CORN HIGHLIGHTS:

• Strong buying in the wheat market lifted corn futures Wednesday, with solid gains across the session. May corn gained 9 ¼ cents to 463 ¼, and July corn added 9 cents to 474 ½.
• Wheat futures posted sharp gains as declining winter wheat crop ratings and ongoing dryness concerns supported prices. Spillover strength from wheat helped drive corn higher.
• Ethanol production slipped to 321 mil. Gallons for the week ending March 13. This total was down from 331 mil. Gallons the previous week, and down 1% from last year. A total of 108 mb of corn was used last week in ethanol production. This is slightly behind the pace to reach the USDA usage target of 5.6 billion bushels.
• USDA will release weekly export sales on Thursday morning. For the week ending March 12, the expected range of new sales is to be from 600,000-1.8 MMT. Last week’s sales reached 1.5 MMT. The market will be watching the impact of recent high prices on corn demand.
• The USDA’s Prospective Plantings report will be released March 31, offering the first estimate of 2026–27 corn acreage. The USDA Outlook Forum projected 94 million acres in February, and private estimates will begin to surface ahead of the report.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day higher with gains primarily in the back months and the complex led higher but a sharp increase in soybean meal prices. May soybeans gained 4-3/4 cents to $11.61-3/4 while November gained 10-1/4 cents to $11.41-1/2. May soybean meal gained $10.00 to $321.70 while May soybean oil lost 0.44 cents to 65.53 cents.
• This morning, private exporters reported a flash sale of 120,000 metric tons of soybean cake and meal for delivery to unknown destinations during the 26/27 marketing year. This has been the first flash sale of soybeans in over a month, but it is unknown if China was behind the purchase.
• Brazil is reportedly negotiating its soybean inspection framework after China made complaints about soybean quality that caused exports to be temporarily halted. Brazilian officials will meet with the Chinese who have complained about weeds in their shipments.
• Ahead of the USDA’s Planting Intentions report at month-end, the soybean-to-corn price ratio continues to favor corn acreage. Allendale estimates U.S. soybean plantings at 85.66 million acres, up 4.44 million acres from last year and slightly above the USDA’s last projection of 85.0 million acres.

WHEAT HIGHLIGHTS:

• Wheat closed sharply higher, led by the HRW class. Strength in MATIF wheat — posting bullish key reversals — supported the U.S. market, while added war and weather premium also underpinned prices amid continued dryness concerns in the Southern Plains. In the May contract, Chicago gained 14-1/2 cents to 604-1/4, Kansas City was up 19-1/4 cents at 626, and MIAX climbed 13 cents to 637-1/4.
• According to Chinese customs data, their February wheat and wheat flour imports totaled 320,000 mt, up 344.1% year over year. Even more impressive, their year-to-date imports reached 1.29 mmt, which is an increase of 1068.7% year over year.
• SovEcon raised its March wheat export estimate to 3.8 mmt, well above the historical average of 3.1 mmt, while Rusagrotrans projects an even higher 4.3–4.5 mmt. Both estimates far exceed the 2 mmt shipped in March last year.
• An Allendale survey estimates total U.S. wheat planted area at 44.877 million acres, above S&P Global’s 44.05 ma forecast but slightly below the USDA’s 45.0 ma projection.
• Coceral has estimated the 2026 EU and UK grain harvest will reach 298.8 mmt, up from their previous forecast of 296.7 mmt. However, their wheat estimate in specific declined form 143.9 mmt to 142.6 mmt. For reference the 2025 wheat harvest totaled 148.7 mmt.

DAIRY HIGHLIGHTS:

• Class III milk ended today’s session mixed, with the second-month contract up 2 cents at $17.12.
• Spot cheese rose 3 cents to $1.5950/lb, while spot whey dropped 2.5 cents to close at $0.6350/lb.
• Class IV milk moved lower today, with the second-month contract down 13 cents at $20.19.
• Spot butter closed 5 cents lower at $1.8000/lb, while spot powder finished 2 cents higher at $1.8200/lb.

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Author

Amanda Brill