Markets are trading mixed ahead of the March USDA numbers that will be out at 11 with corn continuing its bounce from last week’s lows, beans recovering part of yesterday’s losses, and wheat taking a breather after starting the week with solid gains.

Managed funds to start the week were estimated as net buyers of 5k corn to push the net long back out to 254k, net sellers of 6k beans to push the net short to 22k, and net buyers of 5k wheat to reduce the net short to 72k.

Ukraine launched its biggest drone attack on Moscow overnight, killing at least 2 workers, injuring 18 more, and causing a shut down of Moscow’s airports for a short time.

Ukraine and U.S. officials met in Saudi Arabia overnight, holding talks to find a path toward sending the war with Russia.

Brazil’s CONAB said they planned to build up grain stocks in an effort to rein in rising food inflation.

Argentina said that rains over the last month are creating favorable conditions for planting of their 2025/26 wheat crop.

Corn posted a higher high, higher low, and higher close to start the week with prices now overbought after recent gains. The market is still showing overall signs of technical weakness with prices testing resistance in the 4.72-4.75 area this morning. Support is 4.64 and 4.40.

Beans posted a bearish outside down day to start the week with prices taking out Friday’s high and then reversing to close well-below Friday’s low. The overall bearish outlook remains in place with the market having just seen a correction from lows. Support for May is 10.00 and resistance 10.30.

Corn has now recovered over 30 cents from the low that was traded one week ago as the focus has shifted away from fund liquidation and back to the strong demand we continue to see. With that said, we still have a very large managed fund long with elevated headline risk. Producers should make sure sales are caught up after recent gains and consider adding puts to protect in case there is further fund liquidation.

Beans were weak to start the week with prices posting bearish reversals as Chinese trade concerns remain elevated and Brazil harvest weighs. Beans have the most bearish outlook moving forward and are expected to be the weakest market. Producers should make sure sales are caught up and buy puts to protect unsold bushels.

Corn up 2-4

Beans up 4-6