TFM Midday Update 3-9-2026

CORN

Corn futures are continuing higher at midday with May corn up 4 cents at 464-3/4 and December corn up 6 cents at 490-1/2.
Crude oil futures traded as high as $120 per barrel overnight as the conflict in the Middle East expanded over the weekend. While both corn and crude have since backed off their overnight highs, market volatility and uncertainty remain elevated.
The USDA will release their March WASDE report tomorrow, minor balance sheet adjustments are expected with the report taking a major backseat to the conflict in the Middle East.

Soybean futures are higher at midday with May soybeans up 14 cents near 1215 and new crop November futures up 12 cents trading near 1159.
Soybeans and soybean oil gapped higher Sunday night as the energy and broader agricultural complex reacted to continued strikes in the Middle East over the weekend, with no clear end to the conflict in sight.
Brazilian export soybeans have widened their price advantage over U.S. supplies amid recent market moves, with the spread now estimated near $1.30 per bushel.
Managed money funds were estimated to hold a net long position of nearly 200,000 soybean contracts as of March 3. For comparison, funds held a net long of nearly 240,000 contracts at their peak last November.

Wheat futures are following the grain complex higher to start the week. May CBOT wheat is up 5 cents currently trading near 622. May KCBOT wheat is up 9 cents currently trading near 632 while May MIAX spring wheat is up 9 cents now trading near 641.
As in corn and soybeans, funds have been active buyers in wheat and are likely now net long after covering sizeable short positions. Chicago funds were net short nearly 120,000 contracts as recently as January. Funds are also net long Minneapolis wheat and have covered most of their Kansas City short position.
Weekend storms brought some moisture to parts of the Plains, but the western Plains — particularly the Texas Panhandle — remain very dry. Those areas will need meaningful rainfall by April to support crop conditions.

Keegan Madigan