CORN HIGHLIGHTS:

• The corn market finished the week higher after a choppy session, but strong buying in the wheat market and strength in the front-end corn market helped support prices. May corn gained 4 ¾ cents to 467 ¼, and the December contract added 1 ½ cents to 491 ½. For the week, May futures gained 6 ¾ cents. March corn futures expired on Friday, final trade at 452 ½.
• The May corn futures posted its highest weekly close since July last summer as money flow has supported the May contract. The technical picture in the corn market still looks supportive going into the close on Friday.
• The U.S. Dollar Index has traded at its highest levels since November 2025 and crossed over the 100-basis point level on Friday. The dollar has strengthened with geopolitical uncertainty in the markets.
• U.S. Ethanol exports set a record for the month of January. Total exports for the month reached 212.1 million gallons. Ethanol exports are now up 7% versus 2025.
• The Brazil Ag agency, CONAB, released the March corn supply and demand projections on Friday morning. CONAB forecasts a slight reduction in the 2025-26 corn production to 138.27 MMT, down slightly from last month. The second crop Brazil corn is forecasts at 108.43 MMT, down from 109.26 MMT last month.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day lower but came back sharply from lows earlier in the day. End of week profit taking may have pressured futures as crude oil was higher. May soybeans lost 2 cents to $12.25-1/4, while November lost 6 cents to $11.61-1/2. May soybean meal gained $2.50 to $322.70 and May soybean oil gained 0.02 cents to 67.44 cents.
• This morning, CONAB made small adjustments to Brazilian soybean production for 25/26 with production lowered to 177.85 mmt from 177.95 mmt last month. Exports were increased to 114.38 mmt from 112.19 mmt, which resulted in lower ending stocks, which are now estimated at 9.54 mmt from 11.87 mmt in February.
• Yesterday’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.
• For the week, May soybeans gained 24-1/2 cents while November gained 14-3/4 cents. If the war in Iran escalates and drives crude oil prices higher, soybeans will likely follow higher. May soybean meal gained $5.50 on the week and May soybean oil gained 0.86 cents, remaining near contract highs.

WHEAT HIGHLIGHTS:

• Wheat closed sharply higher despite the U.S. dollar continuing to firm, a quieter crude oil trade, and relative pressure on corn and soybean futures. Without much in the way of fresh news to drive the wheat complex, this was likely technical and fund buying. It is possible that some weather premium was injected, though – temperatures in the U.S. Southwestern Plains are expected to be in the mid-90s next week. In the May contract, Chicago gained 15-1/4 cents to 613-3/4, Kansas City climbed 16-1/2 cents to 630, and MIAX was up 11 cents at 645-1/2.
• According to the USDA, as of March 10, an estimated 55% of US winter wheat acres are experiencing drought conditions. This represents a 1% decline from the week prior. Nevertheless, spring wheat area in drought increased by 2% to 21% during the same time period.
• Consultancy group Expana has reduced their estimate of EU 25/26 soft wheat exports from 27.6 to 27.1 mmt. This represents the fifth month in a row that they have lowered the forecast. The war in the Middle East is cited as the reason for the decline.
• German agriculture co-op group, DRV, is estimating Germany’s 2026 grain harvest at 43.7 mmt, down from 45.3 mmt produced in 2025. The winter wheat crop in particular is expected to fall 7.7% to 20.8 mmt. There is said to be extra pressure caused by rising fuel and fertilizer costs, because of the war in Iran.
• Soil moisture levels in southwest Russia are said to be at six-year lows. With a lack of rainfall in the forecast for the next two weeks or so, the continued dry conditions could be a threat to the Russian winter wheat crop in that area.

DAIRY HIGHLIGHTS:

• Class III futures were able to get a boost from better bidding in the cheese market today. May futures climbed 34 cents to close at $17.19.
• Spot cheese added 1.75 cents to close out the week at $1.53/lb. Whey improved a penny to $0.66/lb.
• Class IV futures were lifted higher on the day despite a weaker trade for its products. May futures improved 33 cents to $20.05.
• Spot butter lost half a cent to close at $1.8475/lb while powder was unchanged at $1.7650/lb.

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Author

Brandon Doherty