AgMaster Report – 03/19/2026

MAY CORN

Needless to say, there are many moving parts in the mkt – including the ongoing Iranian War – which has caused crude oil to surge – in turn rallying corn! The war threatens to be long term – despite what President Trump says! Because of his need to stay in DC thru its duration, the US-China April 1 Summit has been postponed for 5-6 weeks – that news broke the mkt sharply but it has since recovered off solid exports, an estimated 4-5 million less acres planted this Spring, an Ag Conference next week where better blending quotas will be announced & creeping drought in the Mid-West! The Planting Intentions/Qtly Stocks will be Tues 3-31-26! Trump needs the farm vote for the upcoming Nov mid-terms & he will do whatever he can to secure it between now & then – that bodes well for the Ag Mkts!

 

MAY BEANS

This Monday, Bean Futures closed down their 70 cent limit due to the Trump-Xi April 1 Summit being delayed 5-6 weeks off the Iran War! The mkt had built up quite a “trade premium” – on top of an “oil premium” since the war started & that was quickly erased in one trading session as the funds staged a mass exodus! However the mkt has since stabilized – as the meeting has been rescheduled! Plus crude continues to rally – pushing up bean oil – which in turn rallies beans! Non-China exports remain robust & a new blending agreement should be announced next week! Plus drought conditions in the central Midwest continue to increase as planting time nears! Finally, Trump will remain very “friendly” to the Ag Mkts as the Nov Midterms approach!

 

MAY WHT

Despite an over-abundance of wht globally & an annual increase in Russian Wht exports (they’re the cheapest anywhere), May Wht has registered double-digit gains today off hot & dry weather concerns in the winter-wht areas! Plus, if the war is drawn out, this would favor wht – & also it might coat-tail corn higher!

 

APL CAT

As indicated above, Apl Cat has been confined to a $15 trading range during the Month of March – supported by the upcoming grilling season -the best demand period of the year – and resisted by surging oil prices which are cutting into consumer’s discretionary income with gas up $1.00 since the war’s inception – meaning the consumer has less to spend at the grocery store! Also, supplies are quite tight – continuing to underpin the mkt! The monthly Cattle-On-Feed Report is issued Friday with placements estimated at 99% of last year!

 

APL HOGS

Much like its “sister mkt”, Apl hogs has been contained in a tight range for the past few months (92-100) – bogged down by poor exports & waning demand as high gas prices eat into the consumer’s pocket book! But the all-important grilling season is dead ahead & the demand uptick should give the mkt an upward bias thru month’s end!

Questions? Ask Bill Moore today at 312-264-4337