The grain complex finished Tuesday mixed, with wheat higher across the board, corn posting moderate gains and soybeans under pressure into the close. Crude oil lost momentum late and ended only marginally higher, so the market had to trade its own fundamentals rather than lean on energy.

The biggest headline for wheat was the growing fertilizer squeeze. Australia is already trimming wheat plantings as farmers react to higher input costs, and Russia has now restricted some fertilizer exports for a month to protect spring supply. That combination is supportive for wheat longer term because it threatens acreage and yields, but the effect will build gradually rather than hit prices all at once.

Black Sea wheat supply still capped the upside. Russian grain exports tripled year on year in March, with wheat accounting for the bulk of the volume, and Algeria also stepped in with a wheat tender. That kept the market from running too far even as the U.S. winter wheat outlook weakened in Kansas and Oklahoma.

U.S. weather remained a support point for wheat, especially in the Plains. The next week looks drier across much of the HRW belt, and Kansas winter wheat conditions fell another 6 points to 46% good/excellent while Oklahoma dropped to 14%. That keeps the crop vulnerable, but the strong export competition from Russia and Europe limited the rally.

Corn held a firmer tone, helped by steady export flow and anticipation of Wednesday’s EIA data. USDA inspections showed 1.7 million tons of corn shipped last week, slightly above the prior week and ahead of last year, while a private sale to Mexico added another supportive demand point. The market is still waiting to see whether ethanol production stays steady to slightly higher, which would help keep corn from losing momentum.

Biofuel policy also stayed in the background for corn. The EPA is in the final stages of releasing its RVO decision, and that has kept some premium in the market because clearer blending mandates would support corn usage. That said, late pressure in crude kept the energy-linked support from turning into a bigger rally.

Soybeans were the weakest leg of the complex because the market saw a cleaner path for Brazilian exports. China and Brazil agreed to ease soybean sanitary requirements, removing a major bottleneck that had threatened shipments during Brazil’s peak export season. That is bearish for U.S. beans because it reduces friction for Brazilian loadings and reinforces Brazil’s dominance in Chinese demand.

Brazil’s export pace is still slower than last year, but the direction is clear. March soybean exports are running below the prior year’s daily average, while harvest is around 70% complete, and shipping and certification issues have been slowing flows. Even so, the new China-Brazil agreement should reduce backlog risk and keep export pressure on Chicago soybeans.

Meal and oil pulled in opposite directions. Soymeal futures fell hard, but soy oil gained on the eve of the EPA’s expected RVO release later this week, which gave bean oil some support. That kept soybeans from breaking harder, but not enough to stop the close from ending lower.

Europe and South America remained mostly constructive for crops overall. EU winter crops are entering vegetative growth in favorable condition, while South America stays wet in parts of Brazil and the southern Pampas. That is good for near-term crop development, but it also keeps global supply comfortable, which is a bearish overhang for the oilseed and feed grain complex.

Wheat: May ’26 CBOT wheat closed at $5.90, up 2 1/4 cents. The contract was supported by dry Plains weather, weaker Kansas and Oklahoma crop ratings, and mounting fertilizer concerns in Australia and Russia, but gains were capped by strong Russian export flow and broader global wheat availability.

Corn: May ’26 corn closed at $4.62 1/2, up 3 cents. Corn found support from solid export inspections, a private sale to Mexico and expectations that ethanol production will hold steady to slightly higher, while crude’s late weakness and steady South American supply kept the rally contained.

Soybeans: May ’26 soybeans closed at $11.55, down 8 1/2 cents. Beans were pressured by the China-Brazil easing on sanitary rules, which should smooth Brazilian shipments during peak export season, while a weaker meal market outweighed support from soy oil and the upcoming EPA biofuel decision.