TFM Morning Update 04-02-2026

The CME and Total Farm Marketing Offices will be Closed Friday, April 3, in Observance of Good Friday

CORN

Corn futures are trading higher this morning after President Trump vowed to “hit Iran extremely hard over the next few weeks” sending crude oil prices surging. May corn is up 4 cents to $4.58-1/4 and December is up 4 cents to $4.85-1/4.
The EIA report yesterday saw US ethanol production for the week ending March 27 at 1.07 million barrels per day which was below the 1.11 million last week and 1.06 million a year ago at this time.
U.S. farmers are expected to plant fewer corn acres and more soybeans in 2026, according to USDA, as rising fertilizer and fuel costs driven by the Iran conflict continue to pressure margins. Higher input costs, particularly for nitrogen fertilizer, are making corn less attractive relative to soybeans, contributing to the shift in planting decisions. USDA estimates U.S. farmers will plant 95.338 million acres of corn this year, down from 98.788 million in 2025.

Soybeans are trading higher this morning with soybean oil leading the way as crude oil rallies nearly $7.00 a barrel following President Trump’s speech last night. His comments led traders to believe that this conflict could last longer than expected with the Strait of Hormuz remaining closed.
May soybeans are up 3-3/4 cents to $11.72-1/4 while November is up 4-1/2 cents to $11.60. May soybean meal is down $2.10 to $316.10 and May soybean oil is up 1.23 cents to 68.34 cents, near its contract high.
Soybeans crushed for oil totaled 6214 million bushels in February 2026 which compared to 228 mb in January and 190 mb in February of last year.

All three wheat classes are trading higher to start the day along with the rest of the grain complex. May Chicago wheat is up 10-1/4 cents to $6.07-3/4, KC wheat is up 9 cents to $6.22-3/4, and Minn wheat is up 6-3/4 cents to $6.48-3/4.
All wheat acreage was estimated at 43.775 million acres, coming in below expectations and down from 45.328 million acres in 2025. If realized, this would mark the lowest all wheat planted area on record since 1919.
Earlier strength in wheat was driven by tighter supply expectations, with lower U.S. acreage estimates and ongoing Plains dryness raising production concerns, along with higher input costs tied to disruptions through the Strait of Hormuz. However, as energy markets have stabilized, some of that risk premium has faded, leading to a pullback in wheat prices despite continued weather uncertainty.

Amanda Brill