Corn and soybean futures prices decreased against the backdrop of falling oil prices and weather factors.

Corn and soybean quotes showed the most significant intraday drop in recent months. The price of corn decreased by 3.3%, which was the most substantial figure since mid-January. Soybean futures fell by 3.4% — a record intraday decline since mid-May. A drop in soybean oil prices was also recorded. Analysts at AgResource Co. attribute this dynamic to the easing of geopolitical tensions between the US and Iran, which led to a noticeable decrease in crude oil prices. As these crops are important raw materials for biofuel, demand for them traditionally rises when energy prices are high.

Additional pressure on the market was exerted by improved weather forecasts in key corn and soybean growing regions in the US ahead of August — a critical month for the development of the crop. StoneX chief commodities economist Arlan Suderman noted that current weather models indicate favorable conditions for the harvest in the Midwest. This helps to reduce concerns regarding the state of the seedlings, despite the hot weather observed in the western part of the Midwest and the Plains over the past weekend.

According to the US Department of Agriculture (USDA), temperatures in the western part of the "Corn Belt" could have reached 100°F (38°C), however, precipitation in the eastern part of the region helped to offset the impact of the heat. The agency forecasts that the temperature regime in the Midwest will become more moderate by the end of the week.

Furthermore, the USDA reported a deal for the sale of 132,000 tons of soybeans to China for the 2026-27 marketing year. This shipment is part of a series of sales resulting from the summit between US President Donald Trump and Chinese President Xi Jinping. Under the agreements reached, China committed to purchasing agricultural products worth at least 17 billion US dollars in proportional distribution by the end of the year, and also to purchase at least 25 million tons of soybeans annually until 2028.