TFM Midday Update 3-23-2026

CORN

May CBOT corn futures are down 8 cents currently trading at 457. December futures are down 6-1/2 cents currently trading at 484-1/4.
Corn futures are lower to start the week following comments from President Trump signaling potential de-escalation in the Iran conflict. Reports of productive weekend talks and a delay in targeting Iran’s energy infrastructure have pressured energy markets, weighing on corn.
Friday’s CFTC Commitment of Traders report showed funds increased their net-long position in corn to 312,000 contracts — the largest bullish position since March 2025.
President Trump has invited farmers and biofuel producers to the White House later this week. Markets are anticipating potential updates on long-delayed renewable fuel blending mandates for 2026 and 2027.

May CBOT soybean futures are down a 1/4 cent currently trading at 1161. November futures are up a penny currently trading at 1142.
After sharp losses last week, soybean futures are rebounding to start the final full week of March. Attention remains on U.S.–China trade developments, with the previously delayed meeting now expected to take place in May.
China has recently slowed purchases of Brazilian soybeans amid ongoing quality disputes between the two countries. Meanwhile, Brazil’s soybean harvest is approximately two-thirds complete as of late last week.
Weakness in energy markets is pressuring soybean oil to start the week. Despite the recent pullback, soybean oil has been in a strong uptrend to begin 2026 and has not posted consecutive weekly losses since early December.

Wheat futures are lower to start the week. May CBOT wheat futures are down 16 cents trading near 578. May KCBOT futures are down 13 cents trading at 593 while May MIAX spring wheat futures are down 10 cents trading at 609-1/2.
Paris milling wheat futures are lower for a third straight day as they react to the headlines out of the Middle East.
While wheat futures remain in a broader uptrend, all three front month wheat contracts are at risk of closing below the 20-day moving average today, the 20-day is generally viewed as the short-term indictor of trend.

Keegan Madigan