Weekly Ag Markets Update – 03/23/2026

Wheat:  Wheat closed lower in both markets last week in response to the weather and 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 Great Plains and too wet in the US Midwest and in western Europe for best production and quality potential.  Recent storm systems in the Great Plains could bring relief to crops produced there.  The weather is now featuring precipitation is forecast for parts of the Great Plains and Midwest along with variable temperatures.

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 again last week on more news that Iran had laid mines in the straits of Hormuz and that meeting with China and the US had been postponed at the US request.  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 a little lower and trends are mixed on the daily and down on the weekly charts.

Weekly Corn Futures

 Weekly Oats Futures

 

Soybeans and Soybean Meal:  Soybeans were lower and Soybean Meal was higher last week on 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,  Soybean Oil was lower.  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 cu=t 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.

Weekly Chicago Soybeans Futures

Weekly Chicago Soybean Meal Futures

 

Rice:  Rice closed lower last week and trends turned down on the daily charts.  Trends are still up 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.  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 was higher last week due primarily to the effects on demand from the Iran war.  Demand ideas are in a state of flux right now due to the war.   Canola was slightly lower last week despite the price action in Chicago and on hopes for new Chinese demand from the Carney-Xi meetings and news that the US will release new bio fuels blending requirements soon. The selling seen also came ideas of big crops in South America.

Weekly Malaysian Palm Oil Futures

Weekly Chicago Soybean Oil Futures

Weekly Canola Futures

 

Cotton:   Cotton was higher last week but closed in the middle of the weekly range as the war with Iran continues but is not going well for the US and as the weather remains s question,  Crude Oil was higher again but the gains moderated during the week.  The market is also concerned about the weather that has been hot and dry so far in US Cotton areas, mostly from Texas to the west.  Much of the demand for Cotton comes from the Middle East and Southeast Asia and the costs of production have increased dramatically because of the war.  Much of the rest of the demand comes from China and Southeast Asia.  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.  Trends are mixed on the daily charts and up on the weekly charts.

Weekly US Cotton Futures

 

Frozen Concentrated Orange Juice and Citrus:  Futures were lower last week and trends are now down from the recent trading range on the daily charts.  Trends are mixed on the weekly charts.  The Florida harvest is 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 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, with New York trends trying to turn up and London trends remaining mixed on the weekly charts.  There are still ideas of good supplies available on the farm, but getting Coffee from the farm to the market is another problem due to the war with Iran.  Brazil said last week that that exports dropped significantly in February and exports might not improve that much in March due to shipping costs and concerns.  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.  World production conditions are generally good.  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 and London were higher again in reaction to strength in petroleum futures.  The war has increased world petroleum prices and could divert demand from Sugar production to production of ethanol/  President Ttrump has called for a quick end to the war but no one seems to agree with him that a quick end is coming and in fact the war seems to getting bigger.  Trends are mixed on the daily charts in both markets.  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

Weekly New York World Raw Sugar Futures

Weekly London White Sugar Futures

 

Cocoa:   New York and London closed a little higher in range trading last week.  Short term trends are mixed 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

 

 

Futures and options trading involves substantial risk of loss and may not be suitable for everyone. The valuation of futures and options may fluctuate and as a result, clients may lose more than their original investment. In no event should the content of this website be construed as an express or implied promise, guarantee, or implication by or from The PRICE Futures Group, Inc. that you will profit or that losses can or will be limited whatsoever. Past performance is not indicative of future results. Information provided on this report is intended solely for informative purpose and is obtained from sources believed to be reliable. No guarantee of any kind is implied or possible where projections of future conditions are attempted.  The leverage created by trading on margin can work against you as well as for you, and losses can exceed your entire investment. Before opening an account and trading, you should seek advice from your advisors as appropriate to ensure that you understand the risks and can withstand the losses.

Questions? Ask Jack Scoville today at 312-264-4322