Corn
Price action: May corn futures rose 4 3/4 cents to $4.67 1/4, near the daily high.
Fundamental analysis: The corn futures market today saw technical buying amid a price uptrend that remains in place on the daily bar chart. A late-session surge in soybean futures also spilled over into buying interest in corn. Beans rallied on news the White House said President Trump and Chinese President Xi will meet in mid-May in China, followed by a Xi reciprocal visit to the U.S. later on. Improved risk appetite in the general marketplace was also supportive for corn today. Gains were limited by lower crude oil prices today. Corn traders will get the weekly USDA export sales report on Thursday morning.
World Weather Inc. today said most of Brazil and Paraguay will receive additional rain into Thursday that will be important in southern Safrinha corn areas before a drier weather pattern occurs Friday into April 4 in central and southern Brazil and Paraguay. Recent and additional rain into Thursday in most Safrinha corn from Paraguay to western Parana should ensure the crop has adequate soil moisture for a while longer, but stress to the crop may rise during the first week of April and greater crop stress should evolve during the second week of April if rain does not return. Northern Brazil will be wettest during the next 10 days and fieldwork will be slowed while the rain maintains favorable conditions for Safrinha corn development. A timely round of rain is advertised to extend from southern Brazil and Paraguay into western and parts of central Brazil Apr. 5-8 and Safrinha corn in southern parts of the region should benefit from the moisture but with confidence low for this event. In Argentina, favorable soil moisture in place in much of the country today along with rain during the next two weeks should ensure favorable conditions for developing crops continue through the period while rain into Thursday of next week falls regularly in southern areas where fieldwork will be slowed. Much of central and northern Argentina will see little rain through Thursday of next week and a close watch will be made on rain advertised for Apr. 3-6 as the moisture will be timely for developing crops.
Technical analysis: A price uptrend is still in place on the daily bar chart. The next upside price objective for the bulls is to close May prices above solid chart resistance at the March high of $4.76. The next downside target for the bears is closing prices below chart support at $4.45. First resistance is seen at $4.70 and then at $4.76. First support is seen at $4.60 and then at this week’s low of $4.56 1/2.
What to do: Wait to get current with advised sales.
Hedgers: You should have 60% of expected 2025-crop production sold. You should also have 10% of expected 2026-crop production sold for harvest delivery.
Cash-only marketers: You should have 60% of expected 2025-crop production sold. You should also have 10% of expected 2026-crop production sold for harvest delivery.
Soybeans
Price action: May soybeans rose 16 3/4 cents to $11.71 3/4, near the daily high. May soybean meal lost $2.60 to $319.80, nearer the daily low. May soybean oil rose 137 points to 67.10, near the daily high.
Fundamental analysis: The soybean futures market today saw a late-session surge on news the White House said President Trump and Chinese President Xi will meet in mid-May in China, followed by a Xi reciprocal visit to the U.S. later on. Short covering and perceived bargain hunting were featured. Better risk appetite in the marketplace today also benefited bean bulls. Spreaders were featured buying bean oil and selling meal again today. The U.S. government is expected to announce renewable fuel standards this week. Traders on Thursday will closely scrutinize the weekly USDA export sales report.
World Weather Inc. today said Brazil weather continues favorable for ongoing crop development. There is need for greater rain in southern crop areas and some of that will be provided in the next two weeks, although resulting amounts and frequency will be light. Southern Argentina will get more rain this weekend and periodically next week resulting in some delay to farming activity.
Technical analysis: The soybean bulls and bears are on a level overall near-term technical field. A bear flag or pennant pattern has formed on the daily bar chart for May and July soybeans. The next near-term upside technical objective for the soybean bulls is closing May prices above solid resistance at $12.00. The next downside price objective for the bears is closing prices below solid technical support at $11.00. First resistance is seen at $11.85 and then at $12.00. First support is seen at $11.60 and then at $11.50. 1/2.
Soybean meal bulls still have the overall near-term technical advantage. Prices are still in an uptrend on the daily bar chart. The next upside price objective for the meal bulls is to produce a close in May futures above solid technical resistance at the November high of $338.90. The next downside price objective for the bears is closing prices below solid technical support at the March low of $307.60. First resistance comes in at today’s high of $324.40 and then at Tuesday’s high of $327.50. First support is seen at $315.00 and then at $310.00.
Bean oil bulls have the overall near-term technical advantage. However, a price uptrend on the daily bar chart has stalled out. The next upside price objective for the bean oil bulls is closing May prices above solid technical resistance at the March high of 69.91 cents. Bean oil bears’ next downside technical price objective is closing prices below solid technical support at 60.00 cents. First resistance is seen at 67.50 cents and then at 68.00 cents. First support is seen at 66.00 cents and then at 65.00 cents.
What to do: Get current with advised sales.
Hedgers: You should be 70% priced in the cash market on 2025-crop. You should also have 10% of expected 2026-crop production sold for harvest delivery.
Cash-only marketers: You should be 70% priced in the cash market on 2025-crop. You should also have 10% of expected 2026-crop production sold for harvest delivery.
Wheat
Price action: May SRW rose 7 3/4 cents to $5.97 3/4, near the daily high. May HRW gained 13 3/4 cents to $6.17 3/4, near the session high. May spring wheat futures rose 9 1/2 cents to $6.40 3/4, near the daily high.
Fundamental analysis: The winter wheat futures markets saw a late-session boost as soybeans rallied on news the White House said President Trump and Chinese President Xi will meet in mid-May in China, followed by a Xi reciprocal visit to the U.S. later on. Short covering and perceived bargain hunting were featured in wheat markets today. Improved risk appetite in the general marketplace today also benefited the wheat market bulls. However, lower crude oil prices today did limit the upside in wheat. Wheat traders are awaiting Thursday morning’s weekly USDA export sales report.
World Weather Inc. today said that in U.S. HRW country, two significant periods of warmth will occur in the next seven days. The first will be today through Thursday and the second will be Sunday through Tuesday. The additional warm to hot air will likely cause more records to be broken and will further raise crop and livestock stress. The need for greater rainfall is becoming quite notable as the unseasonably hot air continues to impact the region. Rain is expected to increase in early April, but a majority of this could end up in eastern production areas. In the Northern Plains, not much precipitation is likely in the next seven days. The soil is continuing to firm up in western and southern parts of the region due to recent warmth and dryness and the need for greater precipitation is beginning to rise as the region’s main growing season gets closer. A break from the unusual warmth will occur Thursday into Friday, but this will be short-lived as warm air returns this weekend. A longer period of cool temperatures is likely in the second week of the outlook.
Technical analysis: Winter wheat bulls have the overall near-term technical advantage. However, price uptrends on the daily bar charts have stalled out, however. SRW bulls’ next upside price objective is closing May prices above solid chart resistance at the March high of $6.41 3/4. The bears’ next downside objective is closing prices below solid technical support at $5.63 1/2. First resistance is seen at this week’s high of $6.06 1/2 and then at $6.15. First support is seen at $5.90 and then at this week’s low of $5.77 3/4.
The next upside price objective for the HRW bulls is closing May prices above solid chart resistance at the March high of $6.47 1/2. The bears’ next downside objective is closing prices below solid technical support at $5.70. First resistance is seen at $6.25 and then at $6.35. First support is seen at $6.00 and then at this week’s low of $5.91 1/4.
What to Do: Get current with advised sales.
Hedgers: You are 70% sold in the cash market on 2025-crop production. You have 30% of expected 2026-crop production sold for harvest delivery next year.
Cash-only marketers: You are 70% sold in the cash market on 2025-crop production. You have 20% of expected 2026-crop production sold for harvest delivery next year.
Cotton
Price action: May cotton futures rose 56 points to 68.18 cents, near the session high.
Fundamental analysis: The cotton futures market today saw another corrective bounce from recent selling pressure. Cotton got a late lift as soybeans rallied on news the White House said President Trump and Chinese President Xi will meet in mid-May in China, followed by a Xi reciprocal visit to the U.S. later on. Short covering from the shorter-term futures traders was also featured in cotton today. Better trader/investor risk appetite in the general marketplace today also supported the cotton market. Losses in crude oil prices did limit the upside in cotton today.
World Weather Inc. today said south Texas and northeastern Mexico need rain to support planting this month and in April. A few showers are possible in early April, but a general soaking seems unlikely prior to that time. West Texas also needs rain and only light amounts are expected – most of which will occur in the first days of April. California has fallen back to a drier bias after some rain fell recently. Both southern California and Arizona would benefit from additional moisture. Timely rain has occurred earlier this year in the U.S. Delta and southeastern states. However, soil moisture is still a little low and expected to decline additionally from northern Florida and southeastern Alabama to North Carolina and timely rain will be needed later this spring to ensure the best environment for planting, emergence and establishment.
Technical analysis: The cotton bulls have the overall near-term technical advantage but a price uptrend on the daily bar chart is now in jeopardy. The next upside price objective for the cotton bulls is to produce a close in May futures above technical resistance at 70.00 cents. The next downside price objective for the cotton bears is to close prices below solid technical support at 65.00 cents. First resistance is seen at today’s high of 68.37 cents and then at 69.00 cents. First support is seen at today’s low of 67.35 cents and then at this week’s low of 66.65 cents.
What to do: Get current with advised sales.
Hedgers: You are 60% sold in the cash market on the 2025 crop. You are 10% sold for 2026-crop sales at this time
Cash-only marketers: You are 60% sold on 2025-crop. You are 25% sold for 2026-crop sales at this time.