March 16, 2026

Mid-Co Morning Comments:
 

• Grain markets are sharply lower this morning, led by soybeans. Spreads are wider with SK/SN trading out to -14 ¾, and deferred soybean spreads are notably weaker as well.
• President Trump sought help from multiple countries over the weekend to reopen traffic through the Strait of Hormuz, though reports indicate China declined to assist. The strait has been closed since February 28 and remains a major chokepoint for global oil and fertilizer flows.
• The Financial Times reported that President Trump said a planned summit with China’s Xi Jinping could be delayed, which has shot soybean futures lower. The meeting had been expected in the coming weeks and was viewed as a key opportunity to address trade tensions. A delay suggests negotiations may need more time, putting the rumored 8 MMT of additional Chinese soybean purchases for this marketing year into question.
• Wheat futures have rallied on concerns over cold temperatures and a lack of moisture in the western Plains. Kansas City wheat is higher again this morning, bucking the broader weakness across the commodity sector.
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