Corn futures are lower to start the week, with the market testing recent contract lows amid continued pressure from favorable U.S. weather.
Grain markets showed limited reaction following the weekend’s reported U.S. strikes on Iranian nuclear sites. However, with Iran threatening retaliation, volatility is expected to remain elevated.
Weather across the Corn Belt remains mostly non-threatening in the wake of the weekend heat wave. Rains are forecast for much of the region this week, with the heaviest totals expected in Iowa and lighter amounts across the Eastern Corn Belt.
Soybean futures are lower to start the week, following broader weakness across the grain complex.
Export demand remains supportive, with U.S. soybean shipments on pace to meet USDA’s 2024/25 target. Notably, new-crop sales are running ahead of last year’s pace, even without significant Chinese participation.
After weekend heat, rainfall is expected across much of the western Midwest this week. However, central Illinois and areas eastward are likely to stay drier than normal over the next seven days, which could begin to raise localized crop concerns if dryness persists.
Wheat futures are trading lower to start the week, following losses in corn and soybeans amid broader pressure across the grain complex.
Weekend developments in the Middle East have fueled a flight to safety, boosting demand for the U.S. dollar. The U.S. Dollar Index is sharply higher Monday, adding additional headwinds for U.S. wheat exports.
Harvest activity likely advanced at a strong pace over the weekend, aided by warm, dry conditions across key U.S. growing areas. Globally, dryness remains a concern in Europe, though recent rains in Russia have helped ease drought worries there.
Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.
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