Corn futures are lower to start the week, with July leading the decline as a continued non-threatening weather forecast weighs on the market.
Crude oil futures reversed lower after early gains, as traders grow confident the Israel-Iran conflict will remain contained.
Brazil’s safrinha corn harvest is 5.5% complete, well behind last year’s pace of 14% for the same week.
Soybean futures are mixed this morning, supported by a sharp rally in soybean oil.
Soybean oil futures gapped higher to start the week following Friday’s EPA announcement of significantly higher biofuel blending mandates over the next two years.
NOPA crush data due later today is expected to show a record-high May crush of 193.5 mb, nearly 10 mb above May 2024.
Wheat futures are lower across the board to start the week as harvest gains momentum across the U.S. Plains.
This afternoon’s crop progress report may reflect expanding dryness in areas like Montana and Idaho, though recent rains elsewhere could offset declines and keep national ratings roughly steady.
If tensions escalate in the Middle East or Black Sea region, traders may look to cover part of their sizable net-short position—currently estimated at over 160,000 contracts across KC and Chicago wheat.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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