Markets are trading mixed overnight with corn under pressure while the wheat and bean markets are seeing small gains in a relatively quiet trade.

Managed funds to start the week were estimated as net sellers of 1k corn to reduce the net long to 117k, net sellers of 1k beans to push the net short out to 16k, and net buyers of 7k wheat to reduce the net short to 70k.

China said they would support the development of private grain enterprises that would keep grain supply and prices stable to safeguard the smooth operation of the market.

Trump and Putin are scheduled to talk today with potential implications for Russian and Ukraine grain production.

NOPA crush for February was disappointing on Monday, coming in at 177.87 mbu (185.2 expected), which was also well-below last February’s number.

Ukraine’s grain trader’s union said grain and oilseed exports in the first half of March were down 12% from the first half of February, primarily driven by lower wheat exports.

China renewed registrations for hundreds of U.S. pork and poultry facilities to resume exports to China after the registrations expired on Sunday. Beef facilities have not been resumed yet.

Brazil said they were testing the viability of gasoline with 30% ethanol blends, which would be up from the current 27% blend.

Corn posted a higher high, higher low, and higher close to start the week with the market filling an upside gap that had been left on the open Thursday night and then pulling back. The market is testing support at recent lows this morning with support at 4.53 and 4.42 with resistance 4.66 and 4.75.

Beans posted a higher high and higher low to start the week, but closed with a small loss with the market unable to take out trendline resistance. The market is nearing overbought after recent trade action with directional indicators pointing lower. Support is 10.00 and resistance 10.20.

Corn is testing last week’s lows this morning as we continue to see funds liquidate their long exposure as the corn market is lacking a bullish catalyst to re-engage them as buyers right now. With potential for corn acres to come in high on the report at the end of the month, producers should make sure sales are caught up and consider new crop option strategies to protect against a bearish acre report.

Beans were supported by a stronger Brazilian Real to start the week with prices able to see a nice recovery from intraday lows. With that said, the global bean supply outlook is bearish with South American supplies expected to weigh on prices for the next 1-2 months. Make sure sales are caught up and buy puts to protect additional old crop bushels.

Corn down 1-3

Beans up 1-3