CORN HIGHLIGHTS:

• Corn futures finished higher for the second consecutive session, as continued money flows supported the grain markets. May corn futures gained 6 ½ cents to 469 ¾ and July added 5 ½ cents to 480, with May corn futures posting its highest daily close since June last summer.
• Grain markets are likely supported by money flow driven by the strength in the crude oil market. Corn, in particular, is gaining additional support from its link to ethanol, adding value amid recent volatility in oil markets.
• USDA released the weekly Export Sales report on Thursday morning. For the week ending March 12, U.S. exporters reported new sales of 1.172 MMT (46.1 mb). Mexico was the top buyer of U.S. corn for that week. Total export commitments are at 2.664 bb, up 30% over last year.
• Recent rain and snowfall across the Corn Belt the past week has helped ease some drought conditions in Corn Belt states. Despite the precipitation, 41% of corn acres are in some form of drought, down 5% from last week.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day higher for the third consecutive day following Monday’s limit down move and have now gained back 13 cents from that close. Soybean meal has been the main driver behind the higher soybean prices, but fresh attacks last night by Israel and Iran on oil fields in the area caused oil prices to rise and may continue to bolster them if more infrastructure is destroyed.
• May soybeans gained 6-3/4 cents to $11.68-1/2 but retreated from highs earlier in the day of $11.73-1/2. November soybeans were up 4-3/4 cents to $11.46-1/4, May soybean meal gained $10.80 to $332.50 and is at its highest level since November of last year, and May soybean oil lost 0.12 cents to 65.41 cents.
• Ahead of the USDA’s Planting Intentions report at month-end, the soybean-to-corn price ratio continues to favor corn acreage. Allendale estimates U.S. soybean plantings at 85.66 million acres, up 4.44 million acres from last year and slightly above the USDA’s last projection of 85.0 million acres.
• Overnight, Israel attacked Iran’s South Pars gas field, which caused Iran to retaliate by attacking another gas field. Crude oil spiked to $110 a barrel on this news, and President Trump said that he would “blow up” the entire South Pars gas field if Iran continued to attack Qatar.

WHEAT HIGHLIGHTS:

• Wheat moved in tandem with the rest of the grain complex, to finish the session with modest gains. The HRW class did lag a bit behind though, likely due to rain in the extended outlook for the U.S. southwestern Plains. Supporting wheat (in addition to corn and soybeans) was today’s reversal downward for the U.S. Dollar Index. Additionally, concern about fertilizer availability due to rising tensions in the Middle East is helping support the market; about a third of seaborne fertilizer shipments pass through the Strait of Hormuz. In the May contract, Chicago was up 3-3/4 cents to 608, Kansas City gained 1-1/4 cents to 627-1/4, and MIAX climbed 6-1/2 cents to 643-3/4.
• The USDA reported an increase of 7.0 mb of wheat export sales for 25/26 and an increase of 7.8 mb for 26/27. Shipments last week totaled 14.1 mb, which falls below the 17.6 mb pace needed per week to reach the USDA’s 25/26 export goal of 900 mb. However, total commitments stand at 870 mb, up 14% from last year.
• In an update from LSEG commodities research, Russian 26/27 wheat production is pegged at 84.0 mmt, which represents a 3% increase from their last estimate. This estimate signals higher winter wheat production, seen at 60.1 mmt – the spring wheat forecast was unchanged at 23.9 mmt. The reason for the increase is cited as mostly favorable winter weather minimal crop damage despite the cold snaps in January and February.
• LSEG commodities research has also raised Indian 26/27 wheat production by 3% from their last estimate, to 117.6 mmt. This increase is due to a larger planted area and comes despite heat and dryness over the past month in multiple major wheat producing states. However, LSEG’s April forecast does suggest a return to more average conditions, which should benefit the crop and harvest.

DAIRY HIGHLIGHTS:

• April Class III finished a penny higher, the only 2026 contract with gains. Losses ranged from 4 to 18 cents on the remaining contracts.
• Spot cheese was up 1.3750 cents to close at $1.60875/lb, while whey gained a penny to finish at $0.6450/lb.
• Class IV saw April close 4 cents higher at $20.23 while all over contracts were unchanged or lower.
• Spot butter fell to $1.7925/lb, down 0.75 cents from yesterday, while powder was up another 2.50 cents to $1.8450/lb.

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Author

Brandon Doherty