The CME and Total Farm Marketing Offices will be Closed Friday, April 3, in Observance of Good Friday

CORN HIGHLIGHTS:

• Selling pressure was noted across the grain markets on the first trading day of April as the wheat market showed strong losses, dragging the corn market lower. Late-session buying helped trim the decline. May futures lost 3 ½ cents to 454 ¼, and July corn lost 3 ¼ cents to 465.
• Corn futures tested key technical support levels near 450 in May and 460 in July before buyers stepped in. The late rebound improved the technical outlook, though follow-through buying will be needed in the next session to confirm a potential turn higher.
• President Trump is scheduled to address the nation at 9:00 p.m. EST regarding a possible ceasefire and the potential end of U.S. military operations in Iran within the next two to three weeks. The prospect of de-escalation pressured crude oil markets, with the weakness spilling over into grains.
• The corn was still digesting yesterday’s Acres and Grain Stocks report, the higher-than-expected acre number and record corn stockpile are limiting factors to corn price.
• Weekly ethanol production slipped to 316 million gallons for the week ending March 27. This was down from 328 million gallons last week, but firmer than last year. Corn use for ethanol totaled 106 million bushels for the week, running slightly behind the pace needed to meet USDA’s marketing-year target.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day slightly lower but came back from lows earlier in the day, which saw futures down as much as 18 cents in the May contract. Optimism over the potential re-opening of the Strait of Hormuz and end to the war in Iran pressured the grains today, but prices may have also retreated following yesterday’s post-USDA report gains.
• May soybeans lost 2-1/2 cents to $11.68-1/2 but remained within their recent trading range between 1155 and 1178. November soybeans lost 2 cents to 1155-1/2, May soybean meal gained $1.80 to $318.20, and May soybean oil was down 1.77 cents to 67.11 cents as it followed crude oil lower, which is now down $2.25 a barrel.
• In Brazil, the soybean harvest is now 75% complete as of March 26 as rainfall slowed progress in late regions, but drought affects the corn crop in Parana. AgRural has raised its estimate for the 25/26 soybean crop to 178.4 mmt from 178 mmt.
• Bloomberg estimates for U.S. February soybean crush are seen at 215 million bushels, which would be an increase of 13.4% from a year ago. Oil stocks are seen at 2.60 billion pounds which would be up from 1.92 billion pounds.

WHEAT HIGHLIGHTS:

• Wheat closed sharply lower across all three classes, posting double-digit losses despite a weaker U.S. Dollar Index and generally supportive data from Tuesday’s USDA reports. A stronger euro pressured European markets, with MATIF wheat finishing sharply lower and offering little support to U.S. futures. Comments from President Trump indicating that Iran has requested a ceasefire also weighed on the market, triggering declines in energy prices and adding pressure to grain futures. In the May contract, Chicago lost 18-3/4 cents to 597-1/2, Kansas City declined 21-3/4 cents to 613-3/4, and MIAX fell 16-1/2 cents to 642.
• According to Rusagrotrans, Russia’s March wheat exports could near 4.85 mmt, just below the 4.89 mmt record figure from 2024. If this estimate is accurate, their marketing year-to-day exports (July-March) would sit at 37.7 mmt. This would exceed last year’s pace of 36.3 mmt.
• While rains have favored central and southern China, the North China Plain has been on the drier side. However, the forecast calls for storms to move through that region this Friday and Saturday, bringing much-needed precipitation.
• In their tender, Tunisia is reported to have purchased 100,000 mt of soft wheat, paying around $275/mt on a CNF basis. Shipment is anticipated between May 15 and June 10.
• High winds and hail may have caused damage to wheat yesterday in several of India’s wheat growing regions. The crop is about ready to be harvested, and this has raised concern about yield loss. Furthermore, additional thunderstorms and high winds are expected in the areas of Punjab and Haryana on April 3 & 4.

DAIRY HIGHLIGHTS:

• Class III milk maintained its strength today, as the May contract settled 25 cents higher at $17.97.
• Spot cheese edged 1 cent higher to close at $1.6150/lb, while spot whey declined 0.25 cents, settling at $0.6875/lb.
• Class IV milk stayed under pressure, as all contracts finished the session lower.
• Spot butter stayed under pressure, falling 2.25 cents to $1.7525/lb, while spot powder edged 0.25 cents lower to $1.9375/lb.

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Author

Brandon Doherty