Grains Report - Mon., March 30

WHEAT
General Comments: Wheat closed higher in both markets last week, but failed to make any upside progress in response to what President Trump said about the war in Iran. Trump said that he was talking to Iran and was pausing some of the of the bombing Middle eastern countries are big buyers of world Wheat and many have been bombed by Iran now. Iran has denied the talks are happening, but the president announced a two week extension of the pause in hostilities to give negotiations more time to work. Conditions are too dry in much of the US Great Plains and too wet in the US Midwest and in western Europe for best production and quality potential. Expected rain systems this week in the Great Plains could bring relief to crops produced there. The weather is now featuring precipitation is forecast for parts of the Midwest along with variable temperatures.
Chart Analysis: Trends in Chicago are mixed to up. Support is at 578, 564, and 558 May, with resistance at 642, 648, and 665 May. Trends in Kansas City are mixed to up. Support is at 591, 580, and 567 May, with resistance at 657, 660, and 666 May. Trends in Minneapolis are not available.

RICE
General Comments: Rice closed a little lower last week and trends are mixed on the weekly charts. Trends are still up on the daily charts after a big war related rally with the war with Iran and the political problems with China not having much effect on prices. Traders anticipate less production this year in the US and around the world due to low prices. Planted area could be down anywhere from 15% to 35% in the US this year. Asian Rice prices are higher due to war concerns. Demand remains moderate for US Rice.
Overnight News:
Chart Analysis: Trends are mixed to down. Support is at 1090, 1063, and 1055 May and resistance is at 1122, 1145, and 1152 May.

CORN AND OATS
General Comments: Corn was a little lower last week. News that President Trump will hold his Ag Appreciation Day on Friday and was widely expected to announce new blending requirements for bio fuels became a disappointment. The Trump administration on Friday finalized new biofuel blending volumes mandates for the U.S. refining industry, setting the 2026 biofuel obligations at 26.81 billion RINs and the 2027 obligation at 27.02 billion RINs, and requiring large refiners to make up for 70% of volumes waived. The US and Iran were supposed to be talking and Trump has paused some US bombing raids in an effort to get some peace. Iran has denied that talks are happening but the US has extended the pause by two weeks to give any negotiations a chance to work. Shipping has been halted at Hormuz and some ships have been blown up. The Trump administration does not seem to have plans for the war moving forward. The war expanded yesterday when Iran bombed infrastructure in Gulf states Wire reports note that US Corn cash markets had been struggling to follow futures markets higher due to excessive supplies and the weekly export inspections report showed demand was in line with expectations. There are still excessive supplies as seen in the recent USDA reports after prices were trending higher on strong demand. Temperatures in the Midwest should variable for the next week. Conditions are called good in Argentina and big production is expected there. Oats were lower and trends are down on the daily charts and mixed to on the weekly charts.
Overnight News: Unknown destinations bought 145,000 tons of US Corn.
Chart Analysis: Trends in Corn are mixed. Support is at 444, 441, and 437 May, and resistance is at 477, 480, and 483 May. Trends in Oats are mixed to down. Support is at 314, 307, and 301 May, and resistance is at 380, 383, and 386 May

SOYBEANS
General Comments: Soybeans and Soybean Meal were lower but Soybean Oil was higher. President Trump has paused bombing Iran as the two sides are talking against news that the administration has invited farmers and refiners to the White House for what is expected to be a bio fuels blending requirement announcement, Iean has denied that the talks are taking place but the US has extended the pause bt two weeks to give a deal a chance o develop. The Trump administration on Friday finalized new biofuel blending volumes mandates for the U.S. refining industry, setting the 2026 biofuel obligations at 26.81 billion RINs and the 2027 obligation at 27.02 billion RINs, and requiring large refiners to make up for 70% of volumes waived. The US-China summit has been postponed at the request of the US and because od the war. There was more news that Iran has laid mines in the straits of Hormuz and it bombed oil infrastructure in Gulf states. Shipping has been halted. The US government apparently has no idea on how to manage risks in the Hormuz or how to end the war. Big South American crops are being harvested and ideas are that Chinese buying could be interrupted due to Iran war. China has imposed new phyto controls on Brazil Soybeans to cut the flow of imports to the country. South American sources said that the Brazil crops are now more than 50% harvested. The tariff wars between the US and other countries add to cost of US Soybeans. Temperatures will be variable in the Midwest this week.
Analysis: Trends in Soybeans are mixed. Support is at 1144 1137, and 1127 May, and resistance is at 1216, 1234, and 1239 May. Trends in Soybean Meal are up. Support is at 307.00, 304.00, and 301.00 May, and resistance is at 332.00, 339.00,and 345.00 May. Trends in Soybean Oil are up. Support is at 5970, 5850, and 5800 May, with resistance at 6720, 6780, and 6840 May.PALM OIL AND CANOLA
General Comments: Palm Oil futures was lower last week as the effects on demand from the Iran war keep bio fuels demand hopes active. Demand ideas are in a state of flux right now due to the war. Canola was higher last week despite the price action in Chicago and the new bio fuels blending requirements released by the US government. The selling seen also came ideas of big crops in South America. The Trump administration on Friday finalized new biofuel blending volumes mandates for the U.S. refining industry, setting the 2026 biofuel obligations at 26.81 billion RINs and the 2027 obligation at 27.02 billion RINs, and requiring large refiners to make up for 70% of volumes waived.
Chart Analysis: Trends in Canola are mixed to up. Support is at 682.00, 673.00, and 667.00 May, with resistance at 758.00, 764.00, and 770.00 May. Trends in Palm Oil are up. Support is at 4510, 4370, and 4310 May, with resistance at 4680, 4800, and 4860 May.