DeLong Commentary

CBOT Pricing:

Corn finished the day 3 – 5 cents higher than the prior close, supported by short covering and speculation that the U.S. could take over some Ukrainian export business (see below). The Mar26 contract rose 5 cents to $4.50, closing above the 200-day moving average. The May26 contract ended at $4.575, up 4.25 cents.

Soybeans slipped 1 – 4 cents lower. The Jan26 contract fell 3.25 cents to $11.2475, while the Mar26 contract settled 3 cents lower at $11.35.

Market Headlines:

USDA to announce “bridge payment” for farmers next week:

Reuters reported that Agriculture Secretary Brooke Rollins said the Trump administration will announce a “bridge payment” for farmers next week. The payment is intended to provide short-term support to farms until longer-term trade and aid programs are finalized.

Putin threatened to ‘cut Ukraine off from the sea’:

Following drone attacks on tankers in Russia’s “shadow fleet,” Russian President Vladimir Putin threatened to cut off Ukraine’s access to the sea. He said on television, “The most radical solution is to cut Ukraine off from the sea, then piracy will be impossible in principle.” He did not provide further details.

Corn rallied on the news, with March corn reaching a day high of $4.5225.

Brazil’s soybean planting is slightly behind last year’s pace:

AgRural reported that 89% of Brazil’s soybean crop has been planted, compared with 91% at this time last year. While some regions are experiencing dry conditions, analysts still consider it too early to raise concerns about yield losses.

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