Grains and oilseeds are lower on Monday following the overnight session. The U.S. dollar is lower. Crude oil is higher but has been swinging amid recent comments from President Trump regarding a potential pathway to end the war with Iran. Stock futures also surged on the news and are recovering from mulit-month lows.
CORN
Corn futures largely recovered last week after Monday’s sharp decline. Prices have been largely rangebound since surging near $5 a bushel on the May contract earlier this month.
Futures retested those highs overnight before talks of a potential end to the war led to a reversal in the grain markets early this morning.
Private exporters reported the flash sale of 102,000 MT of corn sold to Mexico for the 2025/26 marketing year.
Brazilian consultancy firm AgRural reported that the country’s winter corn planting reached 97 percent complete as of last week. That compared to 100 percent a year ago.
Reuters reported that Argentina is shipping grains out at a strong pace amid the ongoing conflict in the Middle East. Corn sales have been booming to help absorb one of the country’s largest harvests, according to the Rosario Grain Exchange.
SOYBEANS
Monday’s sharp selloff kept soybean futures under pressure last week. The May contract finished 64 cents lower.
Fear of the delayed meeting between Trump and Xi drew skepticism over future soybean purchases from China.
China decided to ease rules on soybean imports from Brazil. Chinese authorities acknowledged that it is not possible to attest to the absolute absence of weed seeds in soybeans.
The USDA’s Foreign Agricultural Service said it expects China’s soybean imports to total 108 MMt for the 2026/27 marketing year, up 2 MMT from the previous season. The increase reflects “moderate growth in demand for soybean meal by China’s feed industry.”
Private exporters reported the flash sale of 161,120 MT of soybean sold to Mexico for the 2025/26 marketing year.
Brazil’s soybean harvest reached 68 percent complete as of last week. Progress was tracking about 12 percent behind last year’s pace.
WHEAT
Wheat futures have been establishing a trading range since reversing from multi-month highs earlier this month. Still, May Chicago wheat traded 18.50 cents lower last week.
Volatility has been picking since the war with Iran began. The trend has been bullish, though some of that momentum slowed with last week’s trade.
Little precipitation is expected for the Plains over the next week, which is not good for winter wheat, as drought covers about 55 percent of winter wheat areas in the U.S.
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PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.