Grain futures closed higher across the board at the CBOT, with wheat leading the move as weather concerns and short covering fueled a sharp rebound. July wheat surged 45 cents to $6.79, while May jumped even more aggressively, reflecting renewed focus on crop risk in key growing regions.
Corn followed with more modest gains, as July climbed 4 1/2 cents to $4.80. The move was supported by spillover strength from wheat and soybeans, along with steady export demand, though ample early-season supply expectations continue to limit upside momentum.
Soybeans also firmed, with July rising 13 1/2 cents to $12.26 3/4. Strength in the vegetable oil complex and improving sentiment around biofuel demand helped underpin the rally, even as global supply competition—particularly from Brazil—remains a headwind.
The broader move reflects a shift back toward risk premium in grains, particularly in wheat, where weather volatility can quickly alter supply expectations. Going forward, markets will look to confirm whether this rally is sustained by fundamentals or fades as planting progress and global supply outlooks become clearer.
