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Chicago wheat futures held steady after a 3.2% rise, driven by concerns over Russia's grain shipments, while corn prices remained near a 15-month high due to dry weather in Argentina and delayed planting in Brazil. Soybeans, however, edged lower after reaching a 6-month high. Wheat prices dipped 0.2% to $5.61-1/4 a bushel, while corn dropped 0.3% to $4.95-3/4 a bushel. Despite challenging weather conditions, soybean supply remains ample, especially in Brazil, which anticipates a record harvest. Speculators continue to influence market dynamics, especially in wheat and corn, as traders await potential shifts in U.S. trade policies.

Key Highlights

* Wheat futures steady after a 3.2% rise, speculators driving price action.

* Corn hits a 15-month high on Argentina's dry weather and Brazil's planting delays.

* Soybean prices edge lower after reaching a 6-month peak last week.

* Russia’s grain exports set to fall by 20% in 2024-25 due to weather.

* Speculators shift positions, driving buying pressure in wheat and corn.

Chicago wheat futures saw a slight dip of 0.2%, settling at $5.61-1/4 a bushel after a notable 3.2% increase in the previous session. The recent upward movement in wheat prices was primarily driven by concerns surrounding Russia’s grain exports, which are set to drop by 20% in the upcoming season due to bad weather. These factors have led to buying activity from speculators, particularly in wheat contracts, as funds look to cover short positions.

Corn futures also remained near a 15-month high of $4.95-3/4 a bushel. Dry weather conditions in Argentina have exacerbated concerns about weak corn supply, while Brazil’s delayed planting has added to the uncertainty. This tight supply outlook has kept corn prices elevated.

In contrast, soybeans experienced a minor decline of 0.3%, retreating from a 6-month high hit last week. Although the soybean supply remains robust, especially in Brazil, which is expected to achieve a record harvest, the market is cautious due to ongoing global weather disruptions.

Russia’s export restrictions and concerns about weather patterns affecting crops, particularly in the U.S. and South America, contribute to price volatility across these crops. Speculators are likely to remain active, driving price fluctuations as the global supply picture continues to evolve.

Finally

Wheat and corn prices remain volatile due to supply concerns, while soybeans see less pressure. Traders are cautious ahead of potential trade policy changes impacting U.S. exports.

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