TFM Morning Update 03-27-2026

CORN

Corn futures are trading higher this morning, supported by strength in the energy markets and positioning ahead of next Tuesday’s USDA reports. May corn is up 3 cents at $4.70, while December corn is 2 cents higher at $4.96-1/2.
The EPA is expected to release biofuel blending requirements for 2026 and 2027 by month-end, potentially at President Trump’s “Celebration of Agriculture” event. Higher mandates could support ethanol demand, while EPA Administrator Lee Zeldin has already approved an E15 waiver beginning May 1, continuing recent summer policy trends.
Next week, market focus will turn to USDA’s acreage estimates set for release Tuesday, as rising fertilizer and fuel costs tied to the Middle East conflict increase attention on farmer planting decisions, with analysts estimating 2026/27 corn planted area at 94.4 million acres, down 4.4 million from last year.

Soybean futures are trading higher this morning. May soybeans are up 3-1/4 cents at $11.77, while November soybeans are 4-3/4 cents higher at $11.57-1/2.
USDA’s weekly export sales report released yesterday showed stronger-than-expected soybean demand. For the week ending March 19, total sales across the 2025/26 and 2026/27 marketing years reached 695,900 metric tons, exceeding analyst expectations of 200,000 to 500,000 metric tons.
On Friday, the White House will host its “Celebration of Agriculture” event, with expectations that the EPA could release updated biofuel blending mandates by or ahead of that date. The possibility has provided a supportive tone to the market.

The wheat complex is trading higher across all three classes this morning, supported by ongoing concerns over drought conditions. May Chicago wheat is up 4-3/4 cents at $6.09-3/4, Kansas City wheat is 6-3/4 cents higher at $6.33-1/2, and Minneapolis spring wheat is up 2-3/4 cents at $6.47-3/4.
Thursday’s U.S. Drought Monitor data showed an expansion of severe and extreme drought across key winter wheat regions, while shifting weather forecasts for the coming week have also provided support to the wheat market.
According to USDA data as of March 24, 57% of U.S. winter wheat acres are now experiencing drought conditions, up 2 points from the previous week. Meanwhile, spring wheat drought exposure held steady for the third consecutive week at 21%.

Matthew Lucas