Markets are trading higher this morning, seeing follow-through buying after yesterday’s strong rallies that were sparked by Trump’s shift in tariff policy to postpone most tariffs for 90 days. USDA will be out with their April supply and demand estimates at 11 with minimal changes expected.

Managed funds on Wednesday were estimated as net buyers of 8k corn to push the net long to 69k, net buyers of 15k beans to reduce the net short to 47k, and net buyers of 1k wheat to reduce the net short to 110k.

Export sales this morning for wheat came in at 107.3 tmt (-100-400), n/c wheat 107.7 tmt (0-200), corn 785.6 tmt (700-1,300), n/c corn236.2 tmt (0-150), beans 172.3 tmt (200-700), n/c beans 0 (0-50), meal 276 tmt (75-450), n/c meal 11 tmt (0-20), and oil 20.2 (5-32).

Disappointing sales across the board.

China meal prices traded sharply lower overnight as a big import program the last couple months has bean stocks building.

The U.S.$ is providing support to commodities with it dropping back to recent lows this morning.

Ukraine said they were hiking minimum export prices for corn and wheat.

Corn posted a higher high, higher low, and higher close on Wednesday with prices overbought and at the top of the range after recent gains. Support is 4.72 and then 4.42 with resistance 4.77.

Beans posted a higher high, higher low, and sharply higher close on Wednesday with the market trading in the gap that was left after the Liberation Day press conference for last Thursday’s trade session. There is more room to trade higher before the market is overbought. Support is 10.00 and resistance 10.20-10.30.

Corn is going to be trading near recent highs as we head into the USDA numbers today. The outlook is little changed with tight U.S. and global old crop supplies expected to be supportive on pull-backs while a big acre forecast is expected to limit the upside in new crop. Producers should make sure sales are caught up and look at establishing floors on new crop as the dry Midwest likely means planting goes smoothly this spring.

Beans traded sharply higher on Wednesday following the 90-day pause on higher tariff levels on most countries. A near-term upside objective for May is the gap that was left last Thursday night when tariffs were initially announced, which is at 10.29. While the tariff moves yesterday helped the market, we still have very large tariffs in place on China and the global soybean supply is bearish. Producers should make sure old crop sales are caught up and look at puts to protect unsold bushels.

Corn up 3-4

Beans up 6-7