March 24, 2026
At this hour:
🌽Corn market is up 1-2c,
🌱soybeans are down 3-4c,
🍞wheat is up 1-2c,
🛢️crude oil is up $2.46-$2.47,
💲US Dollar is up 36 points
-President said the U.S. will stop the bombing of Iran for 5-days as talks between the 2 countries are making progress.
-Crude oil down hard yesterday off the ceasefire and traded below $90 per barrel.
-Planting progress is off to a great start in the Delta. Much of the U.S. is dry so look for planting to get off to an early start this year.
-Weekly export inspections were solid across the board yesterday.
-China and Brazil have agreed to ease sanitary issues on soybeans issues.
🐂🐻 Look for a mixed trade today.
Support/Resistance:
May corn – Support on May corn is at $4.55 1/2 which is the 20-day moving average. Resistance is at $4.76 which is the high from March 9th.
December corn – Support comes in at $4.65 1/2 which is the 20-day moving average. Resistance comes in at $4.98 1/2 which is the high from March 9th.
May soybeans – Support comes in at $11.34 which is the 50-day moving average. Resistance is at $12.38 3/4 which is the high from March 12th.
November soybeans – Support is at $11.11 which is the 500-day moving average. Resistance is at $11.74 1/4 which is the high from March 12th.
May Kansas City wheat – Support is at $6.01 1/4 which is the 20-day moving average. Resistance comes in at $6.47 1/2 which is the high from March 9th.
Where do we go from Here:
Tensions in the Middle East are de-escalating, and grain prices seem to be settling in and consolidating as traders prepare for the March 31st USDA report. Corn and soybean planting is underway down in the Delta with a lot of acres already planted under pretty good conditions. Acreage estimates for the Prospective Plantings report seem to be around 94-95 million corn acres. The big question for myself is what will the Quarterly Grain Stocks come in at? Will the USDA lower our feed/residual number and project higher ending stocks for this marketing year? I look for the corn market to consolidate between $4.55 and $4.70 until we get the report out next week.
EPA Administrator Lee Zeldin mentioned that the agency plans to release the updates biofuel mandates by the end of March. This news could help boost the soybean oil market but one has to wonder just how much of that is already priced in? This could be a classic “buy the rumor, sell the fact” moment for the soybean oil market. Trade estimates for the upcoming soybean acres this year seem to be circulating around 85-86 million acres. Add on top of this a record soybean crop out of South America and there will be plenty of soybean in the World. The Funds are long the entire soybean complex so they will support the market on breaks, but if they decide to leave, how much premium do we have in this market? These are some good new crop prices to get some protection on if you haven’t already.
The dry conditions continue to persist in the southern plains. If we don’t see any relief soon, we could see some acres get destroyed with hopes of planting sorghum or soybeans. It does feel like the Funds would like to build a long position in wheat but anytime it looks like we are ready to breakout to the upside, we quickly find selling. Look for wheat to be a follower of corn here today.
