Wheat futures were mainly higher on Monday, while corn and soybeans were little changed amid strength in crude oil.
U.S. crude oil jumped more than 5%, to about $87/barrel, and international Brent crude oil rose 5%, to around $95 today as markets continued to monitor quickly changing developments in the ongoing tensions between the U.S. and Iran.
Wheat futures were supported by rising crude oil prices and worries about drought and freezing temperatures in the winter wheat belt. However, some beneficial rain was also falling today across parts of Texas. According to the USDA’s daily agricultural weather highlights, weekend freezes occurred in many of the driest winter wheat areas, with temperatures below 25 degrees F overlapping winter wheat that has reached the jointing stage or beyond in portions of eastern Colorado, southwestern Nebraska, and western through north-central Kansas. July Chicago was up 6 ¾ cents at $6.06, but July Kansas City slipped 2 ½ cents to $6.47 ½. July Hard Red Spring added ¾ of a cent to $6.68 ½, and July Minneapolis was up 2 cents at $6.72 ¼.
Cool temperatures and rain in the forecast for portions of the American Midwest helped to boost corn. July added 2 ¾ cents to $4.60 ¼, and December was up 2 ½ cents to $4.79 ½.
Soybeans were up and down through the day, ending mixed. July eased 1 ¼ cents to $11.81 ¾, and November climbed 1 ¼ cents to $11.57 ¾.
