CORN HIGHLIGHTS:

• Corn futures ended the week under pressure as funds continued liquidating their sizable net-long position. Steady selling pressure in wheat, and technical selling weighed on corn prices. May corn was 3 cents lower to 441, and July futures lost 3 ¾ cents to 451 ¼. For the week, May corn futures traded 12 cents lower, closing weaker for the fourth consecutive week.
• July corn is now trading 36 cents below the March 9 high of 487 ½. Charts look technically weak with the July contract recently pushing through support levels and closing Friday below the 200-day moving average. This is the lowest closing in July corn since February 26.
• The market continues to face a heavy global supply outlook. Large U.S. old-crop stocks, combined with Argentina’s ongoing harvest and a strong start to Brazil’s corn crop, are increasing export competition for U.S. supplies.
• The USDA announced a flash export sale of corn on Friday morning as well as a sale of 125,640 MT (4.95 mb) of corn for delivery to unknown destinations during the 2025/2026 marketing year.

SOYBEAN HIGHLIGHTS:

• Soybean futures closed with double-digit gains in the front months. Bull spreading was a noted feature of today’s trade, with less buying interest in deferred contracts. May beans climbed 10-1/2 cents to 1175-3/4, and November was up 5-1/4 at 1157-3/4.
• The soybean market remains in a “wait-and-see” mode, with traders reluctant to push front-month futures below 1150 ahead of U.S. planting and President Trump’s planned mid-May visit to China.
• Soybean meal led the complex higher Friday, with July meal posting its highest close since December. Strength was driven by aggressive unwinding of long soybean oil/short soybean meal spreads, along with slow harvest progress in Argentina that has supported global soybean meal premiums.
• USDA announced a flash sale earlier today, with Italy purchasing 100,000 metric tons of soybean cake and meal for delivery in the 2025/26 marketing year. The sale of soymeal provided underlying support to soybean futures in today’s trading session.
• According to the Buenos Aires Grain Exchange, an estimated 80% of Argentina’s soybeans have filled, or are filling pods. They rated the crop 47% good to excellent, up 2% from the week before. They also reported harvest to be 2% complete nationally, which is a bit of a slower start caused by recent rains.

WHEAT HIGHLIGHTS:

• With the exception of the front month HRW contract, wheat continued to bleed lower today. Ongoing peace negotiations between the U.S. and Iran weighed on the market, with the next round of talks scheduled this weekend in Pakistan. Traders also continue to digest the bearish tone of Wednesday’s WASDE report, which showed increases in both U.S. and global wheat stocks. In the May contract, Chicago lost 3-1/2 cents to 571, Kansas City was up 1/4 cent at 590-3/4, and MIAX fell 6-3/4 cents to 611-1/2.
• Yesterday’s WASDE report indicated that global wheat stocks increased by roughly 6 mmt. This may not be as bearish as it first appeared, however. India accounted for 4.8 mmt of that increase – but they are not typically a net importer or exporter. In other words, the impact on global wheat trade may be minimal.
• SovEcon has reduced their estimate of Ukrainian 2026 wheat production by 1 mmt to 23.6 mmt. While weather is seen as mostly favorable, rising fuel costs and concerns about fertilizer availability are expected to result in lower yields for both wheat and corn alike. SovEcon did also adjust their estimate of Ukraine’s wheat export figure, raising it by 0.5 mmt to 20.8 mmt.
• Although a brief cold snap is forecasted for the Black Sea area over the next five days, temperatures are expected to rise into mid-April. Increased rainfall is also anticipated for the same time period. This should be beneficial for development of their winter wheat crop.

DAIRY HIGHLIGHTS:

• Spot powder pushed into a new all-time high today at $2.1150/lb after gaining 5.50 cents. Butter posted a gain of a penny to close at $1.7475/lb.
• Class IV futures were able to build off of yesterday’s momentum, along with a new record high in powder. August futures improved 61 cents to $19.96.
• Spot cheese gained back most of yesterday’s losses to close at $1.57625/lb while whey added half a cent to go home at $0.7050/lb.
• Class III futures were led higher by a better spot trade for its products and a higher Class IV market. June futures moved 29 cents higher to $18.30.

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Author

Brandon Doherty