Chicago crop futures finished mixed Monday as traders balanced another surge in crude oil with caution ahead of Tuesday’s USDA Prospective Plantings and quarterly Grain Stocks reports.
Corn futures ended with moderate losses, as the market drew underlying support from firm crude oil. But that strength was offset by position-squaring ahead of Tuesday’s USDA data and expectations for hefty old-crop stocks. May and December corn each lost 6 ¼ cents to settle at $4.55 ¾, and $4.84, respectively.
Soybean futures little changed Beans found early support from soaring crude oil and renewed biofuel optimism, but gains faded as traders weighed Brazil’s still-large harvest and the likelihood that USDA will show a sharp acreage shift toward soybeans in Tuesday’s planting report. May soybeans inched a ½ cent higher to $11.59 ¾, while November was steady at $11.44.
Wheat futures were mainly higher, with the spring wheat contracts supported by ideas the prospective plantings report could show the lowest U.S. spring wheat seedings since the 1970s. Some rain is expected in U.S. Hard Red Winter wheat areas over the next week or so, although most of it will fall in the eastern areas. Crude oil strength and broader geopolitical uncertainty also helped keep a risk premium in the wheat market. May Chicago added 2 cents to $6.07, and May Kansas City lost 6 ½ cents to $6.26 ¼. May Hard Red Spring was up 6 cents at $6.42 ¼, and May Minneapolis was 3 ¾ cents higher at $6.52.
