By Kirk Maltais


-Soybeans for May delivery rose 1% to $15.22 3/4 a bushel on the Chicago Board of Trade on Monday, with traders watching weather in the Midwest, Brazil's harvest and the cut in production by OPEC+.

--Wheat for May delivery rose 0.5% to $6.96 1/4 a bushel.

--Corn for May delivery fell 0.5% to $6.58 1/4 a bushel.


HIGHLIGHTS


Start of the Season: Traders are keeping an eye on Corn Belt weather as the planting season begins. According to agricultural research firm DTN, weather in the Midwest is expected to be wet this week, with temperature seen higher than normal earlier in the week before dipping to below normal. "That's bullish for now, but the cold and wet rut could be improving by mid-month," said Matt Zeller of StoneX in a note. Expectations of improving weather pressured corn after Friday's USDA report showing farmers favoring planting corn acres over soybeans.

Behind Pace: Brazilian soybean farmers continued to harvest their crops in the south and northeast regions of the country but are behind schedule, agricultural consultancy AgRural said in a research note. As of March 30, harvesting on 76% of the estimated area planted with the oilseeds was finished, up from 70% a week earlier but behind the 81% seen on the same date last year, AgRural said. A drought in the southern state of Rio Grande do Sul has hit productivity there.

Rising Tide: The surprise announcement from OPEC and its allies that they would cut production by 1.16 million barrels a day boosted soybeans, which tend to move in line with crude oil. "The winners of the OPEC+ cuts will be the US biofuel industries of ethanol, biodiesel, and renewable diesel," AgResource said in a note. Corn, a major source for U.S. biofuels, started the day strong, reaching as high as $6.68 a bushel before retreating.


INSIGHT


Open the Gates: Funds are piling back into agricultural futures, with open interest at its highest level in 13 weeks, according to the latest data from JPMorgan Commodities Research. As of March 31, open interest rose 4.5% from the previous week to roughly $313 billion. Interest in soybean futures was one factor driving fund money into the agricultural space, JPMorgan said.


AHEAD


--Conagra Brands Inc. will release its third-quarter earnings report at 7:30 a.m. ET Wednesday.

--The EIA will release its weekly ethanol production and stocks report at 10:30 a.m. ET Wednesday.

--The USDA will release its weekly export sales report at 8:30 a.m. ET Thursday.


Write to Kirk Maltais at kirk.maltais@wsj.com

(END) Dow Jones Newswires

04-03-23 1559ET