Grain Market Commentary 4/2/26
CBOT:
CBOT markets will be closed Friday, April 4, in observance of Good Friday.
Corn traded both sides of unchanged, finding support from energy markets overnight before following them lower during the day session. Energy markets broke after news emerged of Iran drafting a traffic protocol for the Strait of Hormuz (read more below). The May26 contract led the complex lower, shedding 2.0 cents to close at $4.5225. Jul26 futures closed 1.75 cents lower at $4.6325, Sep26 lost a quarter cent to close at $4.67, and Dec26 ended the session unchanged at $4.8125.
Soybeans closed 1–5 cents lower, with nearby contracts leading the way down as old crop demand weakens as Chinese buying remains absence. May26 shed 5.0 cents to close at $11.635, while Jul26 lost 4.5 cents to settle at $11.800. The Nov26 contract ended the session 1.5 cents lower at $11.540.
Market Headlines:
Key takeaways on President Trump’s Wednesday night speech:
Trump delivered a 19-minute address Wednesday night focused on the US-Israeli war on Iran. He stated the US military will continue to strike Iran “extremely hard” over the next two to three weeks and that operations remain on track to achieve their goals “very fast”. However, he offered no further timeline specifics.
Trump warned the conflict could escalate if Iran does not agree to US terms at the negotiating table. He also called on countries reliant on Gulf oil to “take the lead” in supporting the effort but stopped short of revisiting earlier statements about withdrawing from NATO over insufficient allied support.
Iran drafting Strait of Hormuz traffic protocol with Oman:
Iran’s state news agency reported that Iran and Oman are drafting a protocol to monitor shipping traffic through the Strait of Hormuz. Iran’s deputy foreign minister for legal and international affairs, Kazem Gharibabadi, said the oil-shipping route “should be supervised and coordinated.”
On the news, crude oil and grain markets moved quickly lower, while US stock indexes turned higher.
Weekly Export Sales Data:
(week ended 3.26.26)
US corn export sales were 45.25 million bushels, within market expectations of 35.43–62.99 million bushels. Sales came in nearly unchanged from the prior week’s 47.94 million bushels and have held at a steady pace, averaging 49.62 million bushels per week over the last four weeks. Total commitments stand at 2.757 billion bushels, up 29.13% from last year’s same-week total of 2.135 billion bushels. Increases were primarily for Mexico, Japan, Taiwan, and Colombia.
US soybean export sales were 12.89 million bushels, at the low end of market expectations of 11.02–25.72 million bushels. Sales fell 47.56% from the prior week’s 24.58 million bushels and averaged 16.31 million bushels per week over the last four weeks. Total commitments stand at 1.382 billion bushels, 18.56% below last year’s same-week total of 1.697 billion bushels. Increases were led by China, Bangladesh, Mexico, Indonesia, and Egypt.
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