Grains and oilseeds are higher on Friday following the overnight session. The U.S. dollar is higher and back above 100 points. Crude oil continued to push higher as the market remained risk on. Stock futures are setting up for a potential another leg lower.
CORN
May corn futures posted modest losses on Thursday after trading 0.25 cents lower to close at $4.67. Prices had moved lower initially before finding support from buyers later in the session.
The current uptrend remains intact, with a test of the March highs likely. Corn’s ceiling may still be the $5 level due to ample stocks for the current season, as the December contract is currently testing the area this morning.
Managed money traders are significantly long on the market, though far from their historic net long position highs.
U.S. corn export sales remained strong last week, with volumes for the week ending March 19 holding at 1.22 MMT. Total exports and commitments are running 30 percent ahead of a year ago.
SOYBEANS
May soybeans saw moderate gains of 2 cents on Thursday to close at $11.73 ¾. Soybean futures continued to test near-term resistance levels. Like corn, soybeans may face a ceiling level, which is likely around $12.
Soybean oil continued to trade near a five-year high as bulls have largely remained in control.
The EPA is expected to release its final renewable volume obligations rule today. The rule was considered complete as of this morning, with the agency just needing to publish the rule publicly.
Private exporters reported the flash sale of 105,000 MT of soybeans sold to unknown buyers for the 2025/26 marketing year.
Soybean meal export sales were the third-largest for the marketing year last week. Total exports and commitments are running 14 percent ahead of a year ago. Strong domestic soybean crush has kept export demand going due to higher supplies.
WHEAT
Wheat futures led the grains and oilseeds higher on Thursday after gaining 7.25 cents to close at $6.05 on the May Chicago contract.
Prices managed to climb back above the $6 handle. Last week’s high of $6.16 is nearby resistance, and a move above the level could trigger a test of the March high of $4.62
The weather in Plains remains a focus for the market outside of the conflict with Iran. The market may be trying to look past bearish fundamentals of record global wheat production last season.
New crop sales are beginning to take over the export sales sheet. Sales for 2026/27 totaled 205,800 MT, about unchanged from the previous week. New crop sales are slightly below the same week last year.
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PAST PERFORMANCE IS NOT INDICATIVE OF FUTURE RESULTS. FUTURES TRADING INVOLVES SUBSTANTIAL RISK AND IS NOT SUITABLE FOR ALL INVESTORS.