Soybean futures ended with solid gains on Monday, while corn and wheat were little changed.
Reports attributed the higher soybean prices to strength in overseas vegetable oil markets, including palm oil, which in turn lent strength to soybean oil. Soybean meal was also higher on the day. Short covering ahead of USDA grain stocks and acreage reports due out on Thursday offered support as well. May beans gained 16 ¾ cents to $12.09 ¼, and November was 11 ¾ cents higher at $11.98 ¾.
Corn was slightly lower, with some pressure coming from welcome rainfall for Brazil’s safrinha corn crop over the weekend. The same system is expected to deliver more moisture in the coming days. May corn eased 1 ½ cents to $4.37 ¾, and December was down a ½ cent at $4.74 ¾.
Wheat was mixed with some early support coming from increased concern over Black Sea supplies as tensions between Ukraine and Russia ratchet higher. However, still healthy global supplies continued to overhang the market. May Chicago was up a ¼ cent at $5.55, May Kansas City was down a penny at $5.89 ½, and May Minneapolis dropped 1 ½ cents to $6.59 ½.
