There was very little change in the April supply and demand estimates from the United States Department of Agriculture on April 9, with the report essentially being a carbon copy of the March estimates.
Demand is ongoing and prices are slowly rising for feed grains despite the war in Iran, said Brandon Motz, owner and manager of CorNine Commodities in Lacombe, Alta.
Declines in projected planting intentions for 2026/27 were not as big as the market expected, after the United States Department of Agriculture released its estimates on March 31. The USDA also issued its quarterly grain stocks report with stocks for soybeans bigger than anticipated, while those for corn were smaller and wheat virtually matched the average trade guess.
The Iran war has upended the planting intentions of U.S. farmers, resulting in fewer acres of corn and the lowest quantity of spring wheat planted since 1970 as rising fertilizer and fuel costs and low grain prices dim the outlook for profits.
Soybean and corn futures at the Chicago Board of Trade posted some large price swings during the week ended March 25, as market participants reacted to the shifting news out of the Middle East and adjusted positions ahead of upcoming acreage data from the United States Department of Agriculture.
The speculative net long position in canola continues to grow, hitting its largest level in eight months according to the latest Commitments of Traders report from the United States Commodity Futures Trading Commission (CFTC) released Friday, March 20.
As China heads into the 2026/27 marketing year, the United States Department of Agriculture attachés in Beijing projected a few minor to moderate changes in the country’s soybean, canola, corn and wheat crops.
To analyst Tom Lilja of Progressive Ag in Fargo, N.D., there’s a difference in the commodity markets currently with the Middle East war and four years ago when Russia invaded Ukraine.