Thursday’s trade was shaped by stronger wheat export demand, steady corn demand, and a sharp soybean response to meal, oil and biofuel policy headlines. The market also stayed focused on next week’s acreage and stocks reports, with weather and South America still defining the broader supply outlook.

Export sales were one of the clearest positives of the day. Wheat bookings for the week of March 19 came in more than double the prior week and nearly four times the same period last year, while corn sales also improved and soybean sales posted their strongest result in five weeks. That kept the market anchored by demand rather than just weather anxiety, with wheat and soybeans getting the strongest direct support.

Wheat had the firmest fundamental tailwind, helped by the export-sales jump, a large Algerian tender and the ongoing expectation that U.S. wheat acreage could fall in this year’s March intentions report. The market is looking for wheat plantings below last year, which keeps attention on whether lower acreage can offset still-heavy global stocks and uneven production prospects.

The weather map remained supportive for wheat as well. The Southern Plains continue to face expanding drought, with winter wheat conditions falling sharply and soil moisture described as unfavorable for spring planting. That matters most for HRW wheat, but it also keeps the wider grain market sensitive to any further dryness in U.S. production areas.

Corn was steadier, but the demand tone improved. Old-crop corn export bookings reached 1.22 MMT, with Mexico again the top buyer, and Taiwan’s tender for U.S. corn added another demand point. Even so, the market was reluctant to chase prices aggressively ahead of the March intentions report, where traders are looking for a sizeable acreage decline from last year.

Biofuel policy was the key reason corn managed to hold its ground despite the modest close. The EPA waiver allowing summer E15 sales was a direct supportive headline for corn demand and for ethanol blending economics. That story matters because it can improve domestic corn usage even when futures are struggling to gain momentum from the export side.

Soybeans were the strongest of the three crop markets in terms of product support. Bean futures gained alongside a jump in soymeal and soy oil, and the export-sales report added a clear demand surprise with China as a major buyer. The combination of firm meal demand, stronger oil and ongoing attention to biofuel policy kept soybeans well bid.

South American developments also remained important for the balance sheet outlook. Agroconsult cut its estimate for Brazil’s second corn crop by 7.6%, with weather in April flagged as a key determinant of final yield potential. At the same time, it raised Brazil’s soybean output estimate for 2025-26, which is supportive for long-term supply but still leaves the market watching whether dry pockets in Brazil’s center-west become more of a risk for safrinha corn.

The broader macro and positioning backdrop was also constructive. Funds were net buyers across wheat, corn, soybeans, soymeal and soyoil in the latest player sheet, which helped reinforce the late-week tone. On top of that, the rescheduled Trump-Xi summit on May 14-15 keeps trade relations in view, even if it is not an immediate price driver for Thursday’s close.

The market now turns to next week’s March intentions and quarterly stocks reports, which could reset the acreage and supply narrative across the complex. For now, wheat is drawing support from export demand and dry Plains weather, corn is leaning on biofuel policy and export flow, and soybeans are being carried by meal, oil and China buying.

Wheat for May ’26 CBOT closed at $6.05, up 7 1/4 cents. Chicago SRW, KC HRW and MPLS spring wheat all finished firmer, with Kansas City posting the strongest gains. The move was driven by stronger export sales, an Algerian tender and continued drought pressure across the U.S. Plains.

Corn for May ’26 CBOT closed at $4.67, down 1/4 cent. The contract gave back early strength even as front months across the board held mostly slightly higher, with the national cash market also softer. Support came from better export sales, the Taiwan tender and the EPA’s E15 waiver, but traders stayed cautious ahead of next week’s acreage and stocks data.

Soybeans for May ’26 CBOT closed at $11.73 3/4, up 2 cents. Beans traded firmer with strong help from meal and oil, while export sales topped the range of expectations and China was a major buyer. The market also had support from biofuel policy and the broader oilseed demand picture.