March 2, 2026
At this hour:
🌽Corn market is up 1-2c,
🌱soybeans are down 1-2c,
🍞wheat is up 2-4c,
🛢️crude oil is up $5.00-$5.01,
💲US Dollar is up 65 points
-The US & Israel strikes on Iran over the weekend have energy prices surging this morning.
-The World’s largest shipping companies are suspending transit through the Strait of Hormuz.
-Up to 30% of the World’s oil trade goes through the Strait of Hormuz.
-The Funds continue to be buyer of all 3 grains. Last week they bought 13,548 contracts of corn, 20,591 contracts of soybeans and 74,405 contracts of wheat.
🐂🐻 Look for a mixed/choppy trade today to start out the first week of March.
Support/Resistance:
May corn – Support on May corn is at $4.42 which is the 50-day moving average. Resistance is at $4.48 which is the 200-day moving average.
December corn – Support comes in at $4.60 which is the 200-day moving average. Resistance comes in at $4.73 1/2 which is the high from November 13th.
May soybeans – Support comes in at $11.58 which is the 10-day moving average. Resistance is at $11.75 which is the high from February 27th.
November soybeans – Support is at $11.22 which is the 10-day moving average. Resistance is at $11.31 1/2 which is the high from November 18th.
May Kansas City wheat – Support is at $5.58 1/4 which is the 200-day moving average. Resistance comes in at $5.90 3/4 which is the high from February 20th.
Where do we go from Here:
Corn futures finally broke out to the upside last Friday as the Funds were net buyers on the week. As of February 24th, the Funds were only short about 13,867 contracts of corn. The U.S. & Israeli strikes on Iran over the weekend is giving energy prices a boost and that is spilling over into the corn and ethanol market. May corn futures are trading above the 200-day moving average and typically when we see the Funds go from a big, short position, like they had, they will normally go long. May corn looks to hold into a consolidation area between $4.45 and $4.60.
Soybean prices started out the overnight session higher but are now lower. Getting some strength from the energy markets, May soybean futures took out the November 18th high but quickly found some selling. We are seeing the bear spreads working in soybeans this morning as nearby by soybean futures are lower and the November soybeans are up 1-2 cents. No major issues with harvest in Brazil and they continue to remain a good $1.00 per bushel cheaper than the U.S. So far China has been very quiet over the U.S. & Irael strikes against Iran. In April President Trump is going to meet with President Xi in person to talk over several items including a trade deal. As of February 24th, the Funds are long about 184,202 contracts of soybeans and that should give soybeans support on a break.
It was all about the Funds covering their short positions last week. We did see the Matif wheat surge last week, lending support to the U.S. wheat prices. Funds bought a little over 74,000 contracts of wheat last week according to the COT report out on Friday. With May Kansas City wheat trading well above the 200-day moving average, I would look for the Funds to continue to support wheat prices and buy the dips.
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