Weekly Ag Markets Update – 03/02/2026

Wheat:  Wheat closed higher last week on reports of potential weather related production problems in the US and in Europe.  Conditions are too dry in much of the US and too wet in western Europe for best production and quality potential.  There is talk that Argentine Wheat is being sold into the southeastern US. There are higher prices paid in overseas markets and on drier weather in the Great Plains.  The weather is now averaging above normal temperatures and some light precipitation is forecast for parts of the Great Plains and Midwest.  Temperatures were cold enough a couple of weeks ago to promote Winterkill.  Many parts of the Great Plains are too dry for best yield potential, but USDA has recently rated the crops in good condition.  Russia has been cold as well, but no losses have been reported although some damage is possible.

Weekly Chicago Soft Red Winter Wheat Futures

Weekly Kansas City Hard Red Winter Wheat Futures

Weekly Minneapolis Hard Red Spring Wheat Futures

Unavailable today

 

Corn:  Corn was higher and trends are turning up again.  Some of the buying came in response to rallies in Wheat markets.  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 average near to above normal next week.  Conditions are called good in Argentina and big production is expected there.  The Safrinha Corn crop in Brazil is getting planted behind the Soybeans harvest and progress is a little behind normal.  Oats were lower and trends are still mixed to up on the daily and weekly charts.

Weekly Corn Futures

 Weekly Oats Futures

 

Soybeans and Soybean Meal:  Soybeans and Soybean Meal were higher on the rallies in Wheat and despite the big South American crops were being harvested.  Soybean Oil was higher.  South American sources said that the Brazil crops are now more than 30% harvested.  There are still ideas of additional Chinese demand soon that were fueled by statements by President Trump that he and Xi had talked and that the president had pushed him for more Soybeans purchases as both sides work to reduce trade tensions between the countries.  It will be up to the Chinese government to buy as US Soybeans are too high priced for commercial demand from commercial users in China and almost anywhere else.  The tariff wars between the two countries add another layer of cost onto the Soybeans.  Temperatures will average near to above normal in the Midwest next week.

Weekly Chicago Soybeans Futures

Weekly Chicago Soybean Meal Futures

 

Rice:  Rice was lower most of last week, but closed much higher on  Friday.  Trends are mixed.  The weekly export sales report was considered neutral.  Traders anticipate less production this year in the US and around the world due to low prices.  Asian Rice prices are under pressure now due to a weaker Indian Rupee that forced costs for Indian Rice lower.  Trends are mixed as demand remains moderate for US Rice.

Weekly Rice:

 

Palm Oil and Vegetable Oils:  Palm Oil futures were lower Friday in trading after the Lunar New Year as the export data from private sources showed weaker demand.  Ideas of increasing seasonal demand and ideas that Palm Oil is relatively cheap in the world market are still around.  Demand ideas are in a state of flux right now with some looking for weaker demand and others looking for improved demand.  Production is expected to drop in the short term.

Vegetable Oils:  Palm Oil futures were lower last week on speculative trading tied to ideas of weak demand for Palm Oil.  Ideas of increasing seasonal demand and ideas that Palm Oil is relatively cheap in the world market are still around.  Demand ideas are in a state of flux right now with some looking for weaker demand and others looking for improved demand.  Production is expected to drop in the short term.   Canola was a little lower last week. The selling seen came ideas of big crops in South America.

Weekly Malaysian Palm Oil Futures:

Weekly Chicago Soybean Oil Futures:

Weekly Canola Futures:

 

Cotton:  Cotton was a little higher last week on speculative short covering.  There are still demand concerns moving forward on weak world economy ideas led by the US weakened economy and demands in world forums.  Overseas production in places like India and Brazil are expected to be high, but overall world production is expected by USDA to fall on reduced global planted rea and reduced yields.  The USDA Outlook Forum showed that US planted area for Cotton is estimated at 9.4 million acres with total production estimated at 13.6 million bales.  Trends tare up on the daily charts.

Weekly US Cotton Futures:

 

Frozen Concentrated Orange Juice and Citrus:  Futures were lower last week in somewhat choppy trading.  Prices have recently traded between 200.00 and 165.00 after making an apparent low of about 151.00 on February 6.  The Florida harvest is active but starting to wrap up and the weather remains benign for harvest progress as conditions are mostly dry.  Weather for the next crop was very cold in January and into early February and some damage to trees and fruit was expected.  The frozen fruit is often harvested and sent to processors for juice.  The weather now looks warmer and any danger of a freeze event is passing by.  Chart trends are mixed or up on the daily charts.  The weather is considered good for production in Brazil and Mexico.  Scattered showers are still reported in Brazil.

Weekly FCOJ Futures:

 

Coffee:  New York was a little lower and London was higher last week as good weather for growing and harvesting continues to be seen in Brazil and Vietnam and as production ideas are high in both countries.  The trends are mixed in New York and down in London on the daily charts.  There are reports of very good conditions in Brazil and a large crop is forecast.  Brazil producers have stopped selling due to the recent fall in prices.  Scattered showers are being reported now to improve tree condition in Brazil.  Mexico is in good condition, as is Central America.  Vietnam has scattered showers lately and conditions there are called good.

Weekly New York Arabica Coffee Futures:

Weekly London Robusta Coffee Futures:

 

Sugar:  New York closed about unchanged and London was a little higher last week in consolidation trading.  Trends are turning up on the daily charts.  Weekly London charts show the potential for a bottom formation.  There are good supplies for the market from good growing conditions for cane and beets around the world.  The prospect of a big global surplus in the 2025/26 season was keeping the market on the defensive with a rise in production in India and Thailand set to increase supplies especially for White Sugar while global consumption is expected to remain steady.

Weekly New York World Raw Sugar Futures:

Weekly London White Sugar Futures:

 

Cocoa:   New York and London closed lower last week on mostly speculative selling.  Some producer selling in Ivory Coast was also noted.  Short term trends are down in both markets.  A big main crop harvest has arrived in West Africa and rains have been positive for the next crop.  There are still reports of increased production potential in other countries outside of West Africa, including Asia and Central America.  The market feels that there is less demand due to the high prices seen last year and the lack of demand is expected to continue.  Weak demand has led to a build-up on unsold supplies in both Ivory Coast and Ghana, while the prospect of another global surplus in 2026/27 are real.  Cocoa demand has fallen sharply after prices nearly tripled in 2024, prompting chocolate makers to reformulate ingredients and shrink the size of their bars.  Cocoa arrivals at ports in Ivory Coast were down 4.5% to 1.307 million metric from October 1 to February 22, versus the same period a year ago.  Ivory Coast’s Coffee and Cocoa Council and the cocoa exporters’ group GEPEX have agreed on a solution to enable the resumption of export contracts.

Weekly New York Cocoa Futures:

Weekly London Cocoa Futures:

 

 

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