CORN HIGHLIGHTS:

• Corn futures closed slightly higher to start the week, supported by strong export inspections and firm crude oil prices. May corn gained 1 ¾ cents to 4.54, while July added 2 cents to 4.65 ¼.
• Escalation concerns in the U.S.–Iran conflict pushed crude oil prices higher, keeping energy markets volatile as traders react to shifting headlines. Strong crude prices provided underlying support to the grain complex during the session.
• Escalation concerns in the U.S.–Iran conflict pushed crude oil prices higher, keeping energy markets volatile as traders react to shifting headlines. Strong crude prices provided underlying support to the grain complex during the session. USDA released weekly corn export inspections on Monday morning. For the week ending April 2, USDA inspected for export 2.002 MMT (78.8 mb) of corn. This was above the range of estimates by market analysts.  Corn export inspections are up 36% YOY and currently ahead of pace to reach the USDA target of 3.300 BB.
• Recent and forecast rainfall across the Corn Belt has helped ease some drought concerns as planting of the 2026/27 crop approaches.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day slightly higher in relatively quiet trade to start the week. Tuesday at 8 p.m. is the deadline President Trump has set for Iran to open the Strait of Hormuz or has threatened to bomb their energy infrastructure and other targets. Traders may be waiting to see how this plays out, as an escalation could move crude sharply and bleed over into grain prices.
• May soybeans were up 3-1/4 cents to $11.66-3/4 but have been rangebound over the past month between $11.50 and $11.80. November soybeans were up 3 cents to $11.57, May soybean meal was up $1.40 to $316.60, and May soybean oil gained 1.01 cents to 69.95 cents.
• Export inspections came in stronger than expected, totaling 28.6 million bushels for the week ending April 2. Cumulative inspections for the 2025/26 marketing year now stand at 1.127 billion bushels, still running 26% behind last year’s pace.
• Friday’s CFTC report saw funds as buyers of soybeans as of March 31. Managed money bought 15,503 contracts increasing their net long position to 213,407 contracts. They bought 13,188 contracts of soybean oil which left them with a net long position of 135,809 contracts and they sold 7,999 contracts of soybean meal leaving them long 99,933 contracts.

WHEAT HIGHLIGHTS:

• Wheat closed with small to modest losses across all three classes today, despite gains in corn and bean futures, and a slight decline for the U.S. dollar. Forecast rains across the Southern Plains — an area that has been particularly dry — likely pressured prices. Additionally, talk of a potential 45-day ceasefire between the U.S. and Iran could remove some war premium from the market if realized. In the May contract, Chicago closed 3 cents lower at 595-1/4, Kansas City fell 7-1/2 cents to 608-1/4, and MIAX lost 2-1/4 cents to 644-1/2.
• Weekly wheat export inspections totaled 12.3 mb, bringing 25/26 cumulative inspections to 759 mb, up 17% from last year. Inspections are currently running above the USDA’s estimated pace; total exports are forecasted at 900 mb, up 9% from the year prior.
• According to Friday’s CFTC report, managed funds bought nearly 28,000 wheat contracts across the three classes, for the week ended Tuesday, March 31. This brings their net long wheat position to just over 51,000 contracts, which is the largest since June of 2022.
• The United Nations Food and Agriculture Organization is estimating that 2026 global wheat production will fall 1.7% to 820 mmt. This is said to be due to a decline in planted acreage.
• Over the weekend, Ukrainian drones struck a Russian ship in the Sea of Azov. The vessel, which was carrying wheat, ended up sinking. While the market seems to have largely shrugged off the news, further escalation could inject war premium into the marketplace.
• Scattered rains spread across northeast China over the weekend, though the North China Plain largely missed out. This is raising some concerns about their winter wheat crop, because that region has seen little precipitation since the fall. And while storms are set to move through China this week, they will likely favor south-central areas.

DAIRY HIGHLIGHTS:

• Class III futures struggled today with the second month May contract falling 31 cents to settle at $17.90.
• Spot cheese was unchanged at $1.6325/lb while whey was up a quarter cent for a $0.69/lb finish.
• The Class IV contracts held double-digit losses out into 2027 with May 2026 futures down 21 cents to $20.45.
• Spot butter fell 3.75 cents today on 20 loads traded. Spot powder was down a penny.
• The only fundamental update for the week will be the first of two April Global Dairy Trade auctions tomorrow.

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Author

Amanda Brill