Corn and soybean futures closed lower on Monday, but wheat posted double-digit gains across all exchanges.
Wheat was supported by strength in crude oil prices after U.S.-Iran talks collapsed over the weekend and the threat of a U.S. blockade of the Strait of Hormuz raised worries about global fuel and fertilizer supplies. Wheat also drew support from dryness in parts of the U.S. Plains, although gains were capped by ample world wheat stocks. May Chicago wheat gained 11 ¼ cents to $5.82 ¼, and May Kansas City was 12 ½ cents higher at $6.03 ¼. May Hard Red Spring finished 16 ½ cents higher at $6.16 ¼, and May Minneapolis was up 13 cents at $6.24 ½.
Corn jumped higher in early trading with strong gains in crude oil. But as crude pulled back to more modest advances, corn dipped into the red. May eased ¾ of a cent to $4.40 ¼, and December dropped 1 ¼ cents to $4.71.
Reports said soybeans fell as weakness in soybean meal prices weighed on the market after support from a recent large U.S. soymeal sale to Italy began to fade. May lost 13 ½ cents to $11.62 ¼, and November dropped 8 cents to $11.49 ¾.
