CORN HIGHLIGHTS:

• Selling pressure persisted in the corn market despite a supportive export sales report, as large acreage projections continue to weigh on the market. May corn recorded its lowest close since December 19 during the session.
• For the week, sellers have been in control of the corn market as the momentum has triggered follow-through selling and long liquidation. Going into Friday’s session, May corn is trading 14 ¼ cents lower on the week.
• USDA released weekly export sales on Thursday morning. For the week ending March 20, exporters reported new sales of 1.040 MMT (40.9 mb). Japan was the largest buyer of US corn for the week. Total corn export sales for the current marketing year are up 24% from last year and ahead of pace to reach the USDA target for the marketing year.
• USDA will release the Prospective Plantings report on Monday, March 31. Expectations for corn acres are to be near 94.36 million acres, up nearly 3.8 million acres from last year. The market is hearing talk of a “whisper” number that could reach as high as 96 million acres. The prospect of an exceptionally large acreage forecast is limiting the corn market in anticipation of Monday’s report.

SOYBEAN HIGHLIGHTS:

• The entire soy complex closed higher in Thursday’s trading session, breaking through nearby resistance levels. Soybean oil futures surged for the fourth consecutive day, driven by optimism surrounding biodiesel blending, which provided strong support to the soybean market.
• U.S. soybean export demand has been on a downward trend, largely due to the abundant supply of soybeans coming out of Brazil. Brazil’s soybean exports for March are expected to reach 15.6 mmt more than 2 mmt higher than the same period last year.
• South American weather is expected to remain favorable as the growing season wraps up and harvest continues. The soybean harvest in Brazil is now 76% complete, ahead of the average pace by 10% for this time of year.
• U.S. soybean sales for the week ending March 20th totaled 12.4 million bushels (mb) for the 2024/2025 marketing year, along with a decrease of 800,000 mt for the 2025/2026 marketing year. Shipments reached 33.9 mb, exceeding the 14 mb required to meet the 1.826 bb target. Total soybean commitments now stand at 1.681 bb, up 13% compared to the same period last year.
• Weather is becoming a growing concern for traders as soybean planting season approaches in the U.S., with 42% of the soybean-growing area currently facing drought conditions.

WHEAT HIGHLIGHTS:

• Wheat closed in mixed fashion, posting small losses in Chicago futures, with even smaller gains in Kansas City. Paris milling wheat futures also closed down by 3.00 to 3.75 Euros/mt. Weakness seems to have stemmed in large part from forecasts with better chances of rain in both the Black Sea region and the US plains. Weekly export sales were also soft, adding to pressure in the market.
• The USDA reported an increase of 3.7 mb of wheat export sales for 24/25 and an increase of 0.4 mb for 25/26. Shipments last week totaled 15.8 mb, which falls below the 21.7 mb pace needed per week to reach the USDA export forecast of 835 mb. Total 24/25 sales commitments have reached 768 MB, which is up 12% from last year.
• According to the USDA, as of March 25, U.S. winter wheat areas saw a significant reduction in drought conditions. Only 14% of winter wheat acres are currently experiencing drought, compared to 34% the previous week. Spring wheat acres in drought also improved during the same period, now estimated at 21%, down from 39% a week ago.
• According to their ag ministry, Ukrainian grain exports are said to have totaled 32.2 mmt so far this season, which would be a decline of 6% from a year ago. Wheat specifically accounts for 12.9 mmt of exports, but that is down 4.4% year over year.

DAIRY HIGHLIGHTS:

• Class III futures were mostly higher today with double-digit gains in the nearby contracts.
• Spot cheese was up 1.1250 cents to move to $1.64125/lb, up 6.50 cents on the week so far. Whey gave back a half cent.
• Within the 2025 contracts, only May and June moved today for Class IV. They were up 3 and 17 cents, respectively.
• Spot butter was 3.50 cents higher today, totaling 6.25 cents in gains on the week so far. Spot powder fell a penny.

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Author

Brandon Doherty