Monday ended softer for the grain complex after Trump’s decision to delay strikes on Iranian energy targets triggered a sharp crude selloff, while wheat was also capped by stronger Black Sea export expectations and soybeans found support from oil and crush headlines.

The market closed the day with a defensive tone. Energy was the main macro drag, but the grains also had to absorb fresh supply, weather and demand signals that kept wheat under pressure and left corn weaker despite solid export flow.

Crude oil’s $9.36 drop was the biggest cross-market driver of the day. That weakened the broader risk tone and trimmed support for biofuels, which hit corn and soybeans most directly and also softened the soybean oil complex.

Wheat finished lower despite stronger export shipments. Chicago SRW closed down 7 1/2 cents, Kansas City HRW was also red, and the market had to balance better weekly shipment data against a clearer reminder that global export competition remains heavy. Stronger Russian and European supply expectations kept rallies limited.

The Kansas Crop Progress update added another layer of support for wheat, with winter wheat conditions falling 6 points to 46% good/excellent. That offered some weather-based support, but not enough to offset the pressure from the larger global supply outlook and the weaker energy complex.

Corn stayed under pressure for most of the session and closed down 6 cents in May ’26. A private sale of 102,000 MT to Mexico and solid export inspections gave the market some support, but that was not enough to overcome the crude break and the softer risk backdrop.

Brazil’s second corn crop also kept traders cautious. AgRural said the crop was 97% planted, which is in line with the idea that South American supply is moving forward and should continue to cap upside in the absence of a bigger weather problem.

Soybeans were the strongest of the three crops on the day, closing up 2 1/4 cents in May ’26. Bean oil was supported late by comments from EPA Administrator Lee Zeldin about RVO quotas being released by month-end, while strong export inspections and a private sale to Mexico helped the tone.

China remained an important demand and logistics story for soybeans. Export inspections showed China as the top destination for U.S. beans for the week, but the marketing-year total is still well below last year, keeping the market sensitive to any sign that Chinese demand is leaning more heavily on Brazil.

Brazil’s harvest pace stayed a factor as well. Soybean harvest was reported at 68% complete, still behind last year, while central Brazil weather remained a concern in places. That provided a modest underpinning for beans, even as the overall supply picture stayed comfortable.

The broader China feed story also mattered late in the day. Chinese pig prices are at a 15-year low and the feed market is under strain, which keeps soybean meal and corn demand expectations cautious if herd cuts accelerate.

Wheat: May ’26 CBOT wheat closed at $5.87 3/4, down 7 1/2 cents. The contract was pressured by the sharp crude selloff and by the market’s focus on strong Russian and European export potential, even as weaker Kansas winter wheat conditions and solid shipment data offered some support.

Corn: May ’26 corn closed at $4.59 1/2, down 6 cents. Corn was dragged lower by the energy break and softer risk sentiment, while a private sale to Mexico and strong export inspections helped limit the downside but did not change the day’s bearish finish.

Soybeans: May ’26 soybeans closed at $11.63 1/2, up 2 1/4 cents. Beans outperformed on late bean oil support, a private export sale to Mexico and firm inspections, with Brazil’s slower harvest pace and the strong crush margin helping the market hold firmer than corn and wheat.