Grain Market Commentary 3/17/26
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CBOT:
Corn finished the day mixed after trading both sides. The May26 contract closed unchanged at $4.54, while the Jul26 contract shed ¼ of a cent to settle at $4.655. Sep26 futures added a cent to close at $4.6825, and Dec26 futures gained 1¾ cents to settle at $4.8175.
Soybeans traded both sides overnight before finding support during the day session. The announcement of the White House’s March 27 celebration of agriculture event and Trump’s reassurance that the summit with President Xi will still take place both lent support. The May 2026 contract added 1¼ cents to close at $11.57, while the July 2026 contract gained 3½ cents to settle at $11.7125. November 2026 futures led the move higher, adding 10¼ cents to close at $11.3125.
Market Headlines:
The White House will host farmers and biofuels producers on March 27:
President Trump has invited hundreds of US farmers, ranchers, and biofuel producers to a “celebration of agriculture” event. The event will be held on the White House South Lawn. The invitation highlights those producing the nation’s “food, fiber, and fuel.” The event comes as the administration finalizes new biofuel blending requirements, with a final rule expected by the end of the month. Whether the event will include the release of the 2026 and 2027 biofuel blending quotas, known as Renewable Volume Obligations (RVOs), remains unclear.
The biofuel blending quotas determine how much ethanol, biodiesel, and other renewable fuels refiners must blend into the US fuel supply. The policy carries significant implications for US soybean and corn demand, consumer fuel prices, and refiner margins, among others. These competing interests have drawn the policy into the White House’s focus, particularly ahead of midterm elections.
Trump pushes back Trump/Xi summit:
Following US-China trade talks in Paris, President Trump indicated the planned summit with Chinese President Xi may be delayed. Shortly after, Treasury Secretary Bessent clarified that any delay reflects logistical considerations and Trump’s preference to remain in the US during the ongoing conflict with Iran, rather than any deterioration in relations with China. The news sent both the May 2026 and July 2026 soybean contracts to limit-down closes on Monday.
Today, Trump confirmed the summit will still take place, telling reporters, “We’re resetting the meeting, and it looks like it will be in about five weeks.” Soybeans found support on the news, closing the day higher.
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