CORN HIGHLIGHTS:

• Corn ended the week modestly higher despite the decline in crude oil, as underlying bullish fundamentals continued to support the market. The potential for lower global acreage and reduced fertilizer use remains an additional bullish factor. May corn ended the day up 3 cents at 467-3/4 while July ended up 4-3/4 cents at 479-1/2.
• New-crop December futures briefly pushed above 500 on Friday—marking the first test of that level since the contract’s early 2023 trade. In old-crop, July futures also posted their highest close to date. The March 9 intraday high of 487-½ now stands as a realistic near-term upside target.
• The USDA confirmed the sale of 148,240 metric tons of U.S. corn to unknown destinations, with 78,240 tons for 2025/26 delivery and 70,000 tons for 2026/27.
• U.S. corn export demand continues to exceed expectations, with total commitments reaching 2.98 billion bushels—up 31% from 2.313 billion a year ago.
• In Argentina, the corn harvest has advanced to 28% complete, in line with the average pace. Argentine basis levels are weakening, with corn holding a 25 cent per bushel price advantage over U.S. corn.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day higher steadily climbing throughout the day with support primarily from soybean oil. May soybeans are in delivery and were up 5-3/4 cents to 1187-3/4, and they had 367 deliveries. July soybeans were up 7-3/4 cents to 1203-1/4 while November was up 9-3/4 cents to 1182-3/4. July soybean meal was up $0.40 to $319.30 and July soybean oil was up 0.62 cents to 75.16 cents despite crude oil losing $3.00 a barrel.
• In Brazil, the estimates for this season’s soybean production are seen at a record 180 million tons. Despite this, prices have remained firm due to strong demand both domestically and internationally. Higher crude oil prices due to the war in Iran have been very supportive for soybean oil and ethanol.
• In Argentina, soybean harvest progress has reached over 18%, according to the Buenos Aires Grain Exchange. Forecasted dry weather over the next 1–2 weeks should aid progress, though production is still estimated at 48.6 MMT—potentially a three-year low.
• For the week, July soybeans gained 24-3/4 cents and closed towards the very top of their trading range. November soybeans gained 27 cents and reached its highest level since December 2023. July soybean meal gained just $0.20 for the week, while July soybean oil gained 3.83 cents and ended at a contract high.

WHEAT HIGHLIGHTS:

• Wheat faded from session highs to finish near unchanged in the winter classes and mixed in spring wheat. Reports of a new Iranian peace proposal weighed on energy markets, while a firmer U.S. dollar also added pressure. This, along with a firming U.S. dollar, may have put some pressure on the wheat market today. In the July contract, Chicago was up 1 cent at 637-3/4, Kansas City was up 1 cent at 694-1/2, and MIAX lost 1-3/4 cents to 704.
• Scattered rains brought limited relief to parts of Colorado and western Kansas, though many areas remain dry. A storm system moving across Texas is delivering more widespread precipitation, which should help improve soil moisture.
• Rising fertilizer prices tied to the Iran conflict are already curbing global usage. In Australia, higher input costs could lead to reduced wheat acreage, a potential longer-term bullish factor given the country’s role as a major exporter.
• According to the European Commission, 26/27 total grain production for the EU is now estimated at 277.6 mmt. This is a drop from the March estimate of 278.1 mmt. Despite the decline, the soft wheat production forecast actually increased from 125.9 mmt to 127.3 mmt.

DAIRY HIGHLIGHTS:

• Class III futures lost between 6 and 21 cents in today’s action. June fell 15 cents to $17.32.
• Both spot cheese and whey were unchanged today. Spot cheese fell just 0.25 cents on the week while whey was even with last Friday.
• Class IV contracts faced double digit losses for most contracts today. The second month futures contract settled 32 cents lower at $21.20.
• Spot butter fell 3 cents today for a total of 11 cents on the week, settling at $1.5950/lb. Powder was up 1.25 cents today to move to $2.2625/lb.

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Author

Brandon Doherty