TFM Morning Update 03-17-2026

CORN

Corn futures are trading slightly higher to start the day following yesterday’s 13-cent drop that was caused by a limit down move in soybeans. May corn is up 3 cents to $4.57 while December is up 3 cents to $4.83.
In Brazil, ethanol output is expected to grow by 4 billion liters in the 26/27 season compared to the previous year, which would set a record level according to local industry lobbies.
Yesterday’s export inspections report saw corn inspections at 1,659k tons which compared to 1,523k last week and 1,692k a year ago. Top destinations were to Mexico, Japan, and Colombia.

Soybeans are trading higher taking back a portion of yesterday’s limit down loss. President Trump said that the meeting with President Xi could be delayed for “a month or so” which could cause trader confidence to falter. May soybeans are up 9-1/4 cents to $11.64-1/2 while November is up 17-1/4 cents to $11.38. May soybean meal is up $0.60 to $312.60 and soybean oil is following crude higher, up 2.08 cents to 66.02 cents.
The NOPA February soybean crush report exceeded all trade expectations at 208.79 million bushels crushed, and soy oil stocks reached their highest level since April 2020. Crush was up 17.4% from 177.87 mb at this time a year ago.
Yesterday’s export inspections for soybeans came in at 966k tons which compared to 887k tons the previous week and 665k tons a year ago at this time. Top buyers were China, Egypt, and Mexico.

Wheat is mixed this morning but is also slightly recovering from yesterday’s sell-off. May Chicago wheat is up 3 cents to $6.00-1/2, KC is up 2-1/4 cents to $6.17-1/2, and Minn wheat is down 1-1/4 cents to $6.32-3/4.
The USDA has released its updated winter wheat conditions for the week ending March 15. The good to excellent rating in Kansas has been lowered to 52% from 56%, and in Oklahoma, ratings fell to 18% from 24%. Texas ratings fell 1 point to 15% good to excellent.
Yesterday’s export inspections for wheat came in at 343k tons which compared to 499k the previous week and 496k tons a year ago. Top destinations were to Mexico, the Philippines, and Bangladesh.

Amanda Brill