Chicago crop futures fell on Monday as crude oil weakened, and the US dollar gained.
Wheat futures suffered the heaviest declines, with the advances in the greenback making US-origin supplies less competitive on the world market. The US dollar added more gains after jumping on Friday, nearing a one-week high after falling to a four-year low earlier last week. On the other side, the potential for severe cold and possible wheat crop damage in Ukraine later this week helped limit losses. March Chicago wheat lost 10 ¼ cents to $5.27 ¾, and March Kansas City was down 9 ½ cents at $5.35 ¼. March Hard Red Spring dropped 8 ¾ cents to $5.65, and March Minneapolis ended 6 ¾ cents lower at $5.71 ½.
Corn and soybean futures were both dented by an apparent easing in geopolitical tensions and the resulting fall in crude. Talks between the US and Iran have lowered temperatures in the Middle East, after the US sent warships and threatened military strikes if Iran did not agree to a nuclear deal. The March crude oil contract was down more than $3 this afternoon to just over $62/barrel.
Early harvesting of the 2025-26 Brazil crop added to the pressure on soybeans, while recent rainfall across Argentina has provided a reprieve for both corn and soybean crops in Argentina. However, more rain will still be needed in Argentina in the coming days and weeks.
March corn lost 2 ½ cents to $4.25 ¾, and December dropped 1 ¼ cents to $4.54 ¾.
March soybeans were down 4 cents at $10.60 ¼, and November lost 4 ½ cents to $10.75 ¼.
