Grain Market Commentary 3/24/26
CBOT:
Corn closed 2-3 cents higher, drawing support from a crude oil recovery as fighting in the Gulf continued and diplomatic signals remain unclear. The May26 contract added 3.0 cents to settle at $4.625. Jul26 futures gained 2.0 cents to finish at $4.725, while the Sep26 contract closed 2.5 cents higher at $4.75. Dec26 picked up 2.5 cents to finish at $4.89.
Soybeans finished 3-9 cents lower. Weighed on by managed money profit-taking ahead of next week’s acreage report. May26 led the move down, losing 8.5 cents to close at $11.55, while Jul26 lost 7.5 cents to settle at $11.7025. New crop Nov26 gave back 2.75 cents, ending at $11.4375. The May-Jul spread posted new lows, settling at -16.5 cents.
Market Headlines:
US EPA administrator Lee Zeldin says a major biofuel policy announcement is expected in coming days:
EPA Administrator Lee Zeldin confirmed Tuesday that the agency will release the long-awaited final rule setting Renewable Volume Obligations (RVOs) for 2026 and 2027 before the end of March. Zeldin made the remarks at a National Ag Day event in Washington. The final rule is expected to align with the White House’s Celebration of Agriculture on March 27. Policy uncertainty has weighed on biofuel production capacity over the past year, and US farmers and biofuel producers widely anticipate the rule’s release.
The US-Israel conflict with Iran entered its 25th day on March 24:
President Trump claimed “productive” peace talks are underway and announced a 5-day pause on threatened strikes against Iranian power infrastructure. Based on the president’s comments, oil prices dropped sharply. Meanwhile, Iran publicly denied any negotiations as Iran’s Revolutionary Guard Corps called Trump a “deceitful president”. Strikes continued across Tehran, Isfahan, and Tabriz. Iran fired several missiles at Israel, with multiple impacts reported in Tel Aviv. Later in the session, a senior Iranian official acknowledged that US “points” had been received and were under review. the first signal of any indirect engagement.
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