CORN HIGHLIGHTS:

• Buying strength continued in the front end of the corn market, with another week of strong export sales providing support for the old corn crop. Deferred prices also moved slightly higher, in line with the strength in the front-end markets.
• USDA released weekly export sales for the week ending March 13. U.S. exporters reported new sales of 1.497 MMT (58.9 MB) for the current marketing year. Corn sales are running 25% higher year over year. Japan was the largest buyer of U.S. corn for that week.
• In South American weather, rainfall looks promising in central Brazil for the next seven days. The Provence of Parana may be left out of that forecast, which is responsible for 15% of the safrinha corn production. Argentina weather has been dry enough to expand harvest with the harvest now close to 12% done.
• Rumors that Brazil was purchasing U.S. corn on the export market were in front of the market this morning. Brazil has a tight domestic corn supply and typically does step out to import some bushels every year. Annually, Brazil imports between 1.5-3.0 MMT of corn.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day higher and were bull spread with the front months posting larger gains than new crop contracts. Export sales were disappointing this morning which brought early weakness, but prices moved higher into the close along with corn. Soybean meal was lower while soybean oil followed crude oil higher.
• Today’s Export Sales report was below trade estimates at 13.0 million bushels for 24/25 and 100 mt for 25/26. Primary destinations were to China, Taiwan, and Saudi Arabia. Last week’s export shipments of 21.8 mb were above the 14.3 mb needed each week to meet the USDA’s export estimates of 1.825 bb for 24/25.
• Abiove has estimated the Brazilian soybean crop for 2025 0.5% lower at 170.9 mmt compared to 171.7 mmt the previous month, but this output would still be up 11% from last year. This estimate is near the USDA’s 169.0 mmt.
• Brazilian soybean basis has improved recently due to high Chinese demand despite the record large crop being harvested, and Chinese February soybean imports increased to 13.6 mmt which is up 4.4% from a year ago. Brazilian exports for March are expected to reach 15.6 mmt compared to 13.5 mmt a year ago.

WHEAT HIGHLIGHTS:

• Wheat posted modest losses in each of the three classes. A stronger U.S. dollar, lower close for Matif wheat, and a lack of fresh friendly news all contributed to today’s weakness.
• The USDA reported a decrease of 9.1 mb of wheat export sales for 24/25 but an increase of 18.0 mb for 25/26. Shipments last week totaling 17.3 mb fell below the 21.3 mb pace needed per week to reach the USDA’s export goal of 835 mb. Total sales commitments have reached 766 mb for 24/25, which is up 13% from last year.
• According to the USDA, as of March 18 an estimated 34% of U.S. winter wheat acres are experiencing drought conditions. This is a jump up from the 27% reading last week. The spring wheat area in drought held steady with last week; however, it was at an estimated 39%.
• The International Grains Council has estimated world 25/26 wheat production at 807 mmt, which would be up 1% from a year ago.

DAIRY HIGHLIGHTS:

• Two-sided trading occurred in the Class III futures market today. April futures fell 13 cents to $16.93.
• The block/barrel average gained 0.75 cents today on four loads traded, while spot whey was up a penny for a total of three on the week so far.
• Class IV futures in the months of March through October 2025 were all lower, ranging from 3 to 14 cents in losses.
• Spot powder was unchanged from Wednesday with no loads traded. Powder was down a half cent to $1.15/lb.

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Author

Brandon Doherty