Good morning.
CBOT ag markets are mostly higher this morning, as Tuesday’s sellers have seemingly become Wednesday’s buyers on more talk of oil reserves being released in an effort to stabilize world energy markets. Crude oil and bean oil are the leaders so far in the commodity space, but the buying has spilled over into most of the rest of the markets at least early on, and this includes the grains. Corn futures to start mid-week are trading 5-6 cents higher, soybean futures are trading 10-15 cents higher, and the Chicago wheat market is trading 7-8 cents higher.
Tuesday’s WASDE update offered traders little if anything to sink their collective teeth into, as the USDA generally punted on most anything of importance, leaving ending stocks across the three major US crops mostly unchanged. If there was a data point of note we would say it was the 800-mil lb. drop in bean oil used for biofuel, but even this didn’t have as much bite as it could have due to the pending RVO release that is still expected sometime in the next couple weeks.
This morning’s weekly ethanol report from the EIA is expected to show average daily production in the week ending March 6th between 1.085 – 1.126 mil bbls, while stocks for the week are estimated between 25.80-27.30 mil bbls. PLEASE NOTE: we will be discontinuing our regular weekly ethanol corn grind report that usually comes out on Wednesday mornings and will report figures in our midday and afternoon comments. Our corn grind table will be available on our Friday afternoon ethanol recap.
Sources familiar with the matter are reporting that Chinese officials are allegedly frustrated with what they’re calling an insufficient amount of preparation by the US ahead of a planned meeting between Trump and Xi at the end of the month, signaling tensions remain between the world’s two largest economies ahead of lower level trade talks that are expected to take place this weekend.
Several sources have reported this morning that Russian grain exports to Iran have resumed via the Caspian Sea after just a roughly two days pause caused by the US/Israel war against the country, though shipments through the Black Sea remain suspended.
More a local story, but Reuters reported on Tuesday that a fire broke out earlier this week at a Cargill soybean processing plant in Wichita, KS, which caused a temporary suspension of operations. There were no injuries reported, but the full extent of the damage remains unclear this morning. The plant has the capability to crush upwards of around 105,000 bu of soybeans/day but was not taking truck deliveries still as of the end of the day on Tuesday.
The USDA said in an emailed statement on Tuesday that its new export sales reporting system would be officially rolled out on March 26th, with the first weekly report using the new system then expected on April 2nd. The launch comes following a failed attempt at an upgrade in 2022 which led to almost a month of delayed export reports.
In other energy news not related to Iran or the Middle East, President Trump on Tuesday touted plans for the first new US oil refinery in nearly 50 years, which he says is in the works for Brownsville, TX. The $300 billion facility would mark a significant expansion in US refining capacity if completed, with Trump framing the project as “a return to real energy dominance.”
NOAA’s Storm Prediction Center showed 17 tornado reports from Tuesday, as active weather continued to impact the south-central parts of the country and the Midwest. Most of these were located through northern IL/IN, while there were also 98 large hail reports and 332 total hail reports. A lot of the southeastern and eastern parts of the US remain in the slight risk category for additional storms today, but it appears the bulk of the week’s severe weather is behind us.
Forecasts then show a clipper system impacting the northern Midwest in the back half of the week, but otherwise, the rest of the region generally sees a clearer forecast again before moisture is seen returning Sunday/Monday and into the first part of next week.
Models have again trended wetter through the bulk of Argentina this morning into next week, but are little changed elsewhere as the precipitation forecast for Brazil continues to look much the same as it has for several weeks now. Ongoing rainfall in the northern and north-central parts of the country will likely continue to hamper soybean harvest progress, but it’s also charged soil moisture levels for the safrinha corn crop, which should bode well for production and yields.
Have a great day.
Grain Comments: 03-11-2026
Good morning.
CBOT ag markets are mostly higher this morning, as Tuesday’s sellers have seemingly become Wednesday’s buyers on more talk of oil reserves being released in an effort to stabilize world energy markets. Crude oil and bean oil are the leaders so far in the commodity space, but the buying has spilled over into most of the rest of the markets at least early on, and this includes the grains. Corn futures to start mid-week are trading 5-6 cents higher, soybean futures are trading 10-15 cents higher, and the Chicago wheat market is trading 7-8 cents higher.
Tuesday’s WASDE update offered traders little if anything to sink their collective teeth into, as the USDA generally punted on most anything of importance, leaving ending stocks across the three major US crops mostly unchanged. If there was a data point of note we would say it was the 800-mil lb. drop in bean oil used for biofuel, but even this didn’t have as much bite as it could have due to the pending RVO release that is still expected sometime in the next couple weeks.
This morning’s weekly ethanol report from the EIA is expected to show average daily production in the week ending March 6th between 1.085 – 1.126 mil bbls, while stocks for the week are estimated between 25.80-27.30 mil bbls. PLEASE NOTE: we will be discontinuing our regular weekly ethanol corn grind report that usually comes out on Wednesday mornings and will report figures in our midday and afternoon comments. Our corn grind table will be available on our Friday afternoon ethanol recap.
Sources familiar with the matter are reporting that Chinese officials are allegedly frustrated with what they’re calling an insufficient amount of preparation by the US ahead of a planned meeting between Trump and Xi at the end of the month, signaling tensions remain between the world’s two largest economies ahead of lower level trade talks that are expected to take place this weekend.
Several sources have reported this morning that Russian grain exports to Iran have resumed via the Caspian Sea after just a roughly two days pause caused by the US/Israel war against the country, though shipments through the Black Sea remain suspended.
More a local story, but Reuters reported on Tuesday that a fire broke out earlier this week at a Cargill soybean processing plant in Wichita, KS, which caused a temporary suspension of operations. There were no injuries reported, but the full extent of the damage remains unclear this morning. The plant has the capability to crush upwards of around 105,000 bu of soybeans/day but was not taking truck deliveries still as of the end of the day on Tuesday.
The USDA said in an emailed statement on Tuesday that its new export sales reporting system would be officially rolled out on March 26th, with the first weekly report using the new system then expected on April 2nd. The launch comes following a failed attempt at an upgrade in 2022 which led to almost a month of delayed export reports.
In other energy news not related to Iran or the Middle East, President Trump on Tuesday touted plans for the first new US oil refinery in nearly 50 years, which he says is in the works for Brownsville, TX. The $300 billion facility would mark a significant expansion in US refining capacity if completed, with Trump framing the project as “a return to real energy dominance.”
NOAA’s Storm Prediction Center showed 17 tornado reports from Tuesday, as active weather continued to impact the south-central parts of the country and the Midwest. Most of these were located through northern IL/IN, while there were also 98 large hail reports and 332 total hail reports. A lot of the southeastern and eastern parts of the US remain in the slight risk category for additional storms today, but it appears the bulk of the week’s severe weather is behind us.
Forecasts then show a clipper system impacting the northern Midwest in the back half of the week, but otherwise, the rest of the region generally sees a clearer forecast again before moisture is seen returning Sunday/Monday and into the first part of next week.
Models have again trended wetter through the bulk of Argentina this morning into next week, but are little changed elsewhere as the precipitation forecast for Brazil continues to look much the same as it has for several weeks now. Ongoing rainfall in the northern and north-central parts of the country will likely continue to hamper soybean harvest progress, but it’s also charged soil moisture levels for the safrinha corn crop, which should bode well for production and yields.
Have a great day.
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