Markets are pulling back overnight, giving back a small portion of yesterday’s post-holiday gains that were driven by continued strong demand for corn and dry weather concerns in Argentina.

Managed funds on Thursday were estimated as buyers of 7k corn to push the net long out to 174k, net buyers of 9k beans to reduce the net short to 67k, and net buyers of 3k wheat to reduce the net short to 81k.

Export sales this morning for wheat came in at 612.4 tmt (250-600 expected), corn 1,711.3 tmt (1,000-1,600), n/c corn 10 (0-50), beans 978.4 tmt (1,000-1,800), n/c beans 125 tmt (70-125), meal 389.6 tmt (200-450), and oil 40.4 (5-15).

Russian consultancy IKAR estimates their 2025/26 wheat exports at 41 mmt, which would be down 2.5 mmt from this year.

Bunge said they had temporarily closed their Cairo, IL soybean processing plant due to a conveyor belt fire yesterday.

Chinese authorities have called for increased financial support to stabilize key agriculture products in an effort to ensure food security.

Corn posted a higher high, higher low, and higher close yesterday with March entering an uptrend and finishing at its highest level since last June. The market is overbought after recent gains with resistance near 4.52 and then 4.60. Support is 4.40.

Beans posted a higher high, higher low, and higher close on Thursday with the market recovering back to trade within the range that we saw for the last several months. The market is overbought after recent gains with support at 9.80 and resistance 10.00.

Corn is trading at 6-month highs on strong demand and dryness concerns in Argentina. With that said, we are hitting resistance levels and there is a lot of cash corn that is expected to move if the rally continues. With the market at the top of the range, producers can look at zero-cost option strategies to protect unsold bushels.

Beans have recovered back into the trading range that we have spent the last several months in. The dryness in Argentina is supportive, but the total South American crop is still expected to be very large with Brazil expected to produce over 3 times as many beans as Argentina. Producers can look at puts to protect unsold beans.

Corn down 1

Beans down 1-2

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