Grain and Soy Complex Plunges as Wheat Leads the Way Lower

Selling efforts surged in the grain and soy complex around 6:00 a.m. CT this morning, with wheat leading the way lower. According to Pro Farmer's Ahead of the Open report, corn is expected to be 5-7 cents lower, while soybeans are predicted to fall by 2-4 cents. Wheat, on the other hand, may drop as low as 19-22 cents.

President Trump has stated that he's considering a 'massive attack' on Iran to push them into negotiating a peace deal. This comes after renewed fighting caused an interim peace deal to collapse and all but closed the Strait of Hormuz. The U.S. said it will collect duties of between 10-12.5% on imports from most major trading partners, following an investigation into alleged forced labor in their supply chains.

The Wheat Quality Council's spring wheat and durum tour ended Thursday with a final average yield estimate of 48.0 bushels per acre. This is slightly lower than last year's estimate of 48.3 bu./ac.