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NW Iowa | soybeans
US Treasury Secretary Bessent and Chinese counterparts met this weekend in Paris to prep for the meeting between President Trump and President Xi later this month. Following the meeting it was noted that China was open to buying more US ag goods. Late on Sunday President Trump stated there could be a delay in the meeting with China, while also expecting to see China help unblock the Strait of Hormuz, with some thinking that the two are tied to one another.
Weekly CFTC data via the Commitment of Traders report indicated another 23,205 contracts added to the managed money net long in soybean futures and options. That took the net position to 222,107 contracts. Specs in bean oil added another 33,329 contracts to their net long at 108,838 contracts.
USDA Export Sales data has soybean export commitments at 36.49 MMT by 3/5, a 19% drop from the same period last year. That is now 85% of USDA’s estimate for 2025/26 and behind the 93% average sales pace. Shipments are 27.15 MMT, and now 63% of that USDA number and behind the 79% average pace.
NOPA data will be out this morning, with traders looking for the February crush total at 202.73 mbu. Soybean oil stocks are seen at 1.928 billion lbs.
Brazil’s soybean harvest was tallied at 61% complete by Thursday according to AgRural, behind the 70% pace from last year.
Corn
The weekly Commitment of Traders report from CFTC showed a total of 140,297 contracts of futures and options added to the spec fund net long position in the week ending on March 10. That was the largest Tuesday/Tuesday bull move since May 2019 and took the net position to 193,271 contracts. Producer selling was noted, as commercials added 143,803 contracts to their net short to 477,414 contracts.
Export Sales data from Thursday brought the marketing year corn export commitments to 66.513 MMT, which is 32% larger than the same period last year. That is 79% of USDA’s export number and near the 80% average pace. Shipments at 41.74 MMT are now 50% of USDA’s number and running ahead of the 43% average pace.
AgRural estimate the Brazilian first corn crop at 50% harvested by Thursday, lagging the 72% pace last year. The second crop corn was at 91% planted, behind the 97% pace a year ago.
Edited by Massey1155 3/16/2026 10:45
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Beans down 32c overnight
