Soybean futures established new contract highs as money managers expanded long positions. The May contract reached a peak of 1,185'0 before profit taking narrowed the range, eventually settling near 1,157'2. Market sentiment remains cautious due to geopolitical activity, while open interest in the options market stayed neutral. In the corn market, prices opened higher but faded as investors reduced net short positions. The May corn futures contract touched 452'4, nearly recovering losses sustained following the January USDA report, though it later retraced to 443'4. Despite the intraday selloff, the call-to-put ratio in open interest remains tilted toward the call side at 155,000 to 105,000. Wheat futures also faced pressure from top-heavy technicals and geopolitical uncertainty. While expanding drought conditions in Kansas provided a fundamental backdrop, the May contract saw an increase of 2,700 in call open interest. Volatility remains elevated across the grain complex.