Corn and soybean futures ended mixed on Monday, showing some stability after tariff-related losses on Thursday and Friday of last week.
As the largest US agricultural export, soybeans suffered the most last week, losing more than 3% on Friday alone after China announced it would hit back against US President Donald Trump’s tariffs with its own 34% import duty on American goods. Soybeans opened lower today on more tariff pressure but rallied back at mid-session on a headline that Trump planned to pause his tariffs for 90 days. However, the White House refuted the report. May beans managed to close 6 cents higher at $9.83, but November lost 3 ¼ cents to $9.81.
Corn was also undermined by tariffs, but short covering helped to push the nearby May contract higher. Dryness for the safrinha crop in Brazil, especially in the northeastern production regions, remains a supportive influence. The first weekly USDA crop progress report for the 2025 season, to be released later today, is expected to show the American corn crop at 2% planted as of Sunday, on par with last year. Midwest weather is forecast drier and cooler for most of this week before warming up into the weekend, likely allowing farmers to get back in the fields. May corn was up 4 ¼ cents to $4.64 ½, and December slipped ¾ of a cent to $4.46.
Short covering also boosted wheat. Some subfreezing temperatures were reported in the southern Plains Sunday and again this morning, but conditions were not as harsh for the winter wheat crop as initially feared. Damage, however, remains uncertain. This afternoon’s crop progress report is expected to peg the nationwide winter wheat crop at 47% good to excellent as of Sunday, compared to 56% a year ago. May Chicago was up 7 ½ cents at $5.36 ½, May Kansas City gained 1 ¾ cents to $5.59 ¼, and May Minneapolis was 9 ½ cents higher at $5.94.
