CORN

• A warmer, drier forecast for Brazil through the end of the month is adding weather premium back into the corn market to start the week.
• Managed money funds shed more net long positions than expected in Friday’s COT report, cutting holdings to 132,000 contracts as of last Tuesday—down sharply from over 361,000 in early February.
• U.S. corn demand remains solid, with export sales running 25% ahead of last year, while both ethanol demand and production continue to outpace last year’s levels.

SOYBEANS

• Soybeans are slightly lower to start the week as harvest continues to progress in both Brazil and Argentina.
• Weakness in palm oil futures is adding pressure, though midday soybean oil futures are holding onto slight gains.
• Despite recent weakness, soybean futures continue to find solid support around the $10 level. This psychological threshold has acted as a magnet for front-month futures since September, with prices spending very little time trading significantly above or below it.

WHEAT

• Wheat prices are higher to start the week as warmer, drier-than-normal conditions persist across the U.S. Plains.
• Strong export demand and a weaker U.S. dollar are likely encouraging fresh buying after last week’s price decline.
• Traders remain cautious as reciprocal tariffs are expected to take effect in early April, adding uncertainty to trade relations.

Author

Keegan Madigan