Markets are bouncing overnight, recovering part of the losses that we started the week with as tariff concerns ease for now.

Managed funds to start the week were estimated as net sellers of 10k corn to reduce the net long to 304k, net sellers of 7k beans to reduce the net long to 32k, and net sellers of 5k wheat to push the net short out to 104k.

South Africa estimated their 2025 corn crop at 2.65m hectares, which is up .1m from last year.

Kazakhstan said they would export 4 mmt of grain this year following a record 2024 crop. Their wheat production was estimated at 18mmt (USDA 18).

Corn gapped open lower to start the week and posted lower low, lower high, and lower close on Monday. The Sunday night opening gap goes to 4.86 ½, which is an upside objective in the near-term. The market is in the process of correcting from overbought with support at 4.80 and 4.77 with resistance at 4.87-4.90.

Beans gapped open lower to start the week and posted a lower low, lower high, and lower close on Monday. The gap from Sunday night goes to 10.55, which is a near-term upside target. The market has corrected from overbought on the current pull-back. Support for March is 10.30 and resistance 10.50.

Corn started the week with small losses as a better forecast for Argentina, soft cash markets, and renewed trade concerns sparked some selling. The market bounced from support and is higher this morning as the uptrend remains in place. With that said, we have a market with a lot of headline risk and a managed fund long that is approaching record levels. Producers should make sure sales are caught up and consider buying put protection on unsold bushels.

Beans started the week under pressure as the better weather forecast in Argentina, impending Brazilian harvest, and expectations for a record Brazilian crop weighed. The market dropped through support at 10.50 and is struggling to get back above it this morning. With Brazil harvest ramping up and U.S. exports expected to slow in the coming weeks, producers should make sure sales are caught up and buy puts to protect unsold bushels.

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Corn up 1-3

Beans up 3-4