CBOT grain futures diverge, market sentiment becomes increasingly volatile.

On March 12, the CBOT grain futures market showed a mixed trend after the release of the latest USDA supply and demand report. Yesterday, soybean futures fell for the third consecutive day, closing at $10.11-1/4 per bushel. Corn futures dropped to $4.70-1/4 per bushel, and wheat futures fell back to $5.56-3/4 per bushel. Soybean meal and soybean oil had mixed performances; soybean meal futures slipped slightly to $301.80 per short ton, while soybean oil saw a slight decline due to the weak canola oil market.

Market sentiment was influenced by multiple factors, including the USDA unexpectedly maintaining U.S. corn stock estimates, a lowered but still high global soybean inventory, pressure from plentiful South American harvests, and risk-aversion fueled by Trump's tariff comments. Position data shows funds turned to net sellers of corn, soybeans, wheat, and soybean meal yesterday, while increasing net longs in soybean oil, indicating significant differences in outlook for each commodity.

The USDA's latest report raised the 2024/25 U.S. wheat ending stocks to 819 million bushels, above the market's expectation of 797 million bushels, putting pressure on the wheat market. At the same time, U.S. corn inventory and export estimates remained unchanged, creating market divergence. Global soybean inventory was reduced but the South American supply pressure persisted, leading to cautious market sentiment.

The soybean oil market showed relative resilience, supported by robust demand and strong basis, whereas soybean meal hovered at low levels due to demand uncertainty. The corn market experienced significant volatility as the USDA did not adjust export expectations.

Overall, the short-term CBOT grain futures trend is expected to continue to diverge. Wheat prices may hover around $5.50 per bushel, with potential to rebound to $5.70 per bushel if international tenders materialize or weather disturbances worsen. Soybean prices are under pressure near $10 per bushel, with attention needed on China's purchasing trends. The soybean oil and soybean meal markets will be influenced by demand and export data, potentially undergoing adjustments. In general, Trump's tariff remarks and South American production remain key variables, possibly increasing future volatility.

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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