TFM Morning Update 04-01-2026

The CME and Total Farm Marketing Offices will be Closed Friday, April 3, in Observance of Good Friday

CORN

Corn futures are drifting lower this morning as the market continues to digest acreage and stocks data while adjusting expectations around the Middle East conflict and its impact on energy markets. May corn is down 5 cents at $4.52-3/4, while December corn is 4 cents lower at $4.80-1/4.
The Quarterly Grain Stocks report showed March 1 corn stocks at 9.02 billion bushels held by producers and commercial facilities. While slightly below expectations, the total still marks a record level and stands 880 million bushels above last year.
U.S. farmers are expected to plant fewer corn acres and more soybeans in 2026, according to USDA, as rising fertilizer and fuel costs driven by the Iran conflict continue to pressure margins. Higher input costs, particularly for nitrogen fertilizer, are making corn less attractive relative to soybeans, contributing to the shift in planting decisions. USDA estimates U.S. farmers will plant 95.338 million acres of corn this year, down from 98.788 million in 2025.

Soybean futures remain in a consolidation pattern this morning as the market continues to absorb USDA acreage and grain stocks data. May soybeans are down 5-3/4 cents at $11.65-1/4, while November soybeans are 4-3/4 cents lower at $11.52-3/4.
Yesterday’s Prospective Plantings report estimated soybean acreage at 84.70 million acres, below the average trade estimate of 85.46 million but up from 81.22 million acres last year.
Quarterly soybean stocks came in slightly above expectations at 2.105 billion bushels, compared to the average guess of 2.077 billion and 1.911 billion bushels a year ago.

The wheat complex is sharply lower this morning, led by losses in Kansas City wheat. May Chicago wheat is down 14-3/4 cents at $6.01-1/2, Kansas City wheat is 17-1/4 cents lower at $6.18-1/4, and Minneapolis spring wheat is down 8 cents at $6.50-1/2.
All wheat acreage was estimated at 43.775 million acres, coming in below expectations and down from 45.328 million acres in 2025. If realized, this would mark the lowest all wheat planted area on record since 1919.
Earlier strength in wheat was driven by tighter supply expectations, with lower U.S. acreage estimates and ongoing Plains dryness raising production concerns, along with higher input costs tied to disruptions through the Strait of Hormuz. However, as energy markets have stabilized, some of that risk premium has faded, leading to a pullback in wheat prices despite continued weather uncertainty.

Matthew Lucas