CORN HIGHLIGHTS:

• Corn futures closed the day on the positive side, though prices eased slightly from earlier gains. May futures finished 2-¼ cents higher to $4.62-½, while July futures closed 2 cents higher to $4.74.
• Corn export sales for the week ending March 5 came in at 60 mb, in line with trade expectations. Year-to-date commitments now total 2.619 billion bushels, up 32% from the same time last year. Japan was the top buyer at 26 million bushels, followed by Mexico at 14.5 million.
• The Rosario Grain Exchange kept their production forecast for Argentina unchanged at 62 mmt. This compares to the USDA’s estimate of 52 mmt.
• Expana has trimmed their production estimate for the EU to 57.9 mmt, down from the group’s previous estimate of 58.3 mmt.
• The 8–14 day forecast shows above-normal temperatures across much of the U.S., with below-average precipitation expected in the major growing areas. If a drying pattern develops, it could provide additional price support.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day higher for the third consecutive day and took out Monday’s high as crude oil prices continue to surge with traders worried that the war in Iran will drag on. May soybeans gained 13-1/4 cents to $12.27-1/4 while November gained 4-1/4 cents to $11.67-1/2. May soybean meal gained $4.80 to $320.20 and soybean oil gained 0.26 cents to 67.42 cents.
• Part of today’s move was likely supported by reports that Cargill has halted Brazilian soybean shipments to China following inspection changes by the Brazilian government. The Agriculture Ministry recently implemented stricter sanitary requirements, creating compliance challenges for traders.
• Today’s export sales report was within analyst estimates but on the low side for soybeans with an increase of 16.8 million bushels for the 25/26 marketing year and an increase of 0.3 mb for 26/27. Top buyers were Indonesia, Mexico, and Egypt. Last week’s export shipments of 36.6 mb were above the 22.7 mb needed each week to meet the USDA’s expectations.
• Brazilian soybean exports are expected to reach 16.47 mmt in March which would compare to 16.09 mmt estimated the previous week, and soybean meal exports are expected to reach 2.82 mmt from the earlier estimate of 2.49 mmt. Brazilian offers are more than a dollar cheaper than the U.S.

WHEAT HIGHLIGHTS:

• The wheat market finished the session well off its daily highs, ending with a mixed close across the three classes. Continued volatility is being driven by the ongoing Middle East conflict. A stronger U.S. dollar also weighed on the wheat complex today. In the May contract, Chicago gained 3-3/4 cents to 598-1/2, Kansas City was unchanged at 613-1/2, and MIAX lost 3-1/2 cents to 634-1/2.
• The USDA reported an increase of 16.7 mb of wheat export sales for 25/26 and an increase of 1.5 mb for 26/27. Shipments last week at 15.9 mb fell under the 17.5 mb pace needed per week to reach the USDA’s 900 mb export estimate. Total wheat export commitments for 25/26 have reached 863 mb, up 12% from last year.
• The Rosario Grain Exchange is estimating Argentina’s 25/26 wheat production at 29.5 mmt. For reference, this is well above the USDA’s forecast of 27.8 mmt.
• According to Rusagrotrans, Russian wheat exports for this month could total 3.7 mmt. This would be nearly double the 2.0 mmt that was shipped in March of 2025. This is also well above the five-year average of 2.9 mmt.
• FranceAgriMer reduced their estimate of 25/26 French soft wheat exports outside the EU for the fourth consecutive month, this time by 0.1 mmt to 7.10 mmt. This also resulted in an increased stocks estimate, bringing it to a 16 year high. Nevertheless, 7.10 mmt would still be twice as much as was shipped outside of the EU last season.
• Data from Euronext indicates that as of March 6, non-commercial investors increased their net long position in milling wheat to nearly 59,000 contracts, up from just over 20,500 the previous week. Much like the U.S. market, this seems to indicate that money flow is moving away from equities and into commodities.

DAIRY HIGHLIGHTS:

• Class III futures were mixed again but saw some buying in the nearby contracts that brought April up 11 cents to $16.33.
• Spot cheese was up slightly to $1.51250/lb, entering Friday down 8.1250 cents on the week. Whey was up a penny to settle at $0.65/lb.
• Class IV saw March and April futures fall slightly, but May through November held solid gains.
• Spot butter was unchanged today but down 15.75 cents so far on the week, whereas powder hit a new high for the move at $1.7650/lb.
• January was another impressive month for US dairy exports, totaling 230,169 metric tons overall.

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Author

Amanda Brill