CBOT grain futures diverged, with corn and wheat rebounding, while soybeans faced pressure.

On Tuesday (April 1st), CBOT grain futures showed mixed movements. Corn and wheat futures rebounded, driven by fund short covering; however, the soybean complex remained under pressure due to competition from South America and a slowdown in domestic crushing. The recent strengthening of cash basis for corn and soybeans in the U.S. Midwest, along with the USDA planting intentions report, has prompted the market to reassess the 2025 supply scenario, contributing to market volatility.

Corn: Rebound Driven by Short Covering

In terms of holdings, as of March 31st, commodity funds added 13,500 long positions in corn, ending a five-day net short trend. However, as of March 30th, the cumulative net short for corn was still as high as 113,500; the market remains cautious about bumper crop prospects. On the fundamentals side, the corn basis was strong, especially in Illinois and Ohio, indicating a revival in end-user demand. Additionally, U.S. corn export demand was supported by a significant rise in the FOB export premiums in the Gulf of Mexico, demonstrating firm export markets.

However, the USDA expects the 2025 corn planting area to increase by 5% year-over-year, reaching 95.3 million acres, which may exert some pressure on the market in the medium term.

Wheat: Planting Area Downscaling and Weather Concerns

Wheat futures also received support from short covering, though the overall market is still dominated by shorts. The USDA lowered the 2025 winter wheat planting area to 33.315 million acres, below previous estimates. Additionally, the crop ratings in Texas and Oklahoma have deteriorated, and drought concerns supported the rebound in KC hard red winter wheat futures. On the international demand front, purchasing demand from Asian countries like Syria and Japan remained steady, but the low-priced wheat from the Black Sea region continued to pressure U.S. wheat exports.

Soybean Complex: Weak Demand and Slowed Crushing

The soybean complex faces additional downward pressure. Funds added 7,000 short positions in soybean futures, indicating market pessimism about demand. U.S. soybean crushing volume has decreased, with February estimates at 188.7 million bushels, a month-on-month decline of 11.2%. The slowdown in crushing has heightened market concerns about supply, especially amid weak global feed demand. Moreover, the price advantage of Brazilian soybeans is also suppressing the export demand for U.S. soybeans, despite last week's U.S. soybean export inspections surpassing expectations, new sales remain weak.

Soybean Meal and Soybean Oil: Weak Demand

Soybean meal and soybean oil markets also face pressure from slowing demand. The soybean meal market has seen short-term supply pressure ease due to slow crushing, but weak global feed demand (e.g., Iran delaying a 120,000-ton soybean meal tender) has limited its rebound potential. The soybean oil market is affected by the narrowing of biofuel blending margins, weakening demand; although funds have added 15,000 long positions in soybean oil futures, the overall market sentiment remains bearish.

In conclusion, while corn and wheat futures have rebounded with short covering, the soybean complex remains under pressure from South American supply and slow crushing. Market sentiment remains complex, and changes in supply and demand over the coming months will continue to influence the price trends of various commodities.

The market carries risks, and investment should be cautious. This article does not constitute personal investment advice and has not taken into account individual users' specific investment goals, financial situations, or needs. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable for their particular circumstances. Investing based on this is at one's own responsibility.

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