West Central Ag Grain Comments 03/12/26 9:01:50 AM
3/12/26
- Grain markets are firmer again this morning, with nearby soybeans posting double-digit gains. Corn and soybean spreads are mostly stronger.
- Crude oil prices are back on the rise, with April crude hitting a high of $95.97 overnight. Missile strikes on Iran have continued and two tanker ships have reportedly been sunk in the Persian Gulf, leading to a closure of the Strait of Hormuz.
- New phytosanitary rules from China have slowed Brazilian soybean shipments, with Cargill pausing exports due to certification delays. The move is pressuring Brazil’s cash market and weakening basis as harvest accelerates and storage tightens. Rumors of “no bids” at several export terminals have also circulated.
- Basis values remain defensive for March. CIF bids have also backed off. Logistics at river terminals have reportedly improved this month with better barge placements, operating hours, and turnaround times.
- Export Sales showed 60.3 million bushels of corn and 16.8 million bushels of soybeans for the week ending March 5. Total corn commitments for the marketing year now stand at 2.62 billion bushels, compared to 1.989 billion bushels at this time last year.
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