Soybeans led the way down with limit losses as Chicago crop futures ended sharply lower on Monday.
Reports that U.S. President Donald Trump may delay a planned summit with Chinese leader Xi Jinping sparked much of the selling in soybeans, as traders fear it may negatively impact the potential for future purchases of American beans. U.S. Treasury Secretary Scott Bessent linked the possible delay to simple logistics, but earlier reports suggested it may also be tied to a lack of a Chinese response to a U.S. request for Beijing to help reopen the Strait of Hormuz to oil tanker traffic. Losses in crude oil, and limit declines in soybean oil futures, added to the pressure on soybeans. May beans dropped 70 cents to $11.55 ¼, and November was down 40 ¾ cents to $11.20 ¾.
Corn was undermined by the declines in crude, with U.S. oil futures showing losses of more than $4.70/barrel in late afternoon trading. May fell 13 ¼ cents to $4.54, and December lost 11 ½ cents to $4.80.
The losses in soybeans and corn weighed on wheat, with the benchmark Chicago market falling from its 9-month high. World Weather said hard freezes this morning in parts of the U.S. central Plains likely did not cause any permanent damage to winter wheat crops, but dryness and wildly swinging temperatures have been stressful. May Chicago closed 16 ½ cents lower at $5.97 ¼, and May Kansas City was down 13 ½ cents at $6.16 ½. May Hard Red Spring dropped 10 ¼ cents to $6.25 ¾, and May Minneapolis fell 11 ½ cents to $6.34.
