Weekly Market Update 3/26/2026
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Here is your weekly market update from the Garden City Co-op Grain Origination Team.
Trivia
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The term “Grand Prix” was first used in a motor race in which country?
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Which late rockstar is the grandfather of actress Riley Keough?
Answers at the bottom.
Market News
WTI CRUDE OIL: Crude oil prices peaked earlier in the morning but have since slightly declined, now trading about $2 per barrel higher. In the U.S., crude oil stocks are rising, with the Department of Energy reporting a fifth consecutive weekly increase in inventories, keeping levels well above last year's despite strong demand. Meanwhile, Asian countries are turning to Russian oil due to disruptions in Iranian supplies from the Middle East conflict, with strong demand coming mainly from India and China, especially after the closure of the Strait of Hormuz, which has blocked one-fifth of global oil supply. Stronger crude oil prices are supporting soybeans and soybean oil today, alongside the anticipation of RVO numbers tomorrow. However, the March 31 Quarterly Stocks and Prospective Plantings reports could significantly affect the markets. Traders expect steady to higher corn and soybean acreage compared to the USDA's February estimates, but strong 2025 production may lead to higher March 1 stocks. Forecasts show a record corn inventory of over nine billion bushels, about 900 million more than last year, and soybean stocks are projected to increase by roughly 150 million bushels, surpassing two billion. Overall, we are well-stocked in both crops as we approach the 2026 planting season.
MARKET UPDATE: MARKET UPDATE: Markets have stayed in their choppy, volatile pattern this week as traders digest continually changing headlines. Between the Iranian War, Trump’s upcoming Chinese meeting, and announcements around E15, there hasn’t been a shortage of news to move markets around. CORN: Dec corn futures have traded a wide 16-cent range and are higher on the week. Exports remain decent and are still ahead of the pace to hit USDA estimates. The trade is anxiously awaiting the USDA’s Stocks and Acreage report on Tuesday, with estimates on corn planted acres ranging from 92.6-96.0 million. Average trade estimates are at a strong 94.4 million acres. Expect sparks to fly next week regardless of what USDA prints. Country basis remains flat to weaker, with lots of end users full in the nearby. WHEAT: What a wild wheat market that we’ve been in – with the Iranian War causing volatility in crude oil, wheat has been the beneficiary, with July futures 90-cents ahead of where they were a month ago. Wheat has traded an almost 40-cent range this week, sticking to the theme of volatility and underscoring the importance of having working orders in if there’s a price you’re looking to sell. With this runup in futures comes the flip side that US wheat is further from being competitive in export channels, with Russian wheat actually cheaper delivered into Mexico than US HRW. Weather also remains a huge wild card for wheat, with much of wheat country hot and dry. SOYBEANS: Soybeans have been along for the same wild ride as other commodities, largely following headlines. The market will have a keen eye on acreage next week, with the trade estimating 85.5 million acres.
E15 UPDATE: Yesterday, government agencies decided to allow nationwide sales of E15 fuel (gasoline with 15% ethanol) while also removing all barriers to E10 sales beginning May 1, 2026. This was issued under a temporary emergency fuel waiver in hopes of easing fuel costs for Americans this summer. While still no ruling on year-round E15, US Ag Secretary Brooke Rollins noted that it, “Is essential for the farm economy and Congress needs to find a common sense solution that provides much needed certainty to consumers and farmers.” While this seems positive for consumers and producers, ethanol plants are already running near capacity, so how much more can they stand? It will be interesting to see if this has an effect, if any, on markets.
EXPORTS: Corn export sales totaled 47.9 million bushels this week – 18.1 million bushels below the running 10-week average and in-line with current trade estimates. New crop corn sales were reported at 5.3 million bushels sold. Current week corn export inspections totaled 66.9 million bushels, up 1.1 million bushels from the week prior. Old crop soybean sales were reported at 24.6 million bushels, with 1.0 million bushels of N/C soybean sales reported. Soybean export inspections for the week were reported at 40.5 million bushels – falling below the running 10-week average, but still on the upper-end of current trade estimates. Total O/C wheat export sales totaled 14.6 million bushels this week, in addition to 7.6 million bushels of N/C sales. Current week wheat export inspections totaled 16.8 million bushels – 0.3 million bushels above upper-end trade estimates. Milo export sales totaled 0.2 million bushels this week and export inspections totaled 7.2 million bushels.
WEATHER: Hot and windy today with a high of 98°F, warranting a Red Flag Warning. Lows tonight reach down to 37°F with northeast wind gusts up to 44mph. Much cooler tomorrow to end the work week with a high of 55°F with wind gusts near 36mph. The wind continues Saturday at 24-29mph and highs near 70°F. Sunday heats back up again with a high near 90 and overnight lows near 51°F. Monday highs are near 88°F and a 20% chance of showers later that night. Tuesday highs are near 87°F while spring temps return Wednesday, near 72°F with a 20% chance of showers.
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Trivia Answers
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France
- Elvis Presley