On Tuesday, March 26, the commodities market witnessed a downturn in wheat, soybean, and corn futures, driven by a confluence of factors including anticipation of key reports from the US Department of Agriculture (USDA), currency fluctuations, and market dynamics. Technical trading exerted pressure on wheat futures, with the impending USDA reports slated to provide crucial updates on various aspects of the agricultural landscape such as supply, demand, stocks, and planting intentions. The strengthening of the US dollar, ample Russian supplies, and dwindling demand from China, the world’s second-largest economy, contributed to the decline in wheat prices.

Soybean futures also experienced a decline as farmers opted to sell off old-crop supplies to mitigate risks following Monday's short-covering activities, which were undertaken in anticipation of the USDA reports. Meanwhile, corn futures faced pressure from multiple sources including positioning, farmer selling, and spillover effects from other commodities.

In specific figures, May corn dropped 5¼¢ to close at $4.32½ per bushel, while Chicago May wheat fell 11½¢ to close at $5.43½ per bushel. Kansas City May wheat and Minneapolis May wheat similarly experienced losses, shedding 12¼¢ each to close at $5.77¼ and $6.47¼ per bushel, respectively. May soybeans saw a decline of 10¼¢, closing at $11.99 per bushel, accompanied by losses in soybean meal and soybean oil futures.

In contrast to the commodities market, US gold futures exhibited gains on Tuesday, with the April contract adding 80¢ to close at $2,177.20 per ounce. The US dollar index also closed higher.

On the stock market front, US equity markets retreated from recent record highs, with the Dow Jones Industrial Average falling 31.31 points (0.08%) to close at 39,283.33, the Standard & Poor’s 500 easing 14.61 points (0.28%) to close at 5,203.58, and the Nasdaq Composite declining 68.77 points (0.42%) to close at 16,315.70. While recent indicators had suggested a solid recovery for the US economy, the Conference Board’s consumer confidence index for March, which stood at 104.7, fell slightly below analysts' expectations of 107.

In other market news, US crude oil prices experienced a decline, with the May West Texas Intermediate light, sweet crude future dipping 33¢ to close at $81.62 per barrel.