TFM Midday Update 03-05-2026

CORN

Corn futures are trading higher at midday after finding technical support near $4.43 and drawing spillover strength from crude oil, which has continued to move higher. May corn is up 5 cents at $4.48-3/4, while December futures are 4-3/4 cents higher at $4.75.
In its latest weekly report, USDA said export sales of U.S. corn for the week ending February 26 totaled 2.18 million metric tons across the 2025/26 and 2026/27 marketing years.
This week’s total exceeded analyst expectations. Traders surveyed by The Wall Street Journal had projected sales in a range of 700,000 to 1.6 million metric tons.

Soybean futures are mixed at midday, with slight losses in nearby contracts and modest gains in deferred months. May soybeans are down 1 cent at $11.68-1/2, while November futures are up 1-1/4 cents at $11.31-3/4.
In its latest weekly report, USDA said soybean export sales for the week ending February 26 totaled 383,500 metric tons. Soybean sales came in toward the low end of expectations, with analysts projecting totals between 300,000 and 1 million metric tons.
The Brazilian currency softened against the U.S. dollar this week, encouraging increased farmer selling of cash soybeans. Taking advantage of the more competitive pricing, China reportedly secured more than 10 cargoes of Brazilian soybeans.

The wheat complex continues to push higher at midday. May Chicago wheat is up 8-3/4 cents at $5.77, Kansas City May futures are 12-1/2 cents higher at $5.85, and Minneapolis spring wheat is up 5-3/4 cents at $6.15.
Statistics Canada said Thursday that farmers intend to plant about 26.7 million acres of wheat nationwide. That would represent a 1.1% decline from the previous year, though acreage would still remain well above the five-year average amid continued strong global demand.
Statistics Canada said spring wheat area is expected to edge down 0.1% to 18.8 million acres. Durum wheat acreage is projected to decline 2.4% to 6.4 million acres, while winter wheat area is anticipated to fall 6.7% to 1.6 million acres.

Matthew Lucas