line in the sand for corn bulls.
• The eastern Corn Belt is expected to see the heaviest rainfall this week, while planting windows open across the Dakotas and Upper Midwest. The USDA will release updated planting progress figures this afternoon.

SOYBEANS

• July soybean futures are 10 higher at 1214 while November futures are 8-1/2 higher at 1191-1/4 currently.
• Soybeans are higher to start the week, supported once again by strength in soybean oil. Optimism surrounding the upcoming U.S.–China trade meeting is also lending support.
• A late-season freeze likely caused damage to some early-planted soybeans in Nebraska and Iowa over the weekend. Another midweek cooldown could bring additional frost risk to many of the same areas.

WHEAT

• July CBOT wheat futures are 4 cents lower at 634. July KCBOT wheat futures are 5 lower at 689 while July spring wheat futures are 3 lower at 704.
• Wheat futures are sightly lower to start the week after reversal-type price action late last week.
• The Wheat Quality Council Tour begins May 14 and should provide clearer insight into the extent of crop damage from drought and recent frost events.

Author

Keegan Madigan