Corn and soybean futures moved mainly higher Monday, as crude oil gained and forecasts turned wetter for parts of the American Midwest. Wheat closed mixed.
Soybeans saw the sharpest advances, rising as escalating tensions in the U.S.-Iran conflict raised fresh concerns about crude supply disruptions through the Strait of Hormuz. There reports today of naval confrontations and uncertainty around efforts to restore safe passage for tankers. Meanwhile, the USDA’s monthly Fats & Oils report from Friday afternoon showed March soybean crush at 227.36 million bu, below estimates but still 6.15% above February and 9.98% above the same month in 2025. July beans climbed 19 ½ cents to $12.22 ¾, and November was up 14 cents at $11.96 ¾.
Corn was further boosted as traders assessed the risk that wet, cold conditions could slow U.S. spring planting. After a mostly favourable weekend, periodic rains over the next two weeks may slow fieldwork at times. July corn was 5 ½ cents higher at 4.85 ¾, and December added 5 ¾ cents to $5.04 ½.
Wheat was pressured by forecasts calling for rainfall in drought-hit areas of the U.S. Plains, offering potential relief for the hard red winter wheat crop. However, the gains in corn and crude were supportive. July Chicago was up 3 ¼ cents at $6.41, but July Kansas City was just steady at $6.94 ½. July Hard Red Spring slipped 2 ¾ to $7.04 ¾, and July Minneapolis was down a nickel at $6.99.
