Corn, wheat, and soybean futures managed just a mixed close as early gains fueled by geopolitical uncertainty faded into the close.
US and Israel attacks on Iran over the weekend sparked a round of so-called ‘safe haven’ short covering in corn and wheat that spilled over to support soybeans as well. However, the upward momentum was lost and markets fell back. An early jump in the outside equity markets cooled as well, although crude oil did move strongly higher.
Soybeans were pulled lower amid increased doubt over additional Chinese purchases of American soybeans, especially after Beijing expressed its opposition to the strikes and the killing of the Iran’s supreme leader. May beans fell 6 ¾ cents to $11.64, and November managed a ½-cent gain to $11.28 ¾.
Wheat saw some pressure from improving weather for the US winter wheat crop on the southern Plains. Some rain is expected this week and into the weekend with eastern portions of the region seeing the greatest relief. May Chicago dropped 14 ¼ cents to $5.77 ¼, and May Kansas City was down 5 ¾ cents at $5.74 ¾. May Hard Red Spring added 3 ¼ cents to $6.00 ¼, and May Minneapolis dropped 4 ¼ cents to $6.08 ½.
May was pulled lower by the losses in wheat. corn lost 2 ¾ cents to $4.45 ¾, and December added a ½ cent to $4.70.
