TFM Midday 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 mixed at midday, with nearby contracts under slight pressure and deferred months showing modest strength. May corn is down 1/2 cent at $4.53-3/4, while December corn is up 3/4 of a cent at $4.82.
USDA reported corn export sales this morning for the week ending March 26. Net sales for the 2025/26 marketing year totaled 1.15 million metric tons, with an additional 102,000 metric tons booked for the 2026/27 marketing year.
Corn is drawing support from a roughly 10% rally in crude oil, as stronger energy prices improve ethanol margins and boost demand expectations for corn used in biofuel production.

Soybean futures are trading mixed at midday, with nearby contracts under pressure and new crop showing slight strength. May soybeans are down 2-1/2 cents at $11.66, while November soybeans are up 1/2 cent at $11.56.
In its latest weekly report, USDA said soybean export sales for the 2025/26 marketing year totaled 353,300 metric tons for the week ending March 26. That figure came in below analyst expectations, which ranged from 400,000 to 700,000 metric tons.
Soybean oil and soybean futures are finding support as crude oil prices have rallied, improving biofuel margins and strengthening demand outlook for vegetable oils. The move higher in energy markets is reinforcing the link between soybeans and biofuels, helping underpin prices despite otherwise mixed fundamental signals.

The wheat complex is trading higher across all three classes this morning. May Chicago wheat is up 2-1/2 cents at $6.00, Kansas City wheat is 4-3/4 cents higher at $6.18-1/2, and Minneapolis spring wheat is up 4-1/2 cents at $6.46-1/2.
The wheat complex has found support from renewed geopolitical tensions, as President Donald Trump’s warning of potential further military action against Iran has dampened expectations for near-term de-escalation. The conflict continues to underpin grain markets by lifting energy and fertilizer costs, with disruptions through the Strait of Hormuz tightening supplies and raising input prices for producers globally.
At the same time, adverse weather across the U.S. Plains, marked by unusually warm and dry conditions, is raising concerns about potential yield losses in a key wheat-growing region.

Matthew Lucas