GRAIN CALLS
Corn: Steady to 2 cents lower.
Soybeans: 2 to 4 cents higher.
Wheat: SRW 4 to 6 cents lower; HRW 9 to 11 cents lower; spring wheat steady to 2 cents higher.
GENERAL COMMENTS: Grains continue to lead weakness with both corn and wheat falling under pressure this morning. Soybeans saw relative strength but continue to trade in a tight range. Positioning is likely ahead of tomorrow’s USDA reports. Outside markets are mixed this morning as front-month crude oil futures are higher and back above the $100 mark while the U.S. dollar index is around 200 points higher.
USDA reported daily sales of 145,000 MT of corn for delivery to unknown destinations for delivery during the 2025-26 marketing year.
Latest on the war in Iran:
--U.S., Israel continue to hit Iran, while Tehran launched missiles across the Gulf region
--Crude oil surged, with Brent trading near $115 a barrel and WTI over $100 a barrel
--Energy crisis continues to grow, with the Strait of Hormuz effectively remaining shut
--Hormuz oil flows at crisis levels, leaving almost a 15 mb/d deficit in global oil balance
--Iran’s grip on Hormuz Is tighter than ever after a month of war: Bloomberg
--Trump told reporters Sunday that an agreement to end fighting could come soon.
--Iran has since said U.S. demands are excessive and illogical
--Trump tells Financial Times he wants to “take the oil in Iran”
--Reports say U.S. considering operation to extract enriched uranium from Iran
For USDA grain market report days, they don’t come any bigger than Tuesday’s planting intentions and quarterly grain stocks reports--especially with spiking fertilizer prices and availability concerns bringing a new twist for potentially less U.S. corn planted acres this year. A Dow Jones Newswire survey shows the average of analysts surveyed put U.S. planted corn acres at 94.481 million. Traders also expect higher U.S. corn stockpiles as of March 1 than seen at the same time last year. U.S. planted soybean acres are seen by the analysts’ average at 85.463 million acres. Traders also expect higher U.S. soybean stockpiles as of March 1 than seen at the same time last year. U.S. all wheat acres are seen by the analysts’ average at 44.605 million acres. The survey showed traders expect higher U.S. wheat stockpiles as of March 1 than seen at the same time last year. The results of the annual Pro Farmer/Doane planting-intentions survey indicated an increase in soybean acres and lower corn acres compared to 2025. Our analysis of survey responses indicates producers anticipate planting 96 million acres of corn this year, down nearly 2.7 million acres from 2025. For all surveys, 35% of producers are lowering corn acres, 29% are planting more corn and 36% say corn acres would be unchanged. Producers indicate they intend to plant 84.25 million acres of soybeans in 2026, up over 3 million acres (3.7%) from last year. Click here for survey details.
CORN: May corn futures continue to lead selling pressure. Bulls are eyeing support at $4.58 1/2 on persistent selling. Resistance stands at $4.65 on a reversal higher.
SOYBEANS: May soybeans led strength overnight. Prices fell back into the sideways trading range that has capped price action since Monday March 16. Resistance persists at $11.68 1/2 while bulls are seeking to hold key support at $11.56.
WHEAT: May SRW futures saw modest selling pressure overnight. The 10-day moving average stalled selling efforts and remains support at $5.98 1/2. Additional selling finds support at $5.93. Resistance stands at $6.10 on a bounce.
LIVESTOCK CALLS
CATTLE: Higher.
HOGS: Choppy/higher.
CATTLE: Live cattle futures are expected to open higher in a continuation of Friday’s strength. Cash trade picked up Friday and lit a fire under futures. Trade into Friday averaged $234.94, modestly below last week’s average, though Friday’s cash trade will not be published until later this morning. Wholesale beef bounced late in the week as choice rose $3.12 to $392.97 Friday.
HOGS: Lean hogs are expected to open with a mostly firmer tone in a continuation of Friday’s strength. Nearby contracts are likely to continue to face relative weakness as the cash market is under pressure. The CME lean hog index is down another 29 cents to $91.18 as of March 26. Pork cutout bounded Friday, rising $1.21 to $96.56, led by strength in loins and butts.