Corn futures are trading higher at midday, buoyed by double-digit gains in the wheat market.
However, Brazil’s ongoing harvest and a wet forecast across the Corn Belt this week may limit upside in the near term.
Geopolitical tensions are offering some support, as Russia and Ukraine ramp up attacks ahead of peace talks in Turkey — including a Ukrainian drone strike on Russian nuclear bombers over the weekend.
Soybean futures are lower on Monday, pressured by favorable Midwest moisture and stalled U.S.–China trade negotiations.
July crush margins fell to a two-year low at $1.26 per bushel, adding to market weakness.
Analysts estimate soybean planting progress reached 85%–88% in Monday’s Crop Progress report. Initial crop condition ratings are expected between 64% and 68% good to excellent.
Despite peace talks scheduled for this week Russia and Ukraine continued to step up attacks on the other, with a weekend drone attack by Ukraine hitting Russian nuclear bombers.
Monday’s Crop Progress report is expected to show a 1–2 point improvement in winter wheat ratings, with spring wheat also likely to rebound from last week’s 45% good-to-excellent reading.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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