Grain Prices Consolidate as Planting Begins, Biofuel Mandate Update Looms

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Grain markets are seeing a mixed trading session, with corn up 1-2 cents, soybeans down 3-4 cents, and wheat up 1-2 cents. Crude oil is up $2.46-$2.47, and the U.S. dollar is up 36 points. Planting progress is off to a strong start in the Delta region, and the U.S. plans to halt bombing of Iran for 5 days as talks progress. The EPA is expected to release updated biofuel mandates by the end of March, which could impact soybean oil prices. Traders are preparing for the March 31st USDA report, with estimates of 94-95 million corn acres and 85-86 million soybean acres.

Why it matters

The grain markets are in a consolidation phase as traders await key reports and developments that could impact supply and demand. The progress of planting, tensions in the Middle East, and biofuel policy changes are all factors that could influence prices in the coming weeks. Farmers and agribusinesses will be closely watching these market dynamics to inform their planting decisions and risk management strategies.

The details

The corn market is up 1-2 cents, with support at the 20-day moving average of $4.55 1/2 and resistance at $4.76, the high from March 9th. The soybean market is down 3-4 cents, with support at the 50-day moving average of $11.34 and resistance at $12.38 3/4, the high from March 12th. The wheat market is up 1-2 cents, with support at the 20-day moving average of $6.01 1/4 and resistance at $6.47 1/2, the high from March 9th. Crude oil is up $2.46-$2.47, and the U.S. dollar is up 36 points.

• Planting progress is off to a great start in the Delta.
• The EPA plans to release the updated biofuel mandates by the end of March.
• The USDA's Prospective Plantings report is scheduled for March 31st.

What’s next

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