March 30, 2026
At this hour:
Corn market is up 0-1c,
soybeans are up 8-9c,
wheat is down 2-3c,
crude oil is up $1.86-$1.87,
US Dollar is up 8 points
-Indonesia plans to raise its palm oil diesel blend from 40% to 50%, cutting back on some of their palm oil exports.
-President Trump said Iran was going to allow 20 of its oil tankers through the Strait of Hormuz to the rest of the World.
-USDA Prospective Plantings and Quarterly Grain Stocks report due out tomorrow morning at 11:00 am CST.
-Dryness in the southern plains will persist until mid to late April.
-Crude oil is up $1.50-$2.00, spilling over into the soybean oil market.
Look for a mixed trade to start out the week.
Support/Resistance:
May corn – Support on May corn is at $4.63 1/4 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 $4.90 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 $11.64 which is the 10-day moving average. Resistance is at $12.38 3/4 which is the high from March 12th.
November soybeans – Support is at $11.44 3/4 which is the 10-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 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:
Corn prices are starting out the week mixed. Crude oil futures are $1-$2 higher helping support U.S. grain prices. Traders are busy getting into position ahead of the report due out tomorrow morning. A lot of people are talking about the corn acres and the price of fertilizer, but the prospective acres can and will change by June 30th. I look for the key numbers to watch will be the quarterly grain stocks number. Will the USDA start to reduce their feed/residual number and give us more stocks than expected? I look for corn to consolidate her today and early tomorrow until we get the release of the numbers and then trade accordingly.
Soybean oil futures seem to be leading the charge higher this morning. Indonesia plans to increase their palm oil-based diesel blend mandate to 50% vs 40% currently. This will in return cut back on some of their exports and that is pushing soybean oil futures higher. Crude oil is $1-2 higher this morning and trading above $100 per barrel. President Trump did say that Iran is going to ship out 20 tankers of oil to the rest of the World through the Strait of Hormuz to keep oil supply moving across the World. May soybean futures continue to consolidate between $11.50 and $11.80. USDA report tomorrow in soybeans should be pretty well priced in already. Traders are looking for more soybean acres, and the soybean stocks should be pretty well accounted for.
It was a pretty dry weekend across the southern wheat plains. The extended weather maps are still looking dry until mid to late April. There are a few crop scouts out talking some damage to the winter wheat crop is occurring and should ramp up over the next 1-2 weeks. The U.S. Dollar is back trading over 100 and that will keep a lid on wheat futures.
The post AgMarket.Net Early Morning Market Analysis 3/30/26 appeared first on AgMarket.Net®.
