CORN

• Corn futures are higher this morning, supported by strength in energy markets and a developing weather premium. July corn is up 1/4 cent at $4.80-1/2, while December futures are 1-1/4 cents higher at $5.00.
• New-crop December futures briefly traded above $5.00 on Friday, marking the first test of that level since early 2023. Old-crop July futures also posted their highest close to date.
• Corn futures have found support from a developing weather premium, as cold and wet conditions have delayed planting across parts of the Midwest.

SOYBEANS

• Soybeans are extending their upward momentum this morning. July futures are up 7-1/4 cents at $12.10-1/4, while November soybeans are 5-1/4 cents higher at $11.88.
• Soybeans continue to draw support from higher soybean oil prices, which are approaching the 2022 highs. That strength has pushed crush margins to record levels, providing additional support to futures.
• Like corn, soybeans have also found support from weather concerns, as cold and wet conditions have delayed planting across parts of the central and eastern Corn Belt.

WHEAT

• Wheat futures are lower this morning as the market sees profit-taking and consolidation following the recent rally. July Chicago wheat is down 1-3/4 cents at $6.36, Kansas City is 8 cents lower at $6.86, and Minneapolis spring wheat is down 8-3/4 cents at $6.95-1/4.
• Wheat futures have drawn support from a weather premium tied to severe drought across U.S. winter wheat areas, keeping prices near two-year highs. Additional support has come from dryness concerns in Australia, adding to global production risk.
• Rising fertilizer prices tied to the Iran conflict are already curbing global usage, with supply disruptions and higher costs reducing application rates. In Australia, elevated input costs are shifting planting decisions, with some producers reducing wheat acreage or switching crops—an outcome that could tighten global supply over time.

Author

Matthew Lucas