Grains:
May corn closed down 2 3/4 cents and July corn was down 1 3/4 cents. May soybeans closed down 6 3/4 cents and July soybeans were down 5 3/4 cents. May KC wheat closed down 5 3/4 cents, May Chicago wheat was down 14 1/4 cents, May MIAX Minneapolis wheat was down 2 3/4 cents.
It should come as no shock headlines were dominated Monday with potential market implications to the spreading conflict in the Middle East which began over the weekend as the U.S. and Israel struck Iran and, in the process, killed Supreme Leader Ayatollah Ali Khamenei and other leadership personnel. President Trump warned on Monday the operation could last a month if not longer, leaving investors and traders with simply more questions than answers at this point regarding the impact on energy trade in particular. The U.S. dollar surged higher on investor flight to safety, pressuring ag commodities as a result, particularly wheat which broke away from a recently strong tie to oil futures. Crude oil futures gapped higher to levels not seen since the first U.S. strike against Iran back in June of 2025. Normally, firm energy markets would be a reason to expect spillover bullishness in U.S. row crops, but the high degree of anxiety over several unknowns (notably how U.S.-China relations will hold up) was too much for prices to overcome.