Corn futures climbed higher on Monday, supported by international weather concerns and robust demand, while soybeans faced headwinds from bearish technicals and mixed export dynamics. Wheat was caught in the middle.
Corn futures rose as dry weather forecasts for Argentina raised concerns about crop stress, while Brazil’s rain-fed optimism maintained steady export basis levels. The Commitment of Traders (COT) report revealed a significant shift in managed money positions, with large speculative buyers turning net long in corn. This bullish sentiment, combined with strong export demand from Southeast Asia, lent additional support to corn prices. March corn rose 3 cents to $4.45. December 2025 was up 1 1/4 to $4.40 1/4.
Soybeans, however, moved lower as ample rainfall across Brazil continued to support favourable crop prospects. The NOPA November crush report, expected to show a smaller crush and higher oil stocks compared to October, added bearish pressure. January beans ended down 6 1/4 at $9.82, and new-crop November was down 7 1/2 cents to $9.98 3/4.
Wheat markets ended mixed, with some contracts slightly lower and others slightly higher. Increased global demand, highlighted by Saudi Arabia’s purchase of 804,000 tonnes, was supportive. On the other hand, pre-holiday caution on the part of commercials and managed money limited the gains. March Kansas City wheat gained 2 1/4 cents to $5.59 1/4, but March Chicago was down 2 1/4 to $5.50. March Minneapolis bounced 1 cent at $5.99 1/2.
