Grain and Oilseed Markets Plummet on Crude Oil Price Drop

Chicago grain and oilseed markets plummeted on Monday due to the sharp fall in crude oil prices. The optimism that diplomatic efforts would de-escalate conflict in the Middle East led to a decline in crude oil prices, which in turn affected the prices of agricultural products.

The most active soybeans on the Chicago Board of Trade fell by 41 cents or more than 3 percent to $12.12-1/4 per bushel at 1152 CDT (1652 GMT), while corn dropped 13-1/2 cents and wheat lost 14-3/4 cents.

Arlan Suderman, chief commodities economist for StoneX, noted that grain and oilseeds prices are falling with crude oil. He also mentioned better weather models for the U.S. Midwest as a factor in the fall in futures prices.