The latest Commitments of Traders report shows speculative money continuing to add risk across much of the grain complex, while commercial hedgers increased short exposure as prices rallied. In corn, managed money added a sizable 140k contracts on the week, lifting their net long position to roughly 193k contracts, one of the larger bullish bets seen recently. At the same time, producers and merchants expanded their net short position to about -477k contracts, reflecting active hedging of production or inventory at current price levels. In soybeans, funds also added modest length, increasing their net long to about 222k contracts, while the commercial trade remained heavily short at roughly -288k. Wheat remains the outlier, with managed money still holding a net short position of about -22k contracts despite a small increase in length during the week. Overall, the data highlights a market where speculative capital is leaning bullish on corn and soybeans, while commercials continue to use strength to hedge, creating a classic producer-vs-fund positioning dynamic that can increase volatility if weather or macro headlines shift sentiment.
Agriculture Secretary Brooke Rollins indicated that an announcement regarding fertilizer prices is expected soon, according to comments made to reporters. The statement comes amid growing concern about rising fertilizer costs and potential supply disruptions tied to geopolitical tensions and energy markets. Any government action could be aimed at addressing pricing pressures, investigating market dynamics, or helping stabilize input costs for farmers. Because fertilizer is a major expense for crop producers—especially corn—any policy response could have implications for planting decisions, input purchasing, and overall agricultural market expectations heading into the new growing season.
The U.S. ambassador to India said negotiations are entering a critical stage in finalizing a bilateral critical minerals agreement, highlighting the importance Washington places on securing supply chains for key materials used in energy, technology, and defense industries. The ambassador also emphasized that the U.S. expects countries it reaches agreements with to honor those commitments, signaling a push to strengthen and enforce strategic resource partnerships as global competition for critical minerals intensifies.
China’s Ministry of Commerce (MOFCOM) said U.S. Section 301 tariffs violate WTO rules and urged the United States to correct what it called “wrong practices” and return to dialogue, adding that Beijing is analyzing the situation and will take necessary measures to safeguard its legitimate rights and interests. In a separate move, China announced it will impose tariffs of up to 30.1% on imports of rubber from Japan and Canada beginning March 14, signaling continued escalation in trade frictions and Beijing’s willingness to respond with targeted trade measures.
The USS Tripoli (LHA-7), an amphibious assault ship based in Japan, is reportedly heading toward the Middle East along with the Marine units assigned to it. The deployment signals a further buildup of U.S. military presence in the region as tensions continue to rise around the conflict involving Iran. Amphibious ships like the USS Tripoli can carry Marine expeditionary units, helicopters, and advanced aircraft such as the F-35B Lightning II, giving the U.S. additional rapid-response and strike capabilities. The move is widely viewed as part of Washington’s effort to strengthen regional deterrence and protect key maritime routes and allied interests during the ongoing escalation.
Corn
B 500 u 500 c 27 3/8 vs 478 1/2
B 400 nz -20 put vs s 400 nz even c ½ db
B 500 n 475 c 26 ¾ vs 476 3/4
B 1500 h 500 c 37 ¼ to 37 ½ vs 498
B 200 z 480/520 cs vs s 440 p 7/8 db
B 1000 z 500 c 32 to 34 1/2
B 2000 j 480 c 4 ¼ to 4 3/4
B 150 sd m 490 p 20
S 500 k 470 c 13 1/4
S 1000 k 500 c 5 ½ covered vs 464 3/4
B 2000 j 470/480 cs 3 1/2
B 2000 j 450/460 cs 5 7/8 to 6 1/4
B 1000 j 470 c 5 to 5 1/8
B 400 n 480/520 cs 11 1/4
S 800 u 480/500/580/600 call condors 4 5/8 cr
S 4000 k 525 c 3 3/8
S 500 z 450 p 17 ¼
S 2000 h 500 c 34 5/8 to 34
B 100 z 465/450 ps 6 3/4
B 100 z 470/450 ps 9 1/4
B 100 z27 500 c 26 vs 485
B 1000 k 465/485 cs 5 5/8 to 5 7/8
B 1000 u 430 p vs s 1000 sd u 445 p even
Beans
B 1250 k 1350 c vs s 2500 k 1450 c 3 3/8 to 4 db
B 1000 n 1340 c 23 ½ to 23 3/4
B 1000 n 1240 c 50 7/8 to 51 3/4
B 200 x 1040 p 15 ½ to 15 3/4
S 500 k 1350 c 9 ½ vs 1226
S 1250 k 1320 c vs b 1250 k 1140 p 5 ¼ cr vs 1224 3/4
S 500 k 1210 p 31
B 1000 x 1400 c 13 1/8 to 14
S 3000 k 1250 c 30 to 28
S 500 x 1260 c 31 ½ vs 1159 3/4
B 2500 k 1140p 7 ¾ to 8 1/4
B 600 k 1160 p vs s 1200 k 1110 p 5 ½ db
S 1000 n 1250 c 41 1/2
S 200 w3 1200 p 9 1/2
B 1000 n 1170/1100 ps 17 to 17 3/8
Soymeal
S 250 v 295p/325c strangles 22.45 cs 311.7
B 300 n 315/305 ps 4.25
B 2000 j 330/350 cs 3.20 to 3.25 vs 322.5
B 100 k 300 p 2.40
B 175 m 320 straddles 24.70 to 24.80
B 400 n 340 c vs s n 320 p 1.75 db vs 318.2
B 500 k 335 c vs s k 315 p 4.10 db vs 317.5
B 200 k 290/285 ps .50
S 1000 n 350 c 5.65
B 100 u 320/360 cs vs s 300 p .20 cr
B 100 v 320/360 cs vs s 300 p 2.80 cr
B 100 z 320/380 cs vs s 300 p .45 db
Bean oil
B 500 n 66 p 4.050
S 500 n 8050 c 1.270
S 500 k 80 c .430 vs 6720
S 400 n 80 c 1.220
S 400 q 81 c 1.270 to 1.240
S 1500 k 70 c 2.250 to 2.100
B 1000 j 64 p vs s 2000 j 60 p .435
S 500 k 65 c 4.40
Wheat
B 500 j 620/700 cs vs s 585 p 4 ½ db vs 610 1/2
B 500 k 675/750 cs 8 5/8 vs 612
S 250 u 1000 c 8 5/8 to 6 7/8
B 500 j 630 c 15 1/8 to 16
B 200 n 1200/1500 cs 1 to 1 1/8
B 500 j 700 c 2 5/8 to 3 1/2
S 250 k 700 c 13 ¼ vs 614
B 100 k 650 c 16 1/2
S 600 n 740 c 15 7/8 to 14 3/4
On a block
S 400 z 570 p 24 3/8
Kc wheat
S 325 k 680 c 19 1/4
B 250 k 650/700 cs 11 1/2
B 200 n 630 c 44 1/2
B 1000 j 600 p 8 7/8 to 9 1/2
Rough rice
S 100 u 1300 c 26
Sold 200 April 370 calls @ 2.00 down to 1.85
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