TFM Midday Update 03-06-2026

CORN

Corn futures continue to push higher amid ongoing concerns about potential disruptions to global fertilizer supplies as spring planting approaches. May corn is up 3.4 cents at 4.57.
There are rumors in the U.S. of potential additional corn acreage reductions this spring if farmers did not secure fertilizer supplies before the war with Iran began and are unable to obtain any before spring planting, as roughly one-quarter to one-third of global fertilizer trade moves through the Strait of Hormuz.
U.S. drought coverage increased by 10% this week to 51%, compared to 60% at this time last year. Significant moisture is forecast for the south-central Midwest, the eastern Corn Belt, and the Delta over the next week.
Argentina’s harvest is still underway, reaching 7% complete as of this week, according to the Buenos Aires Grain Exchange.
In Brazil, safrinha planting is likely nearing three-fourths complete across the country, with the top producing state, Mato Grosso, potentially beyond 90%. IMEA will release its update this afternoon.

Soybeans continue to post gains in midday trade as sharply higher energy prices provide support. The entire soy complex is trading higher at midday, with May soybeans up 16.4 cents at 11.95 ¼.
The Iran war continues to disrupt global shipping, and during times of conflict, securing food supplies becomes a priority, which is sparking buying across the soy complex.
U.S. drought coverage increased by 10% this week, highlighting the need for additional soil moisture in some areas as spring planting approaches.
Argentina’s soybean conditions have stabilized, though 26% of the crop remains rated poor to very poor. Rainfall over the next two weeks is expected to favor the northern growing region, while the southeastern region remains dry and is approaching peak pod filling.

Wheat is posting double-digit gains at midday, leading the grain complex higher. May Chicago wheat is up 19.6 cents at 6.03 ½ while May Kansas City wheat is up 16.6 cents at 6.09.
The UN FAO estimates global wheat output will decline 3% in 2026, while the global food price index rose 0.9% in February, marking its first increase in five months.
U.S. winter wheat under drought increased 6% this week to 56%, more than double the level at this time last year, which was 24%. Some rain moved across the far southern Plains overnight, with additional precipitation in the forecast for next week.

Lauren VandenLangenberg