Chicago crop futures were lower on Monday, amid sharp losses in crude oil.
The weakness in crude was linked to Israel missile strikes on Iran over the weekend that spared that country’s oil infrastructure and targeted military sites instead. The oil market had been holding its breath waiting for Israel’s response after Iran launched its own missile attack against Israel earlier this month. With the losses today, US crude prices were trading well below $70/barrel.
Additional pressure on soybeans and corn came from improving weather for planting in South America, large harvests this year in the US, and continued uncertainty regarding trade, depending on the outcome of the Nov. 5 presidential election.
December corn fell 4 ½ cents to $4.10 ¾, and March dropped 4 ¾ cents to $4.24 ¾. November beans lost 13 ¾ cents to $9.74, and January was 11 ½ cents lower at $9.86.
Wheat was undermined by reports Friday that 2024-25 Argentina wheat exports could hit 13.3 million tonnes, the second highest on record. An above average crop expected out of Australia weighed on the market as well, as did heavy supplies and lower prices out of Russia. Better moisture for the US winter wheat crop on the southern Plains pressured too. December Chicago wheat was down 10 ¼ cents at $5.58 ¾, December Kansas City closed 10 ½ cents lower at $5.61 ½, and December Minneapolis fell a dime to $5.95 ¼.
