Wheat futures sagged on Monday while corn and soybeans both posted modest gains.
Wheat moved lower as forecasted rainfall in parts of the U.S. Plains eased some weather concerns for drought-stressed crops. Some areas of the southern Plains are expected to get up to 1 inch of rain over the next week. The USDA’s first weekly crop progress report for the 2026 growing season this afternoon is expected to show the American winter wheat crop at about 42% good to excellent, versus 48% last year. Additional pressure on wheat came from weak U.S. export inspections, which came in at the low end of market expectations. May Chicago wheat dropped 3 cents to $5.95 ¼, and May Kansas City lost 7 ½ cents to $6.08 ¼. May hard Red Spring dropped 5 ¼ cents to $6.32 ¼, and May Minneapolis lost 2 ¼ cents to $6.44 ½.
Corn edged higher, supported by export demand and weakness in the U.S. dollar, which improved the competitiveness of U.S. supplies on the world market. The market also drew some support from hopes that an upcoming meeting between U.S. and Chinese leaders could improve trade prospects. May and December corn each gained 1 ¾ cents to close at $4.54 and $4.83.
Soybeans also finished firmer, helped by the softer U.S. dollar and renewed optimism that future talks between Washington and Beijing could eventually lead to stronger Chinese demand. That buying interest offset uncertainty tied to the broader geopolitical backdrop. May beans added 3 ¼ cents to $11.66 ¾, and November was 3 cents higher at $11.57.
