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Corn and soybeans were among the broad set of commodities that were sideswiped by a selloff on Wednesday, and they failed to mount a comeback on Thursday despite capturing some overnight gains ahead of today’s session. Corn prices closed with minimal losses, while soybeans faced a more moderate decline. Winter wheat prices bucked the overall trend after capturing mostly modest gains.
Rainy weather over a significant portion of the Southern Plains, Mid-South and eastern Corn Belt could deliver another 1” to 2” of rain to many fields between Friday and Monday, per the latest 72-hour cumulative precipitation map from NOAA. Later this month, NOAA’s new 8-to-14-day outlook predicts more seasonally wet weather in store for the central U.S. between April 9 and April 15, with warmer-than-normal temperatures likely across the Midwest and Plains during this time.
On Wall St., the Dow shifted 193 points lower in afternoon trading to 46,371 on lingering doubts that the war in Iran will be wrapped up quickly. Energy futures were firm for the same reason, with Brent crude oil jumping more than 7.5% higher to $108 per barrel. Gasoline futures climbed 6.25% higher. The U.S. Dollar firmed moderately.
NOTE: Grain markets will be closed on Friday, April 3, in observance of Good Friday. Be sure to come back to FarmFutures.com first thing next Monday for our next round of agricultural news and market analysis.
Corn prices failed to protect overnight upside
Traders largely ignored a decent round of export sales data after engaging in a round of technical selling on Thursday morning. Some of those losses were later recaptured, but prices still finished the session slightly in the red today. July futures dropped 1.75 cents to $4.6325, while September futures inched 0.25 cents lower to $4.67.
Combined old and new crop corn sales in the week through March 26 reached 49.2 million bushels. Old crop sales were 20% below the prior four-week average. Total sales were near the middle of analyst estimates, which ranged between 35.4 million and 66.9 million bushels. Corn export shipments were more robust, at 78.5 million bushels. Mexico, Japan, South Korea, Colombia and Egypt were the top five destinations.
The latest USDA Grain Crushing report showed that 424.8 million bushels of corn were processed in February. That was a modest year-over-year increase of 0.7% but 8% below January 2026 volume. (That’s typical simply because February is the shortest month of the year.) Corn used for ethanol so far during the 2025-26 marketing year has reached 2.744 billion bushels, which is a slight decrease of 7 million bushels from year-ago volumes. Ethanol shipments in February were the best for that month, with 794.5 million gallons.
Tuesday’s Prospective Plantings report is an important one, but it’s still not the final say on actual 2026 plantings, notes Cesar Cruz, director of research with Advance Trading. “As with any March release, these figures function less as a verdict and more as a calibration point — one that will be tested, revised and ultimately shaped by the agronomic and macroeconomic forces that define planting season,” he said. Cruz points out what he calls “caveats on corn acreage” in yesterday’s Ag Marketing IQ blog – click here to learn more.
Corn settlements on Wednesday were for 414,768 contracts.
Soybean prices stumbled lower in choppy session
Prices tracked higher most of Thursday morning before some late-session technical selling pushed them back into the red. Traders now have a three-day weekend before plotting out their next moves ahead of the next WASDE report from USDA, which the agency will release one week from today. May futures fell 5 cents to $11.6350, with July futures down 4.5 cents to $11.80.
The rest of the soy complex was mixed. May soymeal futures eroded almost 1% lower, while May soyoil futures jumped 2.75% higher.
Soybean exports found 13.0 million bushels of old crop sales, with no additional new crop sales reported for the week ending March 26. That was on the very low end of analyst estimates, which ranged between 11.0 million and 27.6 million bushels. Soybean export shipments were better, with 25.0 million bushels last week. China, Indonesia, Egypt, Japan and Mexico were the top five destinations.
Wednesday afternoon’s Fats & Oils report from USDA-NASS showed a February soybean crush of 214.2 million bushels. That was almost 13% higher from February 2025 but down around 6% from January. Still, daily crush volume reached an all-time record of 7.65 million bushels.
Soybean settlements on Wednesday were for 286,868 contracts.
Winter wheat prices followed crude oil higher
Despite the general bearish overtones in commodities today, rising oil prices helped keep winter wheat prices slightly firm following a net round of technical buying on Thursday. May Chicago SRW futures inched 0.75 cents higher to $5.9825, while May Kansas City HRW futures added 2 cents to $6.1575.
Wheat exports notched 10.9 million bushels in combined old and new crop sales last week. Old crop sales were at a marketing-year low after stumbling 33% below the prior four-week average. Total sales were on the lower end of analyst estimates, which ranged between 11.0 million and 29.4 million bushels. Wheat export shipments were a bit better, with 12.5 million bushels. Japan, Mexico, the Philippines, Nigeria and Haiti were the top five destinations.
And finally, Farm Progress policy editor Joshua Baethge is asking a question we all should be asking: With USDA staff cuts and disappearing reports, can the agency deliver the information U.S. farmers and ranchers need? “Unfiltered information, big and small, is hard to come by these days,” he laments. Baethge looks at the current climate of the agency in his latest D.C. Dialogue blog – click here to learn more.
CBOT wheat settlements on Wednesday were for 201,631 contracts.