Good afternoon and welcome to Markets Desk.
Grain markets came under broad pressure to start the week, with corn briefly slipping below four dollars a bushel as traders unwound long positions ahead of Tuesday's USDA report. Contracts settled down five and a quarter to eleven and a half cents, and first notice day for July futures adds urgency to the positioning shift.
Wheat followed corn lower across all three exchanges, with Chicago soft red winter contracts shedding eight to ten and a quarter cents at the close. Kansas City hard red winter and Minneapolis spring wheat posted similar losses, reflecting a broad risk-off tone in the grain complex as traders await fresh fundamental catalysts.
Arabica coffee was a standout mover to the upside, gaining one point six eight percent in the September contract after heavy rains in Brazil forced delays to the country's harvest. Brazil is the world's largest arabica producer, so any disruption to crop timing tends to move prices quickly, and Monday's session was no exception.
That's the tape. Markets Desk, signing off the floor.
