Chicago grain markets staged a late-session recovery Monday, with soybeans and corn shaking off early tariff-driven losses as weather threats and trade war uncertainty fueled whipsaw price action. Wheat gained on drying U.S. Plains forecasts.
Closing Levels:
🌱 Soybeans (Sv1): Up 6¢ to $9.83/bushel, rebounding from December lows.
🌽 Corn (Cv1): Rose 4.25¢ to $4.64½/bushel on planting delays.
🌾 Wheat (Wv1): Gained 7.5¢ to $5.36½/bushel as drought fears resurfaced.
Market Drivers:
Tariff Turmoil:
Prices swung wildly on conflicting reports—first a rumored 90-day tariff pause (denied by White House), then Trump’s threat of 50% additional China duties.
“This roller-coaster will continue until we get clarity,” said StoneX’s Arlan Suderman.
Weather Wildcards:
U.S. Corn Belt: Heavy rains stalled Ohio Valley/Delta planting.
Brazil Safrinha Corn: Dryness threatens yields in key regions.
U.S. Wheat Belt: Expanding drought risks for hard red winter wheat.
Why It Matters:
Soybeans: China’s 34% tariffs loom, but Brazil’s record harvest caps rallies.
Corn: Delayed U.S. planting could tighten 2024/25 supply if delays persist.
Wheat: Global export competition heats up as Russia floods markets.