North Gower Grains

Tuesday, March 10, 2026, 7:05 am

Monday was a mostly negative day for our markets.  Spot corn closed down 6 3/4, spot soybeans closed down 4 1/2, harvest winter wheat closed down 13 1/2 and harvest spring wheat closed up 3.  In the overnight trade all of our markets are on the negative side.  Oil closed up $3.87 yesterday at $94.77 per barrel.  It is weaker in trading this morning with it now valued at $89.01 per barrel.  Our dollar started out yesterday morning at $0.739 US and then went down to $0.735 US late in the trading day.  It has bounced back up a bit this morning with it currently valued at $0.737 US.

What a difference a day makes.  Yesterday morning we talked about oil going up to $120 per barrel in the overnight trading and all of our markets followed it higher.  As the trading day progressed yesterday crude oil prices pulled back and so did our commodities.  They all traded in a very wide range with corn closing 20 cents off its high for the day.  Soybeans traded in a 40 cent range with the closing price being near the low for the day with winter wheat also trading in a 40 cent range.  Volatility was the word for the day.

So let’s see what happened to drive prices higher then pull back yesterday.  First thing was increased bombings in the war against Iran that could potentially influence the flow of oil out of the Middle East.  This brought much uncertainty to the markets and uncertainty brings in risk and this resulted in a jump in prices.  Then the marketplace takes a look and probably realizes that it overreacted and prices pull back.  Maybe the risk was not as bad as originally thought and then the money flow reverses.  When this happens prices fall and this occurred across all of our commodities.  It was also reported yesterday that President Trump stated that the US is “achieving major strides toward completing our military objectives”.  This statement would lead us to believe that possibly this war will be a short one!

Some soybean news out of Brazil with reports that their harvest is currently at about 48% complete.  After an initial slow start to harvest they have caught up to their average pace from previous years.  These supplies are now readily available for their export market.

Tomorrow the USDA releases their monthly WASDE report.  This is not expected to be much of a market mover with no real changes in expected production for the coming year.  This could come later after the potential fallout of higher input prices this year due to the current war could result in less US corn acres and more soybean acres.

As we talked about yesterday Target Orders were hit with the large price swings on Sunday night and Monday morning.  Give us a call to talk about how they can work for your farms marketing strategy!