TFM Morning Update 03-13-2026

CORN

Corn futures are slightly lower this morning as the market continues to assess developments in the Middle East. May corn is down 1/2 cent at $4.62, while December futures are 1-3/4 cents lower at $4.88-1/4.
The U.S. government is expected to soon release its final rules on biofuel blending requirements, a move that could boost demand for crops used as biofuel feedstocks.
U.S. farmers are expected to plant fewer corn acres this spring as rising fertilizer and fuel costs, intensified by the closure of the Strait of Hormuz, increase overall production expenses.

Soybean futures are lower this morning as the market faces technical selling and profit-taking after rallying more than $1.50 since mid-January. May soybeans are down 11 cents at $12.16-1/4, while November futures are 8 cents lower at $11.59.
Soybeans are facing pressure from weakness in soybean oil, which followed a pullback in crude oil after the U.S. issued a 30-day waiver allowing countries to purchase Russian oil and petroleum products stranded at sea, easing immediate supply concerns.
On Thursday, Brazilian trade groups Abiove and Anec voiced concerns over recent developments affecting soybean exports to China after Cargill announced it had halted shipments to the Asian nation due to changes in Brazil’s inspection procedures.

The wheat complex is mixed to start the session. May Chicago wheat is down 1/4 cent at $5.98-1/4, Kansas City May futures are off 1/4 cent at $6.13-1/4, and Minneapolis spring wheat is up 1 cent at $6.35-1/2.
USDA reported an increase of 16.7 million bushels in wheat export sales for the 2025/26 marketing year, along with an additional 1.5 million bushels for 2026/27. Weekly shipments totaled 15.9 million bushels, falling short of the roughly 17.5 million bushels per week needed to meet USDA’s 900 million bushel export projection. Total wheat export commitments for 2025/26 now stand at 863 million bushels, running 12% ahead of last year’s pace.
FranceAgriMer lowered its estimate of 2025/26 French soft wheat exports outside the EU for the fourth consecutive month, trimming the forecast by 0.1 MMT to 7.10 MMT. The reduction also lifted projected ending stocks to a 16-year high. Despite the cut, exports at 7.10 MMT would still be roughly double the volume shipped outside the EU last season.

Matthew Lucas