By Paulo Trevisani


--Wheat for July delivery fell 0.6% to $6.05 1/2 a bushel on the Chicago Board of Trade on Monday, as markets watch developments in the Middle East. Inspections for U.S. exports of the grain declined last week, while rising for both corn and soybeans.

--Corn for July delivery rose 0.4% to $4.65 1/4 a bushel.

--Soybean for July delivery rose 0.3% to $11.83 1/4 a bushel.


HIGHLIGHTS


War Watch: Grain futures were mixed in U.S. trade as markets watched for developments on the conflict in the Middle East. President Trump answered hopes of a cease-fire with fiery rhetoric. "If the Iran conflict has a temporary cease-fire, that might weigh on corn futures, especially with U.S. spring planting ramping up this month," Naomi Blohm of Total Farm Marketing said in a note. "If the Iran war concludes, food security concerns will be reduced and prices could pull back further," she said.

Export Inspections: Weekly inspections of U.S. corn exceeded expectations, pulling off "an impressive 2 mmt week and soybeans are not going away quietly," said Karen Braun of Zaner Ag Hedge in a post on X. "Both doing what they need to do (for now) to reach marketing year expectations." Corn inspections rose to 2 million metric tons from 1.88 million tons the week before, the USDA reported. Soybean inspections rose to 779,352 tons from 694,076 tons, while wheat inspections fell to 334,106 tons from 386,254 tons. China was the top buyer of soybeans. Mexico and Japan were the leading destinations for corn, and Mexico was the main buyer of wheat.


INSIGHT


Brazil's Crop Hurdles: Hot and dry weather threatens Brazilian corn, AgRural said in a note. Despite some rainfall last week, crops remain "under due to low humidity," the firm said, adding that in parts of Paraná state "producers are already estimating their losses." Things are also getting worrisome in some other parts of Brazil's corn belt. To ensure good productivity, "corn still needs regular precipitation through May," according to AgRural. Meanwhile, the firm said Brazil's soybean harvest has reached 82% of the planted area, down from 87% a year ago. The problem is excess humidity in some areas.

Crop Progress: The USDA's crop progress report due later today is likely to show a modest start to soybean planting with all of it being done so far in the Mississippi Delta region, Cory Bratland of AgMarket.Net said in a note. "The drought monitor index is showing some improvement across much of the U.S., so planting should start to take off this week." Meanwhile, markets are watching for developments in the Middle East, where "the conflict with Iran seems to be coming to a head here early this week."


AHEAD


--The EIA will release its Weekly Petroleum Status Update report at 10:30 a.m. ET Wednesday.

--The USDA will release its weekly export sales report at 8:30 a.m. ET Thursday.

--The USDA will release its monthly WASDE report at noon ET Thursday.

--The CFTC will release its weekly Commitment of Traders report at 3:30 p.m. ET Friday.

--Anthony Harrup contributed to this article.


Write to Paulo Trevisani at paulo.trevisani@wsj.com

(END) Dow Jones Newswires

04-06-26 1546ET