March 13, 2026

Mid-Co Morning Comments:
 

• Grain markets are quieter this morning with corn and soybean futures trading lower. Corn spreads are firmer while soybean spreads are weaker. Crude oil is slightly lower this morning and trading around $92/barrel.
• Iran’s new Supreme Leader, Mojtaba Khamenei, said the Strait of Hormuz will remain closed and used as “a tool of pressure” against the United States and its allies, warning that U.S. bases in the region must shut down or face attacks.
• The U.S. announced that Russian crude oil currently afloat will be allowed to be sold and will not face sanctions. An estimated 124 million barrels of crude are currently at sea, roughly equal to 5–6 days of the global oil flow that normally passes through the Strait of Hormuz.
• China is expected to release fertilizer from state reserves amid the conflict in the Middle East. Urea remains the primary nitrogen fertilizer used in China and across much of the world.
• Barge freight offers remain elevated due to uncertainty surrounding near-term fuel costs. River conditions are favorable across most segments, and additional rainfall is in the forecast. March freight is bid around 600% for next week barges on the IL River.