TFM Morning Update 03-10-2026

CORN

Corn futures are trading lower this morning as the market faces spillover weakness from the energy complex. May corn is down 3-3/4 cents at $4.50, while December futures are 4-1/2 cents lower at $4.77-1/4.
Oil prices retreated sharply amid hopes that the conflict with Iran may conclude sooner than expected after comments from U.S. President Donald Trump suggesting the military operation could be nearing its end and outlining plans to contain energy costs.
Earlier in the conflict, crude had surged above $100 per barrel on fears of supply disruptions in the Middle East and potential shipping problems through key routes such as the Strait of Hormuz, but prices eased as traders began pricing in the possibility of de-escalation.

Soybean futures are trading lower this morning alongside corn and wheat, facing spillover weakness from the energy markets. May soybeans are down 3-1/4 cents at $11.93, while November futures are 2-1/4 cents lower at $11.46.
Soybean futures retreated after briefly reaching a nearly three-year high in yesterday’s session, following a decline in crude oil prices after President Trump indicated the ongoing conflict in the Middle East may be nearing its end.
Brazil’s soybean production is forecast slightly lower at 179.06 million metric tons, down about 1 million tons from prior estimates. U.S. export inspections showed 879,190 tons of soybeans shipped in the week ending March 5, a decline of 24% from the previous week.

The wheat complex is lower across the board this morning as markets remove risk premium amid signs of easing global tensions. May Chicago wheat is down 7-1/4 cents at $5.96, Kansas City May futures are 5-3/4 cents lower at $6.14, and Minneapolis spring wheat is down 11 cents at $6.35.
Wheat futures stabilized at lower price levels, as oil prices retreated and supply concerns eased amid hopes for a quicker resolution to the Iran conflict. The earlier rally appeared to be driven largely by speculative positioning tied to geopolitical developments, with subsequent technical selling reversing part of the advance.
USDA reported winter wheat ratings fell 22% month over month amid limited snow cover and expanding drought across the Southern Plains, raising concerns about potential yield losses.

Matthew Lucas