GRAIN CALLS
Corn: 2 to 4 cents higher.
Soybeans: 7 to 9 cents lower.
Wheat: Steady to 2 cents higher.
GENERAL COMMENTS: Corn led strength overnight, following crude oil higher. The two continue to be strongly correlated. Wheat followed to the upside, while soybeans saw relative weakness. Front-month crude oil futures bounced following yesterday’s rout. The U.S. dollar index is up over 400 points this morning.
Latest on the war in Iran: -- Iran strikes Gulf countries as Monday’s de-escalation optimism fades
-- Trump delays energy strikes on Iran, sets five-day deadline for Iran talks
--Crude oil edges back higher as de-escalation hopes fade
--Iran continued attacks on U.S. bases in Gulf; Israel and Tehran trade fire
--Kuwait says 7 power lines down due to falling debris from missile, drone attacks
--Pakistan making push to mediate talks to end the war, held discussions with Trump
--Iran maintains there have been no negotiations with U.S.
--U.S. marines heading for the Middle East
--Saudi Arabia, UAE hardened their stances against Iran; Saudis may strike Iran
--Crude oil from U.S. strategic reserve started flowing Friday, said Energy Department
--Chinese-Owned oil tanker transits Strait of Hormuz along Iranian coastal route
Pro Farmer crop consultant Michael Cordonnier this week reports: “As we approach the 2026 planting season in the U.S., it is estimated that U.S. farmers will plant 93.5 million acres of corn and 86 million acres of soybeans. “In 2025, U.S. farmers planted 98.8 million acres of corn and 81.2 million acres of soybeans. USDA will release its Prospective Planting report on March 31. “The 2026 U.S. crop acreage estimates have been impacted by the conflict in the Middle East and the resulting increased cost of fertilizers. The most significant impact has been on nitrogen fertilizer which is essential for corn production.” Meantime, Cordonnier also reported his 2025/26 Brazil soybean production estimate was left unchanged this week at 178.0 million tons with a neutral bias. Brazilian soybeans were 68% harvested as of late last week compared to 80% last year according to AgRural. Cordonnier’s 2025/26 Brazil corn estimate was lowered 1.0 million tons this week to 132.0 million with a neutral-to-lower bias. Safrinha corn in Brazil was 97% planted as of late last week compared to 100% last year according to AgRural. His 2025/26 Argentina soybean estimate was left unchanged this week at 47.0 million tons with a neutral bias. Cordonnier’s 2025/26 Argentina corn estimate was left unchanged this week at 53.0 million tons with a neutral bias. Corn was 13.0% harvested as of late last week, which represents an advance of 3.6% for the week.
CORN: May corn futures bounced off support at $4.60 1/4, the 10-day moving average, overnight. Additional support comes in at $4.56. Resistance stands at $4.65 on persistent strength.
SOYBEANS: May soybeans continue to bounce between key resistance at $11.70 and support at $11.53 3/4. A close outside of those levels would be significant while prices bouncing between those levels is rather insignificant.
WHEAT: May SRW futures continue to find stout support at $5.88 1/2, the 20-day moving average. Additional selling finds support at yesterday’s low of $5.77 3/4. Resistance comes in at $5.94 1/2 on a bounce.
LIVESTOCK CALLS
CATTLE: Choppy/lower.
HOGS: Choppy/lower.
CATTLE: Live cattle futures are expected to open with a mostly weaker tone amid technical selling pressure. Gains stalled near 40-day moving average resistance Monday, which could spur additional selling. Gains in the cash market last week supported futures Monday, as last week’s cash cattle average climbed a quarter to $235.08. Choice cutout slid below the $400 mark, slipping 98 cents to $399.13 Monday.
HOGS: Lean hogs are expected to open with a mostly weaker tone in a continuation of recent selling pressure. Strong support at the 100-day moving average stands under the market. The CME lean hog index continues to chip lower, falling another 18 cents to $91.77 as of March 20. Pork cutout rose 40 cents to $99.60 Monday, led by gains in bellies and ribs.