Markets are trading lower overnight in a quiet trade. Russia/Ukraine ceasefire talks weighed on wheat to start the week with some spillover selling in the corn and beans.

Managed funds to start the week were estimated as net even in the corn to leave their net long at 113k, net sellers of 1k beans to push the net short to 24k, and net sellers of 4k wheat to push the net short to 89k.

Tariffs were in the headlines again yesterday as well with some exceptions expected to be made on Canada and Mexico tariffs, which are expected to go into place on April 2nd.

Russia said talks with the U.S. had focused on the safety of shipping in the Black Sea, which would improve grain export prospects out of Ukraine.

Russia said the U.S. needed to “order” Ukraine to respect a new shipping agreement.

The U.S.$ hit recent highs yesterday, adding general pressure to commodity prices to start the week. The Brazilian Real was lower relative to the dollar, weighing on beans specifically.

Corn posted a lower low and lower high to start the week, but prices recovered from lows to finish with small gains and near the middle of the price range that we’ve seen over the last few weeks. The market is balanced as we head into the acre report early next week with potential for a large move in either direction if it breaks out of the recent range. There is support near 4.55 and resistance 4.70.

Beans posted a lower low, lower high, and recent low close to start the week with the market seeing follow-through this morning. The market is testing support near 10.00 again, and ran into trendline resistance again yesterday, which would suggest a push through to the downside at some point. Support is 10.00 and 9.80 with resistance 10.20 and 10.30.

Corn saw a choppy trade to start the week, which is expected to continue ahead of the stocks and acre report on Monday. With that said, the risk is that U.S. acres come in big on Monday, which would have the potential to start a leg lower for corn. Producers should make sure sales are caught up and establish new crop floors before the report.

Beans are leaking lower overnight with May testing support at 10.00 as South American supplies weigh on prices. The global supply outlook remains bearish following the record Brazilian crop and the market is testing support near 10.00 again, which suggests the next move from this price area will be lower. Make sure sales are caught up and buy puts on unpriced grain.

‍

Corn down 2-4

Beans down 3-6