Grains and oilseeds are mostly lower on Monday following the overnight session. The U.S. dollar was sharply lower overnight. Crude oil is lower. Stock futures are lower to kick off the week after Friday’s sharp gains.
CORN
March corn futures attempted to climb back into an old consolidation range last week. However, Friday’s trade brought a market reversal after a fresh high, with prices finishing a modest 2 cents higher for the week.
That reversal could keep the market rangebound below the $4.35 resistance area unless data this week brings bullish numbers.
The USDA will release its February WASDE report on Tuesday. We will have a full breakdown of market expectations on the app later today.
Brazilian consultancy firm AgRural reported that the country’s safrinha corn planting reached 22 percent, compared to 20 percent the same week last year. Planting in Mato Grosso reached 28.3 percent, ahead of the previous year but sticking below the five-year average.
SOYBEANS
Last week’s market exuberance brought 2-month highs for soybeans following fundamental news that included China could buy another 8 MMT of U.S. soybeans this season. March soybeans climbed 50 cents last week, though prices closed about 20 cents below their highs on Friday.
The USDA confirmed on Monday the flash of 264,000 MT of soybeans sold to China for the 2025/26 marketing year.
Soybean oil futures continued to rally this week on expectations that India will import more soybean oil from the U.S. after agreeing to cut import duties.
AgRural reported that 16 percent of the Brazilian soybean crop was harvested as of last week. That compared to 15 percent a year ago, with progress in Mato Grosso running at the fastest pace in the past five years. Drought and heat remained a concern in southern Mato Grosso do Sul and Rio Grande do Sul for later-planted crops.
Reuters reported that Brazil’s soybean exports are expected to surge in February despite new crop soybean sales lagging behind previous years.
WHEAT
The wheat complex was the laggard among the grain and oilseeds last week. March KC wheat lost 13.50 cents last week after short-covering took futures to a 3-month high the previous week.
Chicago futures experienced similar losses of 8.25 cents, pushing back below the 100-day moving average. Wheat may begin to establish a range near currently levels, with support around $5.24.
Concerns over the U.S. crop seemed to dwindle, with additional bearish news needed to spark more buying.
Russia’s deputy prime minister said that 97 percent of the country’s crops remain in normal condition, compared to 87 percent in the same period in 2025. The comments came despite extreme cold spurring worries of winterkill in the region.
—
PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.