Markets are trading higher across the board this morning with corn leading the gains after prices hit new recent lows on Thursday but then saw a recovery from those lows. Outside of headline risk, news is pretty slow with U.S. planting progress well-ahead of normal pace, but dryness concerns abound.

Managed funds on Thursday were estimated as net sellers of 3k corn to drop the net long to 29k, net buyers of 3k beans to push the net long to 29k, and net sellers of 3k wheat to push the net short back out to 117k.

The Buenos Aires grains exchange raised their Argentine bean production forecast to 50 mmt from 48.6 mmt previously. The USDA currently estimates the crop at 49 mmt.

China/U.S. trade optimism is surging this morning with the Bessent meeting with China reps scheduled for this weekend in Switzerland.

France rated their wheat crop 74% g/e, which was steady from last week and up from 64% a year ago.

Ukraine spring planting is 76% complete, which is similar to a year ago ago.

Corn posted a lower low, lower high, and new low close on Thursday with prices breaking out of the year’s range to the downside. The market is bouncing from those lows this morning as the market is due for a bounce, but the trend is lower. Support is 4.40 and resistance 4.60.

Beans posted a lower low and lower high on Thursday, but bounced from lows to finish with small gains while remaining range-bound. The trend remains sideways with support 10.40 and resistance 10.60.

Corn hit new lows on Thursday with prices making new lows for the year, but there was a rejection of those lows with prices able to bounce this morning. The market is oversold with a lot of uncertainty heading into the U.S. growing season. With the seasonal break coming a few weeks early, look for prices to stabilize as we wait to see how the U.S. growing season starts. Producers can still look at zero cost option strategies to establish floors as the U.S. crop has gone in smoothly.

Beans are bouncing within their recent range as U.S./China trade optimism is limiting selling interest. With global bean stocks forecast at record levels, make sure old crop sales are caught up and buy puts on unsold bushels.

Corn up 3-5

Beans up 3-5