Grains and oilseeds are steady to lower on Monday following a volatile overnight session. The U.S. dollar is sharply higher. Crude oil is also sharply higher following news that the U.S. launched strikes against Iran over the weekend, killing the country’s Supreme Leader. Stock futures are lower.

CORN
Corn posted sharp gains last week, with the May contract rising 8.75 cents higher to close at $4.48 ½. Futures were finally able to climb back into their old trading range that it has struggled to do for the past month.

Prices moved sharply higher again in the overnight session heading into Monday, posting a new 6-week high. Gains were driven by sharp increases in crude oil after the escalation between the U.S. and Iran over the weekend.

Futures are trading at the 200-day moving average, which could provide some technical pressure. A close above $4.50 would be positive.

Brazilian consultancy firm AgRural reported that 66 percent of the Safrinha corn crop was planted as of last week, compared to 80 percent the same week last year. Progress in Mato Grosso was below last year’s pace and the five-year average.

SOYBEANS
Soybean futures posted their fourth consecutive week of gains after rising 17.50 cents higher to close at $11.70 ¾ last week.

Uncertainty over biofuel policy and China’s pledge to buy more U.S. soybeans kept the bulls in charge. Sharp overnight buying continued amid the escalating conflict between the U.S. and Iran. Soybean oil followed crude oil higher, posting fresh contract highs overnight.

Spreading among the product markets sent soybean meal prices more than 2 percent lower.

AgRural reported that 39 percent of Brazil’s soybean crop was planted last week, compared to 50 percent a year earlier. Rain continued to hamper the soybean harvest in parts of Brazil, keeping the pace at the slowest in five years. Progress in Mato Grosso slipped below last year’s pace but remained above the five-year average.

WHEAT
Another expectation-defying week for the wheat complex sent May Chicago futures 11.25 cents higher last week to close at $5.91 ½ a bushel. Prices briefly touched $6 before profit taking led to selling pressure ahead of the morning session.

A mixture of deteriorating French crop conditions, drought in the U.S., Russia and Ukraine attacks, and escalations between the U.S. and Iran had traders covering short positions over the past week.

The technical picture has been improving for the wheat market after holding their breakout above the fall highs.

Australia’s agriculture department said the country will produce 36 MMT of wheat this season, the third-largest on record.
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PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.