CORN
- Corn futures are modestly higher this morning. May corn is up 1 cent at $4.39, while new-crop December futures are 1/4 cent higher at $4.64.
- Firm crude oil prices, as the energy market builds in a risk premium tied to potential U.S.–Iran tensions, have helped lend support to corn and soybean futures in recent sessions.
- Improved weather forecasts across Brazil, featuring solid rainfall coverage, are expected to support newly planted second-crop corn as it gets established. Brazil’s safrinha crop is currently projected to reach 135–140 mmt by this summer.
SOYBEANS
- Soybeans are trading modestly higher this morning, with May futures up 2-3/4 cents at $11.58. November soybeans are 1-1/4 cents higher at $11.22-1/2.
- Friday’s ruling by the U.S. Supreme Court, which struck down Donald Trump’s global reciprocal tariffs, followed by the introduction of a new 10% general tariff by Washington, initially cooled expectations for additional Chinese buying.
- Market rumors of Chinese interest in U.S. soybean shipments from the Pacific Northwest also contributed to price strength. Meanwhile, a Chinese commerce ministry official stated Tuesday that China is closely monitoring U.S. policy developments and will decide “in due course” whether to adjust its countermeasures to U.S. tariffs.
WHEAT
- The wheat market is lower to start the session. Chicago May wheat is down 4-3/4 cents at $5.68-1/2, Kansas City May futures are 5-1/4 cents lower at $5.61-3/4, and Minneapolis spring wheat is off 1/2 cent at $5.95.
- Ukraine’s Grain Lobby indicated that production could reach 23.09 million metric tons, up from 22.44 million in 2025. Planted area is projected to rise 4.8% year over year, although yields are expected to decline 1.7%.
- Weather will be a key variable moving forward, as Ukraine is currently facing very cold temperatures that have frozen soils and are likely to delay the start of spring planting.
Author
Matthew Lucas