Grain Market Commentary 3/20/26
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CBOT:
Corn traded higher overnight before pulling back throughout the day session, closing 3-5 cents lower. The May26 contract settled at $4.655, down 4.25 cents on the day and 1.75 cents on the week. Jul26 and Sep26 contracts each lost 4.0 cents, settling at $4.76 and $4.78, respectively. Dec26 futures fell 3.75 cents on the day and 0.75 cents on the week, settling at $4.9075.
Soybeans moved steadily lower through the day session, losing 5-8 cents. The May26 contract settled at $11.6125, down 7.25 cents on the day and 64 cents on the week. Jul26 lost 6.75 cents to settle at $11.765. Nov26 futures dropped 5.25 cents on the day and 20.5 cents on the week, settling at $11.41.
Market Headlines:
US Senators have introduced a new bill intended to increase fertilizer price transparency:
A group of US Senators is calling for greater fertilizer price transparency. On Thursday, US Senator John Thune (R-SD) introduced the Fertilizer Transparency Act of 2026. The legislation would require the USDA to collect and publish weekly fertilizer price data from manufacturers. The bill aims to provide American producers with more accurate pricing information on fertilizer and fertilizer products.
The bill comes as producers face low commodity prices and rising fertilizer costs that are compressing profit margins. Cosponsors include Senators Amy Klobuchar (D-MN), Chuck Grassley (R-IA), and Tammy Baldwin (D-WI).
The US considering occupying Kharg Island to force Iran to reopen the Strait of Hormuz:
Kharg Island, a 7.7-square-mile island in the Persian Gulf, serves as a transit point for nearly all of Iran’s crude oil exports. Iran relies heavily on oil revenue to fund its government, military, and proxy networks, making control of the island a significant strategic objective for the US. In addition to cutting off a primary source of Iranian war financing, the US could use the island as leverage to negotiate the reopening of the Strait of Hormuz.
The reports emerge after Iran’s military threatened to “hunt down” officials and military commanders from the US and Israel.
Weekly Drought Monitor: 
A storm system crossed the Great Plains and moved through the Great Lakes region last week, bringing rain and thunderstorms to parts of the Midwest. The upper Midwest received historic blizzard conditions. Rainfall and snowfall improved drought conditions across large portions of the Midwest, the Mississippi River Valley, and the Northeast. The Southwest and the central and southern Great Plains received no precipitation, instead experiencing a warm and dry week.
A low-pressure system moved through the Midwest, producing high winds and heavy rain and snow. Weekly precipitation totals ranged from 2 to 3 inches from central Illinois to eastern Wisconsin. Drought conditions improved across most of Illinois and Wisconsin and portions of Michigan.
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