Written Commentary
OPENING COMMENTS
Geopolitics:
United States and Russia are having a meeting in Riyadh, Saudi Arabia today to discuss the potential ceasefire. National Security Advisor Mike Waltz stated that the main focus in today’s discussion will be a maritime ceasefire. Addressing concerns about grain and fuel moving across trade routes in the Black Sea.
Ag Fundamentals:
Friday’s CFTC Commitment of Traders Report had managed money a dedicated seller of their corn position. -39K fewer corn contracts in their position as of Friday afternoon. The equity market is reacting higher this morning to news of Trump possibly holding back some tariffs initially scheduled for April 2nd. Any new easing of baked in tariffs could offer support for the grain market. Additionally, Brooke Rollins may have an important announcement coming soon possibly regarding regarding biofuel policy that could also be bullish. Brazilian soybean harvest is about 5% ahead of last year’s pace at about 75% cut.
Managed Money Change Last Week:
Corn = (39,271)
Soybeans = (6,461)
Soybean Oil (13,757)
Soybean Meal = 11,014
Chicago Wheat = (3,256)
KC Wheat = 2.059
EXPORT & WORLD NEWS
Turkey is looking to sell up to 50K MT of durum wheat in an international tender. Taiwan is looking to buy up to 65K MT of animal feed corn and 100K MT of milling wheat.
Malaysian palm oil futures were down 70 ringgit overnight, not at 4305.
Daily Trading Limits: Corn $0.30 (expanded $0.45); Soybeans $0.85 (expanded $1.30); Minneapolis Wheat $0.60 (expanded $0.90); KC Wheat $0.40 (expanded $0.60); Chicago Wheat $0.40 (expanded $0.60)
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