Cotton Extends Rally as Soybeans Rebound and Corn Firms in Volatile Week

Overview

• Following Tuesday’s mixed session and a pullback in crude, early Wednesday trading showed cotton up 83–104 points, soybeans 7–9 cents higher, and corn 3–3½ cents firmer, with traders tracking headlines about possible U.S.–Iran talks that have whipsawed oil.
• USDA’s Crop Progress on Monday put soybeans 6% planted and corn 5%, both ahead of the five‑year pace, with cotton at 7% planted and winter wheat conditions easing to 34% rated good or excellent.
• Weekly inspections underscored active movement, with 814,562 metric tons of soybeans and 320,797 metric tons of wheat cleared for export in the week ended April 9, led by shipments to China for beans and Mexico for wheat.
• Positioning shifts have added fuel to swings, as CFTC data for April 7 showed funds cutting 23,777 contracts from the soybean net long, slashing 10,206 contracts from a large cotton net short, and reducing the corn net long by 49,342 contracts.
• Global supply signals stayed heavy, with Brazil’s crop agency CONAB raising soybeans to 179.15 million tons and, on Wednesday, lifting corn to 139.57 million tons, while AgRural estimated the soybean harvest 87% complete; cattle futures also stayed strong, extending Tuesday’s rally alongside firm boxed‑beef prices and cash trade near $248–$250 per cwt.