Markets are trading lower overnight, but everything is still holding on to much of Friday’s gains as grain markets surged to end the week. HRW is getting hit the hardest with improved rain chances for HRW areas weighing.

Friday’s CFTC report showed that for the week ending 4/8, managed funds were net sellers of 3k corn to reduce the net long to 54k, net sellers of 21k beans to push the net short out to 50k, and net buyers of 10k wheat to reduce the net long to 102k. Positions were inline with expectations.

Funds on Friday were estimated as net buyers of 20k corn to push the net long out to 102k, net buyers of 15k beans to reduce the net short to 5k, and net buyers of 10k wheat to reduce the net short to 94k.

The U.S.$ is trading sharply lower again overnight and is holding near the lowest levels since the spring of 2022.

Outside markets are higher with equities surging after tariff exemptions were announced Friday and over the weekend.

China soybean imports in March were their lowest in 17 years as purchases of U.S. beans slowed ahead of potential tariff announcements and Brazil struggled to move their record crop into global markets. Chinese buying is believed to be catching up, however, with China reportedly booking huge quantities of Brazilian beans last week.

APK Inform estimated Ukraine’s grain harvest would increase by 8% to 57.5 mmt this year, driven by expectations for a larger corn crop. They estimate corn production at 29.2 mmt, which would be up from 26.8 mmt last year.

Ukraine grain exports for the 2024/25 marketing year are lagging with corn exports 17.72 mmt (21.17 LY) and wheat exports 13.42 mmt (15.01 LY).

Corn posted a higher high, higher low, and sharply higher close on Friday with the market back in the upper end of the range that we’ve traded during 2025. The market is overbought with resistance near 4.90 and support 4.84.

Beans posted a higher high, higher low, and sharply higher close on Friday with the market pushing out of its recent range to the upside just 5 days after posting a false breakout to the downside of the range. The market is overbought after recent gains with support for May at 10.30 and resistance 10.50.

Corn has seen an impressive rally over the last couple weeks with focus shifting away from tariff concerns and expectations for big acres in the U.S. to tightness in U.S. old crop and global supplies. With the market having priced in some new crop production risk, the question is now whether the rally can continue. We’re still in an extremely uncertain tariff environment, but global supplies may be tight enough where that doesn’t matter until South American supplies become more available. Regardless, the market is overbought, and it makes sense from a risk management standpoint to make sure old crop sales are caught up and look at floors to protect the downside on new crop corn.

Beans have also seen an impressive rally over the last week with prices able to rally despite heavy selling in South America and tariff announcements from China. The global balance sheets remain very well-supplied. Producers should make sure sales are caught up and buy puts to protect any unsold old crop beans.

Corn down 1-3

Beans mixed