By Kirk Maltais


-Soybeans for July delivery rose 1.6% to $12.22 1/4 a bushel on the Chicago Board of Trade Monday, as developments in the Middle East pushed crude oil higher, in turn bolstering soy.

-Corn for July delivery rose 1% to $4.85 1/2 a bushel.

-Wheat for July delivery rose 0.6% to $6.41 1/4 a bushel.


HIGHLIGHTS


All Eyes Overseas: Volatility in the Middle East around the Strait of Hormuz raged today, translating into strength in CBOT soyoil futures and, in turn, soybean futures. "Strength in crude oil is supporting soyoil," Commstock Investments' Brian Grete said. The support is due to soyoil being used in renewable motor fuel, making it very exposed to how gasoline prices move in the U.S.

Leading the Way: As the conflict in the Middle East continues to play out grains are taking a back seat to other commodities. "Energy markets [are] driving the bus and money flow is certainly concerned about inflation risks," EmpowerAg's Brady Huck said. Grains are being supported due to their link to crude oil prices, and demand for there use as a feedstock for renewable fuels.

Grains are being supported due to their link to crude oil prices via demand for grains as feedstock for renewable fuels.


INSIGHT


Big Progress: This afternoon's Crop Progress report from the USDA is expected to show a big bump in the amount of corn and soybeans planted, according to analysts. That's in part because of how much progress farmers are believed to have made during the weekend. "The planters were rolling hard over the weekend and will be going hard again this week," AgMarket.net said in a note. The firm forecasts the report will show corn planting around 40% complete, with soybeans around 35% done.

Long Position Pile-Up: Friday's Commitments of Traders report from the CFTC showed an uptick in fund long positions in wheat and corn. Over 50,000 long contracts were added in corn for the week ended April 28. That brings the net long held by fund traders to more than 264,000 contracts. Net long positions above 100,000 long contracts means that any positive news stemming from weather could translate into only a limited jump in prices. "The CFTC report showed greater than expected buying in the corn, which increases the chance of a correction that would align with seasonal weakness that is often seen as the crop goes in," said Doug Bergman of RCM Alternatives in a note.

Off to the Side: The U.S.-China trade summit is scheduled to happen this month, and grain traders are bracing for any geopolitical volatility that may again derail this summit. Its place on a list of priorities for grain traders is a little further down than other factors, such as the war in the Middle East. "A number of issues in front of the grains before and after the summit," EmpowerAg's Brady Huck said.


AHEAD


--Archer Daniels Midland Co. will release its first quarter earnings report at 6 a.m. ET Tuesday.

--Ingredion Inc. will release its first quarter earnings report at 6:30 a.m. ET Tuesday.

--Corteva Inc. will release its first quarter 2026 earnings report after the stock market closes Tuesday.


Write to Kirk Maltais at kirk.maltais@wsj.com

(END) Dow Jones Newswires

05-04-26 1555ET