TFM Midday Update 03-18-2026

CORN

Corn is higher at midday, supported by strength in crude oil. May corn is up 4.2 cents at 4.58½.
S&P Global released its spring acreage estimate for U.S. corn at 95.2 million acres, down from 98.8 million in the current season, but still higher than some other private estimates.
Planting in the southern U.S. is expected to begin within the next 10 days. On March 31, the USDA will release its Grain Stocks and Planting Intentions reports. With rising fertilizer and diesel costs, some surprises are anticipated in the data.
Ethanol production slipped to 321 million gallons in the week ending Friday, March 13, down from 331 million the previous week and 1% lower year over year. Output came in at the low end of expectations.

Soybeans are trading higher at midday despite concerns that Chinese demand may be delayed following the postponement of the Beijing summit. The entire soy complex is also higher, with May soybeans up 0.6 cents at 11.57½.
By late April to early May, Brazil’s harvest will be complete, Argentina’s harvest will be advancing, and South American supplies will be peaking. This seasonal influx is not ideal for U.S. demand, as South American grain remains significantly discounted. China is expected to favor South American purchases, turning to the U.S. only for occasional politically driven buying.
Brazil’s Agriculture Minister denied any changes to inspection protocols this week, though another cargo was reportedly rejected by China. Brazilian officials are expected to travel to China next week to negotiate import protocols.
S&P Global estimated U.S. soybean spring acreage at 85.0 million acres, up from 81.2 million in the current season.

Wheat is higher at midday, supported by strength in energy markets. May Chicago wheat is up 10.2 cents at 6.00 ¼, while May Kansas City wheat is 14.2 cents higher at 6.21.
Weather concerns are increasing as hot temperatures move into the southern Plains this weekend, with readings expected in the mid-90s across Texas and Oklahoma. Precipitation is also forecast to run below normal over the next two weeks.
Russia’s exports are beginning to pick up, with railway operator Rusagrotrans expecting March wheat exports to reach 4.5 million tons, well above the five-year average of 2.9 million.
China’s customs data showed February wheat imports were up 344% from a year ago, with year-to-date 2026 imports rising more than 1,000% versus the same period last year. China appears to be taking advantage of abundant, competitively priced global wheat supplies.

Lauren VandenLangenberg