Soybean futures fell on Tuesday, undermined by expectations for a larger 2026 U.S. planted area. Both corn and wheat managed modest gains on strength in crude oil.
With a pause in U.S. attacks on Iranian energy targets, the market switched its focus to more traditional supply-demand factors. The USDA’s March 31 prospective plantings report is expected to show higher-than-expected soybean planting intentions for this year, as farmers consider ways to mitigate skyrocketing fertilizer costs due to the war-related closure of the Strait of Hormuz. May beans fell 8 ½ cents to $11.55, and November dropped 2 ¾ cents to $11.43 ¾.
Corn and wheat both followed crude oil higher. U.S. and Brent crude continued to push higher today, as Iran launched missile attacks in the Gulf region, even as U.S. President Donald Trump said talks aimed at eventually ceasing hostilities had been fruitful. Brent crude remains over $100/barrel, while U.S. crude is trading above $91.
Gains in corn and wheat were limited by strength in the U.S. dollar.
May corn gained 3 cents to $4.62 ½, and December was up 2 ½ cents at $4.89.
May Chicago wheat added 2 ¼ cents to $5.90, and May Kansas City inched ¾ of a cent higher to $6.04. May Hard Red Spring advanced 3 ¾ cents to $6.21 ½, and May Minneapolis closed 4 ¼ cents higher at $6.31 ¼.
