CBOT:
Corn closed 4–7 cents higher, rallying throughout the session and into the close, supported by strength in ethanol markets — a move reinforced by surging energy prices amid the ongoing conflict with Iran. The May26 contract led the move, gaining 6.5 cents to close at $4.6975, while Jul26 added 5.5 cents to $4.80 and Sep26 gained 5.0 cents to $4.82. New crop futures finished 4.75 cents higher at $4.945.
Soybeans traded higher throughout the session, led by soybean meal, and closed 3–7 cents higher despite weak export sales. May26 and Jul26 contracts each gained 6.75 cents, closing at $11.685 and $11.8325, respectively. Nov26 futures added 4.75 cents to close at $11.4625.
Market Headlines:
President Trump has waived the Jones Act for 60 days:
The administration waived the Jones Act for 60 days, suspending the 1920 statute that requires all goods traveling between U.S. ports to be shipped on American-made, American-crewed vessels. The waiver opens domestic shipping routes to foreign-flagged vessels, aiming to accelerate deliveries and reduce shipping costs amid surging energy prices driven by the ongoing conflict with Iran.
White House Press Secretary Karoline Leavitt stated on social media that the action will allow “vital resources like oil, natural gas, fertilizer, and coal to flow freely to US ports for sixty days”. She explained, the administration remains committed to strengthening critical US supply chains, while easing cost pressures on consumers.
The conflict in Iran continues to escalate:
Israel struck Iran’s South Pars gas field, the world’s largest. The act marks a significant shift from previous strikes, which had focused on military infrastructure rather than major energy production facilities. President Trump denied having prior knowledge of the attack and stated that Israel would not attack the South Pars gas field again, unless Iran retaliated.
Iran responded by launching missiles at oil and gas facilities across Qatar, Saudi Arabia, and the United Arab Emirates. Qatar’s Ras Laffa complex suffered extreme damage, forcing a halt to production and distribution. Trump warned that if Iran continued attacking Qatar’s LNG infrastructure, the US would destroy the entirety of South Pars gas field.
Weekly Export Sales:
US corn export sales came in at 46.1 million bushels, within market expectations of 23.6–70.9 million bushels but down from the prior week’s 59.2 million bushels. Over the last four weeks, sales averaged 53.0 million bushels per week, well above the 40.9 million bushels averaged over the same period last year. Total commitments reached 2.664 billion bushels, 30.1% ahead of the 2.048 billion bushels recorded in the same week last year. Mexico, Japan, and unknown destinations led sales for the week.
US soybean export sales totaled 11.0 million bushels, falling short of market expectations of 12.9–29.4 million bushels and down from the prior week’s 16.8 million bushels — marking the second-lowest weekly sales figure of the 2025/2026 marketing year. The four-week average of 14.2 million bushels per week trails the 16.1 million bushels averaged over the same period last year. Total commitments stand at 1.352 billion bushels, 19% behind the 1.662 billion bushels from the same week last year. Mexico, unknown destinations, and China were the largest buyers for the week.
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