Grain Market Commentary 3/6/26
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CBOT:
Corn and soybeans both closed higher today, supported by strength in the energy markets tied to tensions in Iran, large fund buying, and continued strength in export demand earlier in the week.
Corn ended the day 3–8 cents higher. The May26 contract closed 7.25 cents higher at $4.535. Jul26 futures gained 8.25 cents to close at $4.6275, while Sep26 futures added 8.0 cents, closing at $4.6425. New crop Dec26 futures closed 6.5 cents higher at $4.845.
Soybeans finished the day 10–23 cents higher. The May26 contract closed at $11.7925, up 22.5 cents. Jul26 futures added 21.5 cents to close at $11.925. Nov26 futures gained 10.5 cents, ending the day at $11.4675.
Market Headlines:
Iranian conflict escalates:
Israel’s military launched strikes on Beirut on Friday, marking a major expansion of the conflict involving Iran. In response, Iran fired missiles toward Israel, which Israeli air defense systems intercepted. Iran also launched drones and missiles toward Qatar, which hosts a US military base, though Qatar’s Ministry of Defense reported that its forces intercepted at least one drone.
US Central Command leader Adm. Brad Cooper responded to the attacks, which included the launch of seven drones toward civilian and residential areas in Bahrain. He stated, “This is unacceptable and will not go unanswered.”
The escalation in military activity pushed crude oil prices higher, which provided indirect support to corn and soybean markets through the biofuels sector.
The US and Mexico will begin a USMCA review process mid-March:
US and Mexican officials plan to begin bilateral discussions during the week of March 16. US Trade Representative Jamieson Greer and Mexican Secretary of Economy Marcelo Ebrard instructed negotiators “to begin a scoping discussion on the necessary measures to ensure the benefits of the Agreement accrue primarily to the parties.” Key areas of focus include reducing reliance on imports from outside the USMCA region, strengthening rules of origin, and reinforcing North American supply chains.
Weekly Drought Monitor: 
(as of 3.3.26)
In the Ohio Valley, drought conditions persisted and continued to intensify and expand. Over the past 90 days, precipitation averaged less than half of normal across parts of Missouri, Kentucky, Indiana, and Illinois. Carbondale, Illinois recorded its driest winter on record. Meanwhile, drought conditions in the Central Great Plains expanded into northwestern Iowa and southwestern Minnesota.
In the High Plains, unseasonably warm temperatures and strong winds worsened drought conditions in Colorado and Nebraska. Snow water equivalent in the Central Rockies currently sits at less than 70% of normal.
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