CORN
- Corn futures are trading higher at midday as the market continues to recover from recent losses. May corn is up 2-1/4 cents at $4.54-1/4, while December futures are 3-1/4 cents higher at $4.83-1/4.
- USDA announced a new round of flash sales for U.S. corn exports, including 100,000 metric tons sold to Colombia and an additional 195,000 metric tons to unknown destinations, both for delivery in the 2025/26 marketing year.
- The prospect of renewed U.S.–Iran peace talks, including potential negotiations in Pakistan, has helped ease concerns over prolonged disruptions in the Strait of Hormuz, putting downward pressure on oil prices. That softening in energy markets has reduced a key source of support for commodities, including grains, as lower crude prices diminish the broader risk premium tied to the conflict.
SOYBEANS
- Soybean futures are showing strength at midday, with gains across the board. May soybeans are up 11 cents at $11.76-3/4, while November soybeans are 11-1/2 cents higher at $11.69-1/4.
- Yesterday afternoon, USDA released its weekly Crop Progress report, showing U.S. soybean planting at 12% complete as of Sunday. This was in range of analyst expectations.
- The soybean market continues to draw support from optimism surrounding upcoming trade talks between President Trump and President Xi Jinping, which could improve U.S. export prospects.
WHEAT
- The wheat market is slightly higher at midday as traders continue to balance declining crop conditions against ample global supplies. May Chicago wheat is up 1-3/4 cents at $5.98-3/4, Kansas City wheat is 3 cents higher at $6.38, and Minneapolis spring wheat is up 6 cents at $6.61-1/4.
- USDA rated 30% of the U.S. winter wheat crop as good-to-excellent on Monday, down from 34% the previous week and below analyst expectations.
- In Kansas, the top-producing state, USDA rated 24% of the winter wheat crop as good-to-excellent as of Sunday, down from 32% the previous week.
Author
Matthew Lucas