Weekly Crop Commentary - 03/20/2026
Mar 20, 2026
Wes Bahan
Vice President, Grain Division
Good afternoon. We can finally welcome everyone to spring. Thank goodness, we have made it. It was March Madness in the grain markets this week. The meltdown on Monday left everyone looking like a deer in headlights. We sure thought that the end was near, but once the bombs started dropping and the energy markets took off, we watched the grains turn around.
There was also news that a major announcement will be made at the White House next Friday regarding agriculture. The trade is betting this will be big for the biofuel sector. As the week progressed, we watched corn return to previous highs but couldn’t punch through them. Beans, on the other hand, were 40¢ from the highs, but were still at good levels. The wheat market rallied on fears of hot, dry weather in the plains, with temperatures forecast to reach the mid-90s this weekend and conditions still under drought. We did see 5% of the Corn Belt removed from drought stress in the latest monitor release this week.
April is right around the corner, and farmers are itching to get into the fields. Will we have an early spring? We will receive our prospective planting report, along with quarterly grain stocks, on March 31. As always, have a great weekend.
Haylee Vanscoy
Director of Grain Purchasing
Good afternoon and happy first week of spring! First off, thank you to everyone who attended our regional grain marketing meetings this week! The markets gave us plenty to talk about, with a sharp selloff early in the week—especially in beans—followed by some recovery. Corn has worked its way back nicely, while beans have bounced off the lows but are still lagging a bit. Overall, it feels like we’ve lost a little steam compared to earlier this month, but there’s still a lot of outside influence at play—geopolitics, fund money flow, energy markets—and it doesn’t take much to move things quickly in either direction. Volatility continues to be the name of the game.
With that in mind, this is a great time to be thinking about tools that help take some of the emotion out of marketing—like our Average Price Program. It allows you to spread sales across historically price-friendly windows and capture an average price, rather than trying to time the market day to day. With a low-cost-per-bushel investment and a strong track record of improving harvest-time pricing, it’s a simple way to manage risk and stay disciplined. If you’d like to talk through if it’s a fit for your operation, we’d be glad to help. Hope you all have a great weekend!
Briana Holtzman
Grain Merchandiser, Kenton (Region 1)
Soybeans were the big story to start the week, with futures locking limit down on Monday as heavy selling pressure hit the market. The move was largely driven by renewed uncertainty around U.S.–China trade relations, including fears that key trade talks could be delayed, raising concerns about future export demand from the world’s largest soybean buyer. That uncertainty triggered fund liquidation and technical selling, pushing prices sharply lower and dragging the broader grain complex with it. The market essentially pulled the risk premium out of beans in a single session, highlighting how sensitive soybeans remain to geopolitical headlines and shifts in export demand.
Overall, not a very exciting week in the grain markets compared to the past weeks. We are running our Average Price Program again this year, and enrollment is still open for corn and soybeans! The deadline for corn enrollment is April 2nd, and for bean enrollment, April 16th. Contact your grain merchandiser for more information!
Zach Dennis
Grain Merchandiser, Upper Sandusky (Region 2)
Corn futures continued to trade choppy this week, but closed at the highest we have seen in a long time. Attention remains on South America. The Brazilian second corn crop is off to a favorable start, and early production expectations still point to a record crop. This continues to put downward pressure on the corn market. US corn exports remained steady, but there is still an oversupply of corn in the US. The war with Iran is something else to keep an eye on. With the Strait of Hormuz still closed, fertilizer remains a concern.
Beans have quit the run here lately. The war in Iran is causing oil prices to rise and soy oil to rise, creating demand for US beans for crushing. Exports are still slow, but that is to be expected, with Brazil continuing to dominate global shipments. President Trump also postponed his trip to China, causing the bean market to fall back drastically this week. Hopefully, we will see another rally here in the coming weeks when the meeting takes place.
Looking forward, I would utilize the target offers. They work great. Thanks, and I hope you have a great weekend.
Zane Robison
Grain Merchandiser, Urbana (Region 3)
We seem to have lost a little steam on this pleasant March Friday.
Corn has been nothing short of a roller coaster—very volatile, to the point where a 5¢ move in either direction barely feels like a change. If you want a good snapshot of just how choppy things have been, look at a 2-week corn futures chart. Today’s lower trade comes despite crude oil pushing back near the $98 mark (up about $2 on the day). With corn now consistently trading above key moving averages, some pullback is to be expected from time to time. For May futures, we’re running into resistance around $4.70 (roughly $4.65 cash). Overall, the underlying story in corn remains supportive. Exports are on pace, and we’re seeing renewed interest in ag commodities as technical traders and larger funds look for places to put money to work. When inflation expectations tick higher, we tend to see positive money flow into grains and oilseeds—and that’s been part of the recent support. As far as targets go, that $4.70 May futures level still looks like near-term resistance, while $4.95 December futures remain a key level to watch (around $4.50 fall cash).
Soybeans, on the other hand, have struggled to bounce back from Monday. Much of that weakness was driven by the postponement of the China deal and fund liquidation. Before long, we found ourselves limited down. Getting old crop beans back to $12.00 feels like it’s going to take some heavy lifting. New crop beans have held in better—though still down about 20¢ on the week. Looking ahead, the “Celebration of Agriculture” event is scheduled for March 27th on the White House South Lawn, where RVO obligations are expected to be discussed. You’d have to think that with a strong farmer presence, any announcement could lean supportive. Crush margins remain fantastic, which should continue to support a strong pace of usage. And if this stretch of good weather holds, we may start to see planters roll sooner rather than later.
Have a great weekend!
Ralph Wince
Grain Merchandiser, Canfield (Region 5)
Good afternoon, well, to say the least, it’s been another very interesting week in the grain markets. Monday saw the nearby bean market close down the limit of 70¢. Corn and wheat were both down as well, but stayed within the limits that they can move in one day. All because of one statement by President Trump: he was going to delay his scheduled visit at the end of March with China’s President Xi Jinping. That goes to show you how on edge the markets can be. We have seen massive fund investment into the commodities since the beginning of the Iran conflict. This morning, the funds are sitting at around a long position of 211,000 contracts of corn and 204,000 contracts.
With the grain markets rallying as they have, this is a great time to be forward contracting some of your new-crop corn and beans, as well as selling the bushels sitting in your bins. March 31st will be another big day in the markets, with Prospective Planting Intentions coming out. I have read a number of things this week, and even if we reduce corn acres by 5 million to 93 million planted acres and use a trendline yield of 183 bpa, that would still leave us with a 2.2 billion bu carryout. The market does not have to rally to reduce demand with that many bushels left. The uncertainty stems from the ongoing war, and we can’t predict how it might unfold.
I will finish my comments today to talk to you about our Average Price Program. Please consider putting some bushels into that program. The cost is just .01 per bushel, and in 9 of the last 10 years, we have seen corn prices higher in the averaging price window we have at harvest. And in 6 of the 10 years, we have seen the same with beans. The corn averaging dates are 4/6/26 through 6/26/26. Beans dates are 4/20/26 through 7/10/26. Also, there is no double up with this contract, please consider putting some bushels in each of these contracts. Give us a call to discuss either of them in more detail. Have a great weekend, everyone.
Morgan Hefner
Grain Merchandiser, Nashport (Region 5)
It was a busy week across the state, with several of our regions hosting their grain outlook meetings. Our colleagues at StoneX shared valuable insights into key factors currently impacting the markets and practical marketing strategies, and reminded us to reward a rallying market when the opportunity presents itself. It was great to meet in person with those of you I have only spoken with over the phone. If you would like to discuss any contracting options that were presented to you, I would be happy to set up a meeting.
The markets gave us a volatile start to the week. On Monday, old-crop beans were limit-down, with new-crop beans also falling roughly 40¢ on the day. This sharp move followed President Trump's announcement that his meeting with China would now be delayed.
Looking ahead, President Trump will be hosting an agriculture-focused event on March 27th. There is some speculation that we could see final RVO biofuel guidelines announced, and the market could react. On the global side, the conflict in Iran continues to drive crude oil prices. As we have seen before, this market does have an impact on the grains as well.
It looks like we are going to see warmer temperatures and some sunshine in the next couple of days. I hope you enjoy your weekend!
Vice President, Grain Division
Good afternoon. We can finally welcome everyone to spring. Thank goodness, we have made it. It was March Madness in the grain markets this week. The meltdown on Monday left everyone looking like a deer in headlights. We sure thought that the end was near, but once the bombs started dropping and the energy markets took off, we watched the grains turn around.
There was also news that a major announcement will be made at the White House next Friday regarding agriculture. The trade is betting this will be big for the biofuel sector. As the week progressed, we watched corn return to previous highs but couldn’t punch through them. Beans, on the other hand, were 40¢ from the highs, but were still at good levels. The wheat market rallied on fears of hot, dry weather in the plains, with temperatures forecast to reach the mid-90s this weekend and conditions still under drought. We did see 5% of the Corn Belt removed from drought stress in the latest monitor release this week.
April is right around the corner, and farmers are itching to get into the fields. Will we have an early spring? We will receive our prospective planting report, along with quarterly grain stocks, on March 31. As always, have a great weekend.
Haylee Vanscoy
Director of Grain Purchasing
Good afternoon and happy first week of spring! First off, thank you to everyone who attended our regional grain marketing meetings this week! The markets gave us plenty to talk about, with a sharp selloff early in the week—especially in beans—followed by some recovery. Corn has worked its way back nicely, while beans have bounced off the lows but are still lagging a bit. Overall, it feels like we’ve lost a little steam compared to earlier this month, but there’s still a lot of outside influence at play—geopolitics, fund money flow, energy markets—and it doesn’t take much to move things quickly in either direction. Volatility continues to be the name of the game.
With that in mind, this is a great time to be thinking about tools that help take some of the emotion out of marketing—like our Average Price Program. It allows you to spread sales across historically price-friendly windows and capture an average price, rather than trying to time the market day to day. With a low-cost-per-bushel investment and a strong track record of improving harvest-time pricing, it’s a simple way to manage risk and stay disciplined. If you’d like to talk through if it’s a fit for your operation, we’d be glad to help. Hope you all have a great weekend!
Briana Holtzman
Grain Merchandiser, Kenton (Region 1)
Soybeans were the big story to start the week, with futures locking limit down on Monday as heavy selling pressure hit the market. The move was largely driven by renewed uncertainty around U.S.–China trade relations, including fears that key trade talks could be delayed, raising concerns about future export demand from the world’s largest soybean buyer. That uncertainty triggered fund liquidation and technical selling, pushing prices sharply lower and dragging the broader grain complex with it. The market essentially pulled the risk premium out of beans in a single session, highlighting how sensitive soybeans remain to geopolitical headlines and shifts in export demand.
Overall, not a very exciting week in the grain markets compared to the past weeks. We are running our Average Price Program again this year, and enrollment is still open for corn and soybeans! The deadline for corn enrollment is April 2nd, and for bean enrollment, April 16th. Contact your grain merchandiser for more information!
Zach Dennis
Grain Merchandiser, Upper Sandusky (Region 2)
Corn futures continued to trade choppy this week, but closed at the highest we have seen in a long time. Attention remains on South America. The Brazilian second corn crop is off to a favorable start, and early production expectations still point to a record crop. This continues to put downward pressure on the corn market. US corn exports remained steady, but there is still an oversupply of corn in the US. The war with Iran is something else to keep an eye on. With the Strait of Hormuz still closed, fertilizer remains a concern.
Beans have quit the run here lately. The war in Iran is causing oil prices to rise and soy oil to rise, creating demand for US beans for crushing. Exports are still slow, but that is to be expected, with Brazil continuing to dominate global shipments. President Trump also postponed his trip to China, causing the bean market to fall back drastically this week. Hopefully, we will see another rally here in the coming weeks when the meeting takes place.
Looking forward, I would utilize the target offers. They work great. Thanks, and I hope you have a great weekend.
Zane Robison
Grain Merchandiser, Urbana (Region 3)
We seem to have lost a little steam on this pleasant March Friday.
Corn has been nothing short of a roller coaster—very volatile, to the point where a 5¢ move in either direction barely feels like a change. If you want a good snapshot of just how choppy things have been, look at a 2-week corn futures chart. Today’s lower trade comes despite crude oil pushing back near the $98 mark (up about $2 on the day). With corn now consistently trading above key moving averages, some pullback is to be expected from time to time. For May futures, we’re running into resistance around $4.70 (roughly $4.65 cash). Overall, the underlying story in corn remains supportive. Exports are on pace, and we’re seeing renewed interest in ag commodities as technical traders and larger funds look for places to put money to work. When inflation expectations tick higher, we tend to see positive money flow into grains and oilseeds—and that’s been part of the recent support. As far as targets go, that $4.70 May futures level still looks like near-term resistance, while $4.95 December futures remain a key level to watch (around $4.50 fall cash).
Soybeans, on the other hand, have struggled to bounce back from Monday. Much of that weakness was driven by the postponement of the China deal and fund liquidation. Before long, we found ourselves limited down. Getting old crop beans back to $12.00 feels like it’s going to take some heavy lifting. New crop beans have held in better—though still down about 20¢ on the week. Looking ahead, the “Celebration of Agriculture” event is scheduled for March 27th on the White House South Lawn, where RVO obligations are expected to be discussed. You’d have to think that with a strong farmer presence, any announcement could lean supportive. Crush margins remain fantastic, which should continue to support a strong pace of usage. And if this stretch of good weather holds, we may start to see planters roll sooner rather than later.
Have a great weekend!
Ralph Wince
Grain Merchandiser, Canfield (Region 5)
Good afternoon, well, to say the least, it’s been another very interesting week in the grain markets. Monday saw the nearby bean market close down the limit of 70¢. Corn and wheat were both down as well, but stayed within the limits that they can move in one day. All because of one statement by President Trump: he was going to delay his scheduled visit at the end of March with China’s President Xi Jinping. That goes to show you how on edge the markets can be. We have seen massive fund investment into the commodities since the beginning of the Iran conflict. This morning, the funds are sitting at around a long position of 211,000 contracts of corn and 204,000 contracts.
With the grain markets rallying as they have, this is a great time to be forward contracting some of your new-crop corn and beans, as well as selling the bushels sitting in your bins. March 31st will be another big day in the markets, with Prospective Planting Intentions coming out. I have read a number of things this week, and even if we reduce corn acres by 5 million to 93 million planted acres and use a trendline yield of 183 bpa, that would still leave us with a 2.2 billion bu carryout. The market does not have to rally to reduce demand with that many bushels left. The uncertainty stems from the ongoing war, and we can’t predict how it might unfold.
I will finish my comments today to talk to you about our Average Price Program. Please consider putting some bushels into that program. The cost is just .01 per bushel, and in 9 of the last 10 years, we have seen corn prices higher in the averaging price window we have at harvest. And in 6 of the 10 years, we have seen the same with beans. The corn averaging dates are 4/6/26 through 6/26/26. Beans dates are 4/20/26 through 7/10/26. Also, there is no double up with this contract, please consider putting some bushels in each of these contracts. Give us a call to discuss either of them in more detail. Have a great weekend, everyone.
Morgan Hefner
Grain Merchandiser, Nashport (Region 5)
It was a busy week across the state, with several of our regions hosting their grain outlook meetings. Our colleagues at StoneX shared valuable insights into key factors currently impacting the markets and practical marketing strategies, and reminded us to reward a rallying market when the opportunity presents itself. It was great to meet in person with those of you I have only spoken with over the phone. If you would like to discuss any contracting options that were presented to you, I would be happy to set up a meeting.
The markets gave us a volatile start to the week. On Monday, old-crop beans were limit-down, with new-crop beans also falling roughly 40¢ on the day. This sharp move followed President Trump's announcement that his meeting with China would now be delayed.
Looking ahead, President Trump will be hosting an agriculture-focused event on March 27th. There is some speculation that we could see final RVO biofuel guidelines announced, and the market could react. On the global side, the conflict in Iran continues to drive crude oil prices. As we have seen before, this market does have an impact on the grains as well.
It looks like we are going to see warmer temperatures and some sunshine in the next couple of days. I hope you enjoy your weekend!