Wheat futures suffered double-digit losses on Monday, with soybeans a bit weaker and corn little changed.
Wheat was pressured by improving weather for dry winter wheat areas in the US and Russia. Showers are forecast for the end of the week for the US southern plains, with plenty of rain for the eastern Soft Red Winter areas. Over in the Black Sea, the forecasts have showers for the northwestern Russian winter wheat areas, and showers over western Ukraine this week. Rising Russia wheat production estimates, and discussions about reviving the Black Sea grain initiative – part of larger US-Russia talks about a ceasefire in Ukraine – also weighed on wheat. May Chicago lost a dime to $5.48 ¼, may Kansas City fell 10 ¾ cents to $5.78, and May Minneapolis was down 12 ¾ cents at $5.92 ¼.
Soybeans continued to be undermined by trade concerns about US President Donald Trump’s tariffs and the potential for normal trade flows to be disrupted. Trump reportedly plans to levy so-called reciprocal tariffs on imports from a broad range of countries beginning next week, although reports say the situation remains highly fluid. Weaker meal values added to the downside. May beans slipped 2 ½ cents to $10.07 ¼, and November lost 1 ¼ cents to $10.06 ½.
Corn traded both sides of unchanged today, pushed down initially by fund liquidation but supported by domestic commercial pricing, said a report from Marex. May corn was up a ¼ cent at $4.64 ½, and December added a ½ cent to $4.51 ½.
