By Kirk Maltais


--Wheat for July delivery rose 0.9% to $5.90 a bushel on the Chicago Board of Trade Monday, with risk premium leaving futures on weekend news of a deal between the U.S. and Iran, before short-covering pushed futures back up.

--Corn for July delivery rose 0.7% to $4.15 1/2 a bushel.

--Soybeans for July delivery rose 0.5% to $11.18 3/4 a bushel.


HIGHLIGHTS


Don't Call it a Comeback: Grain traders are reorganizing their priorities, this after the weekend news of a deal between the U.S. and Iran to reopen the Strait of Hormuz. Concerns have returned back towards the more typical set of factors - mainly weather conditions in growing areas. "The wheat charts dipped their toe into new lows on the move this morning, but came roaring back, as the market seems as unwilling to let the spec shorts win on their position," said Charlie Sernatinger of Marex in a note.

Retracing Their Steps: The risk premium seen in CBOT grain futures collapsed following news over the weekend of a deal being reached between the U.S. and Iran that reopens the Strait of Hormuz for shipping. That's why focus is shifting more-traditional matters that typically move grain futures at this time of year, said Joe Davis of Futures International in a note -- continuing what's being seen in CFTC Commitment of Traders reports. "Funds also sharply reduced soybean longs and expanded bearish wheat positions, reflecting growing confidence in favorable crop weather and weakening price momentum," said Davis.


INSIGHT


Switching Position: Friday's Commitment of Traders report from the CFTC showed that managed money firms have turned net short in corn after being net long since March. Fund traders are now net short in corn by 5,325 contracts, after being net long by hundreds of thousands of contracts. Wheat futures remain net long, in addition to soybean futures - which are net long by nearly 91,000 contracts.

Slowed Crush: The rate of soybeans being crushed in the U.S. fell from the prior month, according to the latest data from the National Oilseed Processors Association. NOPA said that soybeans were crushed at a rate of 208.8 million bushels in May, down from 211.9 million bushels the prior month. This week's figure lands below what was expected from analysts surveyed by Reuters this month, which was over 216 million bushels. Stocks fell roughly 250 million bushels from the prior month, to 1.74 billion bushels in May.


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 Cattle on Feed report at noon ET Thursday.

--The USDA and CBOT will be closed in observance of Juneteenth on Friday, reopening on Monday.


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


(END) Dow Jones Newswires

06-15-26 1516ET