Weekly Ag Markets Update – 03/09/2026

Wheat:  Wheat closed higher in Chicago and in KC last week as all markets rallied in response to th4e war in Iran.  Middle eastern countries are big buyers of world Wheat and many have been bombed by Iran now.  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 last week.   The buying came on the back of the Iran war that has rallied petroleum prices and increase demand for ethanol.  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 for the next week.  Conditions are called good in Argentina and big production is expected there.  Oats were higher and trends are up on the daily and weekly charts.

Weekly Corn Futures

 Weekly Oats Futures

 

Soybeans and Soybean Meal:  Soybeans and Soybean Oil were higher on the war with Iran and despite the big South American crops were being harvested and ideas that Chinese buying could be interrupted due to the Iran war.  Soybean Meal was higher as well.  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 average near to above normal in the Midwest this week.

Weekly Chicago Soybeans Futures

Weekly Chicago Soybean Meal Futures

 

Rice:  Rice closed higher last week.  Trends are up after a big war related rally as world supplies and trade in Rice could be disrupted, especially in the region near Iran.  Traders anticipate less production this year in the US and around the world due to low prices.  Asian Rice prices are higher due to war concerns.  Trends are mixed as demand remains moderate for US Rice.

Weekly Chicago Rice Futures

 

Vegetable Oils:  Palm Oil futures higher last week. 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 caused by the war.  Production is expected to drop in the short term.   Canola was higher yesterday on hopes for new Chinese demand from the Carney-Xi meetings and the u war with Iran. 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 lower in choppy trading last week in response the war with Iran that could curb export demand for US Cotton as much of the demand comes from the Middle East.  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 area and reduced yields.  Trends are turning mixed on the daily charts.

Weekly US Cotton Futures

 

Frozen Concentrated Orange Juice and Citrus:  Futures were higher last week as futures move higher in a stair step fashion.  The Florida harvest is active but starting to wrap up and the weather remains benign for harvest progress as conditions are mostly dry.  The weather for the next crop is dry but seasonal.  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 and London were higher last week and might have completed a short term bottom on the daily charts as good weather for growing and harvesting continues to be seen in Brazil and Vietnam and as production ideas are high in both countries.  Vietnam producers have pulled back from selling as they have already sold quite a bit.  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.

Weekly New York Arabica Coffee Futures

Weekly London Robusta Coffee Futures

 

Sugar:  New York was a little lower and London was a little higher last week on ideas that the Iran war could raise prices for petroleum and increase demand for biofuels at the expense of Sugar production.  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 but a rise in production in India and Thailand being offset by the war in 2 markets 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 was lower and London closed higher last week.  Short term trends are still mostly 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.

Weekly New York Cocoa Futures

Weekly London Cocoa Futures

 

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