TFM Morning Update 03-19-2026

CORN

Corn futures are trading higher this morning as higher crude oil prices support both corn and soybeans. May corn is up 5-3/4 cents to $4.69 while December is up 5-1/4 cents to $4.95.
S&P Global is estimating that the US will plant 95.2 million acres of corn in 2026. This would be up slightly from its last estimate but would be down from 98.8 ma last year. More acres could shift to soybeans if locking in fertilizer remains difficult.
Estimates for today’s export sales report see corn sales in a range between 700k and 2,000k tons as of March 12. The average guess is 1,350k tons which would compare to 1,503k a week ago and 1,558k at this time a year ago.

Soybeans are trading higher this morning with support from higher crude and higher soybean meal, and gains are primarily in the back months. May soybeans are up 5 cents to $11.6-3/4 while November is up 9-3/4 cents to $11.51-1/4. May soybean meal is up $5.60 to $327.20 and soybean oil is up 0.17 cents to 65.69 cents.
Overnight, Israel attacked Iran’s South Pars gas field which caused Iran to retaliate by attacking another gas field. Crude oil spiked to $110 a barrel on this news, and President Trump said that he would “blow up” the entire South Pars gas field if Iran continued to attack Qatar.
Estimates for today’s export sales report see soybean sales in a range between 300k and 800k tons with an average guess of 431k tons. This would compare to 457k last week and 353k tons a year ago at this time.

All three wheat classes are trading higher to start the day with May Chicago wheat up 9-3/4 cents to $6.14, KC wheat up 6-3/4 cents to $6.32-3/4, and Minn wheat up 8-3/4 cents to $6.46 as fund money flows into commodities.
Russian wheat production for the 26/27 marketing year is expected to rise to 84.0 mmt which would be up 3% from previous estimates as analysts cite favorable weather conditions improving yields.
Estimates for today’s export sales report see wheat sales in a range between 350k and 550k tons with an average guess of 400k tons. This would compare to last week’s 455k tons and 242k tons a year ago at this time.

Amanda Brill