March 31, 2026

Mid-Co Morning Comments:

• Good morning and happy report day. Corn is lower again this morning, with CZ26 now nearly 17 cents off recent highs. Soybeans are slightly firmer. Corn and soybean spreads are mostly firmer, with CK/CN trading around -11.
• Tensions in the Middle East escalated overnight as Iran reportedly attacked and set fire to a fully loaded crude oil tanker off the coast of Dubai. This follows President Donald Trump’s warning that the U.S. would target Iran’s energy infrastructure if the Strait of Hormuz is not reopened. Reports also indicate additional U.S. Army troops have arrived in the region.
• Today’s Grain Stocks and Prospective Plantings reports will be released at 11am. The market is expecting a shift in acreage, with fewer corn acres and an increase in soybean acres compared to last year. Key areas to watch include the Delta (less cotton and rice, more soybeans) and the Central Plains (less sorghum, more corn and soybeans). Average trade estimates predict corn acreage at 94.3 million acres and soybean acreage at 85.5 million.
• March grain stocks are estimated at approximately 9.1 billion bushels of corn, which would be a record and roughly 11% higher than last year, with a significant portion of those stocks located west of the Mississippi River. Soybean stocks are estimated to be around 2 billion bushels.
• An active weather pattern is expected across the central U.S., with multiple inches of rainfall projected for much of the Corn Belt. The western Plains are expected to remain dry, adding further stress to an already struggling wheat crop.