March 12, 2026
At this hour:
🌽Corn market is up 4-5c,
🌱soybeans are up 10-11c,
🍞wheat is up 3-4c,
🛢️crude oil is up $3.96-$3.97,
💲US Dollar is up 7 points
-An Iran missile hit an oil tanker near Iraq last night, pushing crude oil higher.
-Crude oil back trading above $90 per barrel.
-Cargill halts Brazil soy shipments to China due to inspection changes.
-Weekly export sales will be out at 7:30 AM CT. Here are the estimates courtesy of Reuters: corn 800,000-2,350,000 metric tons, soybeans 250,000-900,000 metric tons, wheat 200,000-510,000 metric tons and soybean meal 150,000-400,000 metric tons.
🐂🐻 Look for a higher trade today.
Support/Resistance:
May corn – Support on May corn is at $4.53 which is the 10-day moving average. Resistance is at $4.76 which is the high from March 9th.
December corn – Support comes in at $4.78 1/2 which is the 10-day moving average. Resistance comes in at $4.98 1/2 which is the high from March 9th.
May soybeans – Support comes in at $11.89 which is the 10-day moving average. Resistance is at $12.33 3/4 which is the high from March 9th.
November soybeans – Support is at $11.43 1/4 which is the 10-day moving average. Resistance is at $11.72 1/2 which is the high from March 9th.
May Kansas City wheat – Support is at $5.98 which is the 10-day moving average. Resistance comes in at $6.47 1/2 which is the high from March 9th.
Where do we go from Here:
Grain prices are following energy prices this morning and up 4-5c on corn. The Funds continue to build a sizeable, long position, adding on breaks. Farmer selling seems to be slowing down as it feels like the farmer owns 25% or less of his corn across the U.S. Basis levels are stead at best in most areas of the U.S. with the western corn belt weaker. Weekly export sales will be interesting to see this morning to see if we are starting to see any slowdown in export business. We still have not taken out Sunday night high so until that happens, I look for corn to consolidate here the rest of the week.
Talks of Cargill halting soy shipment out of Brazil to China due to inspection changes, is helping add support to the soybean complex this morning. Add on top of that higher crude oil prices which is spilling over into the soybean oil futures, this is giving soybeans a 10-11c rally. Like the corn, soybean futures have not taken out the high from Sunday night. The Iranian missile strike on the oil tanker near Iraq stirred up the energy markets but seems like to me the Iran conflict is closer to being over than heating up. Once things settle down over in the Middle East, I would look for grain prices to pullback and consolidate. The Funds should still support prices on break and a farmer that is basically sold out of soybeans, should keep us supported. For now, it just feels like we have thrown a lot of bullish news at the market and are struggling to take out Sunday nights high.
Nothing new here for the wheat complex. They are higher by 3-5c simply because the rest of the grain prices are higher.
