Grain markets started the week on firmer footing, with corn, soybeans, and wheat all drawing support from improving demand signals and short-covering activity. While futures are stabilizing, weather and export follow-through remain key to sustaining momentum.
Corn prices edged higher, with July 2026 futures rising 4 cents to $4.75 1/4 per bushel. The move comes as export demand remains steady, with sales to Mexico and Korea helping underpin the market. In Ontario, cash bids are holding firm, supported by steady basis levels and stronger pricing in eastern regions. However, the upside remains limited as rapid planting progress and favorable weather forecasts keep yield expectations intact.
Soybeans also posted modest gains, with July futures closing at $12.13 per bushel. Strength in energy markets and renewed speculation around Chinese buying lent support, while solid export inspections reinforced underlying demand. Still, the market is showing hesitation, as traders look for confirmed purchases rather than continued speculation. Ontario cash markets remain firm, with strong basis levels supporting bids above $16.00 per bushel.
Wheat led the complex higher, driven by short-covering and lingering weather concerns. July Chicago wheat climbed 15 cents to $6.34 per bushel, while Minneapolis spring wheat also advanced. Despite recent rains in the U.S. Plains, uncertainty around Russian spring wheat planting and global weather patterns continues to provide support. Ontario wheat prices remain steady, with basis levels holding firm and supporting competitive cash bids.
