Chicago grain futures decline across the board as the market awaits the USDA planting and inventory report

汇通财经2026/06/29 12:31

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Chicago corn futures led the grain market decline on Monday, with the July contract hitting a new contract low of $4.03-1/2 per bushel, down 1.9%. Wheat fell 0.5% to $5.86-3/4, and soybeans dropped 0.8% to $11.47-1/4 per bushel, as investors adjusted their positions ahead of the U.S. Department of Agriculture's planting acreage and quarterly inventory reports scheduled for Tuesday.

The market widely expects the USDA to lower its corn acreage estimate and raise its soybean acreage forecast, but many traders believe corn acreage has not significantly decreased compared to last year. The strong dollar and falling crude oil prices last week have already triggered investment fund sell-offs ahead of the June 30 data.

Although mutual strikes between the U.S. and Iran highlight the fragility of the ceasefire agreement, the restoration of fertilizer shipments through the Strait of Hormuz may eliminate some input cost premiums, as this waterway transports a large portion of global fertilizer and related raw materials. The hot weather in the U.S. Midwest this week is drawing attention, but expected cooling and rainfall next week are likely to ease crop stress concerns.

The accelerated pace of the U.S. harvest and continued strong production prospects in the Black Sea export region are placing persistent pressure on the wheat market, offsetting supply concerns caused by the Western European heatwave over the past week.

Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.

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Chicago grain futures decline across the board as the market awaits the USDA planting and inventory report

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