West Central Ag Grain Comments 03/17/26 1:00:32 PM
3/17/26
- Grain markets are firmer this morning following yesterday’s bloodbath. Soybean spreads continue to weaken, particularly those involving SX26. Crude oil futures are slightly higher.
- Yesterday’s limit-down move in soybeans marked the first occurrence since 2009. Managed money was estimated sellers of ~45,000 soybean contracts and ~35,000 corn contracts.
- The U.S. is working to assemble a multinational coalition to secure the Strait of Hormuz. Secretary of State Marco Rubio is expected to announce participating countries soon. President Trump noted strong cooperation from France, while suggesting the U.K. may be slower to commit—progress is being made, but the coalition is not fully finalized.
- President Trump is reportedly planning a “celebration of agriculture” event at the White House on March 27, bringing in farmers and biofuel producers. While not officially confirmed, the timing is notable with the market awaiting the EPA’s RFS mandate announcement.
- The Paris meetings between the U.S. and China failed to provide any positive momentum for the market. China remains firm in negotiations following the Supreme Court ruling against Trump’s IEEPA authority. As a result, many private estimates are lowering expectations for additional Chinese soybean purchases this marketing year.
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