March 20, 2026
At this hour:
🌽Corn market is down 1-2c,
🌱soybeans are up 3-4c,
🍞wheat is down 3-4c,
🛢️crude oil is up $0.75-$0.76,
💲US Dollar is up 37 points
-U.S. Stock market remains under pressure with the Dow trading below 46,000.
-Weekly exports saw a decent week of corn exports but soybeans and wheat were below expectations.
-Cattle on Feed report out today. Here are the estimates courtesy of Reuters: On Feed – 99.3%, Placements in February – 100.2% and Marketings in February – 92.6%.
-Farmer selling seems to be slowing down with basis levels on corn and beans steady to firming up in area.
-Private estimates for the Prospective Plantings report are starting to show up. Corn acres are coming in around 94-95 million acres and soybeans in the 85 million acres so far.
🐂🐻 Look for a mixed trade to close out this week of trading.
Support/Resistance:
May corn – Support on May corn is at $4.60 1/2 which is the 10-day moving average. Resistance is at $4.76 which is the high from March 9th.
December corn – Support comes in at $4.87 which is the 10-day moving average. Resistance comes in at $4.98 1/2 which is the high from March 9th.
May soybeans – Support comes in at $11.24 which is the 100-day moving average. Resistance is at $12.38 3/4 which is the high from March 12th.
November soybeans – Support is at $11.03 1/4 which is the 100-day moving average. Resistance is at $11.74 1/4 which is the high from March 12th.
May Kansas City wheat – Support is at $6.18 1/2 which is the 10-day moving average. Resistance comes in at $6.47 1/2 which is the high from March 9th.
Where do we go from Here:
The corn market is giving back a couple cents here this morning. For the week, May corn is almost unchanged. This is the second week where we saw a lot of activity, but corn didn’t make any significant move. Weekly exports out yesterday were decent, but we are starting to see the export number slow down a bit. We are starting to get competition from Argentina and Ukraine on corn exports. The Funds continue to support the corn market on breaks, adding to their long position. Closing out this week and heading into next week, we will see traders start to position themselves for the March 31st USDA reports. Early indications are for corn acres to be in the 94–95-million-acre range.
Soybeans are a couple cents higher here today to start out Friday with strength in the soybean meal market spilling over into the soybean futures. Cash soybean meal was stronger in the U.S and South America yesterday, pushing May meal futures over $10 higher. Weekly exports on soybeans out of the U.S. are starting to slow up and there is some chatter about the USDA lowering their estimates on soybean exports for this marketing year. May soybean futures are back in the trading range we saw last November and would think they could consolidate between the $11.40 to $11.80 until we get the March 31st USDA report.
The wheat market seems to have the hot, dry weather all priced in. May Kansas City wheat is down testing support at the 10-day moving average this morning. Breaking below the 10-day moving average could push futures down to support at $6.00. Keep a close eye on the weather. If the heat and dryness continue in the southern plains next week, I would expect wheat to rebound and be higher.
