U.S. February CPI data came in largely in line with expectations, reinforcing the view that inflation is stable but still somewhat sticky. Headline inflation rose 0.27% month-over-month, keeping the annual rate at 2.4%, while core CPI increased 0.22% on the month and held at 2.5% year-over-year. Importantly, core services inflation slowed, which is an encouraging sign for policymakers given the Fed’s focus on service-sector price pressures. However, underlying measures such as “super core” inflation edged slightly higher, suggesting inflation has not fully cooled yet. Looking ahead, the report is unlikely to materially change the Federal Reserve’s near-term stance, as officials continue to monitor the economic impact of the Middle East conflict and rising oil prices, which could introduce additional inflation risk if energy costs and supply chain disruptions intensify.
Campbell’s reported weaker-than-expected earnings and lowered its full-year outlook, citing softer consumer demand and ongoing cost pressures. The company pointed to higher ingredient and supply chain costs, including agricultural inputs such as wheat and vegetable oils, which are weighing on margins. While core meal products remain relatively steady, weaker snack demand and elevated commodity costs are expected to keep profitability under pressure through the remainder of the fiscal year.
Amid escalating conflict with Iran and rising risks to global energy supply routes, the U.S. government has designated Chubb Limited as the primary insurer for American shipping operating in the Persian Gulf. The move is intended to ensure commercial vessels can continue operating through the region despite heightened war-risk concerns that have caused private insurers to withdraw coverage or sharply increase premiums. By providing a backstop through Chubb, the U.S. is effectively stabilizing maritime insurance markets and helping maintain the flow of critical commodities—particularly crude oil and refined products—through one of the world’s most important shipping corridors. For markets, the decision signals Washington’s intent to keep trade routes functioning despite the conflict, which could help limit further disruptions to global energy supplies and reduce the risk of additional volatility spilling into freight, fertilizer, and agricultural input costs.
A new Genial/Quaest poll shows Brazil’s President Luiz Inácio Lula da Silva and Senator Flávio Bolsonaro tied at 41% in a simulated October runoff election, highlighting a tightening political race ahead of the 2026 vote. Lula previously held a wider lead, with 46% support in December and a 10-point advantage, but that margin has narrowed amid controversies surrounding the administration and growing public dissatisfaction with the economy. The survey also showed 51% disapproving of the government and 48% saying the economy has worsened over the past year, suggesting a more competitive and polarized political environment heading into the next election cycle.
Brazil’s beef industry is pushing to gain access to the Japanese and South Korean markets, hoping President Lula’s diplomatic efforts can help break decades-long negotiations. Both countries together import over 1 million tons of beef annually, primarily from the United States and Australia, making them highly attractive markets for Brazilian exporters. Opening these markets would help Brazil diversify its beef exports and increase value for certain cuts, particularly as the sector faces pressure from Chinese import quotas, its largest buyer. South Korea plans to send an audit mission to Brazil later this year, while Japan will conduct a technical sanitary inspection between late March and early April, steps that could move the market-access process forward.
The latest U.S. Department of Energy data showed ethanol stocks falling 2.9% on the week to 25.58 million barrels, coming in well below market expectations of 26.44 million barrels. At the same time, ethanol production increased to 1.126 million barrels per day, above the survey estimate of 1.108 million b/d and up 2.8% from the prior week. The stock draw was driven largely by declines in the Midwest and Gulf Coast, while inventories increased on the East Coast. Meanwhile, blender inputs rose to 901,000 b/d, indicating steady demand for ethanol blending despite the increase in production. Overall, the report suggests firm ethanol demand and tightening inventories even as plants continue to run at strong production levels.
Ireland’s Prime Minister is expected to highlight EUR 6.1 billion in planned investment into the United States during a visit to Washington on March 17, according to reports. The announcement is likely intended to underscore Ireland’s commitment to expanding economic ties with the U.S. and strengthening bilateral investment and trade relations.
Corn
B 2000 sd j 465/495 cs vs s 1000 k 450 c 9 cr
B 500 u 510 c vs s 500 u 410 p 14 7/8 vs vs 473
S 1000 u 420 p 9 ¾ vs 473
B 1000 k 470 c 12 1/8
S 2000 n 550 c 7 ½ to 7 1/8
B 3000 u 500 c 25 ¾ to 26 1/2
B 600 u 525 c vs s u 600 u 425 p 8 ½ vs 475
S 1000 k 460 c 14 5/8
B 1000 z 500/600 cs vs s 450 p 1 5/8 db
B 3500 n 500/530 cs 5 ¾ to 5 7/8
B 800 z 700 c 4 7/8
S 250 z 450 p 19 ½ vs 485 1/2
B 3000 n 600 c 3 5/8 vs 471
B 500 z 500 c 30 ¾
B 1500 u 550 c 12 vs 470
B 1000 u 420/390 ps 7 1/2
S 300 z 470 p 27 ¾ vs 486
S 1500 j 430/460 cs 19 1/2
B 1000 u 550 c 14 3/8 vs 475
B 1500 z 650/700 cs 2 1/4
S 500 n 500 c 15 1/8
B 1000 k 435 p 5 1/8 to 5 ½ vs 457 1/4
S 2000 n 600 c 3 7/8 to 3 1/2
S 1000 k 425 p 3 vs 457
B 500 z 490/550 cs vs s 430 p 4 ¾ db
B 400 m 520 c 6 3/8
B 1000 n 500/530 cs 5 3/4
S 500 m 555 c 3 ¼ to 3 1/8
S 1500 k 475 c 9 3/8 to 8 1/4
S 1500 k 500 c 4 7/8 to 4 3/4
B 1000 u 550/600 cs 4 7/8 to 5 3/8
B 1500 u 550 c 117/8 to 12 vs 470
B 4000 u 540 c 14 ½ vs 472 1/2
On a block
B 7000 u 550 c 12 ½ to 13 3/8
B 1500 j 500 c 24 3/4
Beans
B 1000 k 1170 p vs s 1000 m 1080 p 4 1/8
B 1000 k 1000 p 2 7/8
S 250 k 1250 c 25 to 24 7/8
B 1000 j 1160 p 3
B 1000 k 1350 c 9 ¼ to 9 5/8
B 5000 n 1330 c 22 to 23 5/8
B 1000 k 1180 p 19 vs 1218
S 500 n 1190 p 30 1/4
B 500 n 1140 p 14 ¼ to 14 1/2
B 6000 w3 1270/1300 cs 2 3/8 to 2 3/4
B 500 j 1300 c 4 1/2
B 2000 j 1200 p vs s 2000 k 1100 p 8 7/8 db
S 2000 j 1100 p ½ to 3/8
S 3000 j 1180 p 7 1/8 to 5 7/8
S 750 x 1350/1400 cs 3
B 4000 w3 1270/1300 cs 2 3/8
B 2000 n 1100/1050 ps 4 1/4
B 500 xn +60 cso c 7
Soymeal
B 250 k 360 c 1.60
B 250 j 300 p 3.00
S 300 k 325 c 6.50 vs 315.0
B 100 k 320/345 cs 5.15
Bean oil
B 250 k 70 c 2.815
B 100 m 5950 p .970
S 1000 k 65/61 ps 1.100
B 250 n 75 c 2.410 to 2.440
B 2000 k 50 p .060
B 500 k 75 c 1.275 to 1.375
B 300 k 80 c .630
B 2600 q 98 vs s 2600 n 90 c .160 to .150 cr
B 2800 n 73/75 cs .520 to .530
S 300 k 57 c 11.600
S 300 k 67 c vs s b k 56 p 4.000 cr
S 2500 n 56 p .630 to .620
S 300 j 66p/71c strangles 2.090
B 600 k 63/58 ps .900
B 1000 k 65/60 1.300
B 1500 k 57 p .300 vs 6832
B 400 j 70/75 cs 1.00
B 750 j 61 p .230 vs 6821
Wheat
S 1500 k 570 p 17 to 16 1/4
B 400 u 700 c 31 ¼ vs 622
B 400 n 600 p vs s 800 n 540 p 14 1/8 db
B 500 k 570 p 16 1/4
B 1500 k 680/695 cs 1 5/8
B 250 u 650 c 52 ¾ vs 620 1/2
S 100 u 545 p 16 3/4
B 1500 k 630/6635 cs 1 3/8
B 150 m 670 c 18 1/2
S 500 k 620 c 18 ¼ vs 590 1/4
S 400 j 575p/625c strangles 20 7/8 to 20 5/8
S 500 u 700 c 31 ¼ vs 624
B 200 j 600/575 ps 2 3/8
B 200 k 590 c 32 vs 595 ¼
Kc wheat
B 325 k 680 c vs s j 625 c 4 1/8 cr
Rough rice
S 150 u 1200 c 50
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