Corn, wheat, and soybean futures all moved higher during Monday’s trading session, supported by stronger crude oil and continued uncertainty around blocked Strait of Hormuz shipping.
Corn gained as crude oil’s rally strengthened support for biofuel-linked crops. Robust export demand also underpinned prices, with a South Korean corn purchase reported Monday. Storms forecast for the Midwest, which could slow seeding in some areas, added to the upside. July was up 5 ¾ cents at $4.69 ¼, and December added 5 ¼ cents to $4.89 ½.
Wheat was supported by stalled U.S.-Iran peace talks, the blocked Strait of Hormuz and a large Saudi Arabian wheat purchase of 985,000 tonnes. Forecast rain in the central U.S. could ease stress on drought-hit wheat areas, but demand and geopolitical risk kept prices firm. July Chicago climbed 13 cents to $6.29 ¾, and July Kansas City added 5 ½ cents to $6.75 ¼. July Hard Red Spring gained 5 ½ cents to $6.96 ¾, and July Minneapolis closed 1 ¼ cents higher at $6.94 ½.
Soybeans were boosted by the broader crude oil rally and support from biofuel demand. The mid-May meeting between U.S. President Donald Trump and Chinese President Xi Jinping and hopes China may agree to additional purchases of U.S. soybeans supported as well. July was 13 ½ cents higher at $11.92, and November gained a dime to $11.65 ¾.
