March 18, 2026

Mid-Co Morning Comments:
 

• Grain markets are mixed this morning with nearby spreads showing little change. Wheat futures are higher, while crude oil has stabilized near $95/barrel in the April WTI contract.
• President Trump said the planned meeting with China is being pushed back about five weeks. He noted a positive relationship with President Xi and expressed optimism around continued dialogue, signaling trade and economic discussions are still progressing despite recent tensions.
• Basis was slightly firmer yesterday, particularly at western processors. Soybean processor bids also improved off the lows in some areas following the break in the futures board earlier this week.
• Wheat futures continue to find support at elevated levels amid ongoing dryness in HRW growing areas and colder temperatures. Export chatter suggests some EU wheat has traded into the Southeast U.S. mill market, while Russia is working offers into Mexico.
• Conflict in the Middle East continued overnight with additional Iranian strikes in the region. The Strait of Hormuz remains a key chokepoint, supporting higher prompt NH3 and UAN prices this week.