TFM Morning Update 03-11-2026

CORN

Corn futures are trading higher this morning as Iran targets more commercial ships in the Gulf area, airports, and threatens to start targeting banks and financial institutions. Crude oil is up $2.67 to $86.02 per barrel, and this is likely supporting grains.
May corn futures are up 4-1/2 cents to $4.56-3/4 while December is up 4-3/4 cents to $4.84-1/2. Yesterday’s WASDE report held virtually no changes, so corn is likely being moved by outside markets.
Yesterday’s WASDE report saw US ending stocks for 25/26 unchanged at 2.127 billion bushels and world ending stocks increased to 292.8 mmt from 289.0 last month. Argentinian corn production was lowered to 52.0 mmt from 53.0, and Brazilian corn production was increased to 132.0 mmt from 131.0.

Soybean futures are trading sharply higher thanks to the move higher in soybean oil and crude. May soybeans are up 14-1/2 cents to $12.16-1/4 while November is up 8-3/4 cents to $11.62-1/4. May soybean meal is down $1.00 to $313.50 and soybean oil is up 2.07 cents to 67.60 cents.
Yesterday’s WASDE report saw US ending stocks unchanged at 350 mb and world ending stocks lowered by 0.2 mmt to 125.3 mmt. Argentinian production estimates were lowered to 48.0 mmt from 48.5 mmt, and Brazil was unchanged at 180.0 mmt.
Brazilian soybean exports are expected to reach 16.47 mmt in March which would compare to 16.09 mmt estimated the previous week, and soybean meal exports are expected to reach 2.82 mmt from the earlier estimate of 2.49 mmt. Brazilian offers are more than a dollar cheaper than the US.

All three wheat classes are trading higher this morning as continued fighting in Iran supports crude oil prices and commodities in general. May Chicago wheat is up 8-1/2 cents to $5.99-1/4, KC is up 9-1/2 cents to $6.18, and Minn is up 1-1/4 cents to $6.36-1/4.
Yesterday’s WASDE report saw US wheat ending stocks unchanged at 931 mb and world ending stocks lowered by just 0.5 mmt to 277.0 mmt.
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.

Amanda Brill