Mark's Market Talk for February 23, 2026

March corn finished 4 cents lower last week, while March beans were 4 cents higher. The corn market continues to deal with too much unpriced old crop corn sitting over the market. The funds are only short 27,000 contracts of corn, and yet we can’t seem to catch a spark. U.S. farmers are expected to plant 4 to 5 million acres less corn this spring. This is helping new crop prices stay higher than the old crop. However, with the high input costs, we are not at a profitable level, so it is hard to lock this price in.

Last week, Chicago wheat was 25 cents higher on a short-covering rally. Normally, corn would follow higher, but it isn’t doing that right now. Beans were higher last Friday morning, and then we got the announcement that the Supreme Court had ruled against President Trump’s tariffs. March beans lost 15 cents right away, but they ended the day down 3 cents.

The funds are currently long 163,000 bean contracts, and right now it appears they are defending this position.

Back to the tariffs. Trump always has a plan B and C. His staff had done their homework, and shortly after losing the Supreme Court ruling, Trump announced a 10 percent tariff against the world using another law that was on the books. Later in the day, this was raised to 15 percent, and it can be in effect for 150 days.

We would all prefer to use an equal-footing world market, but we have been losing big time on free trade deficits. Trump’s tariffs have been bringing these deficits down and bringing or keeping some manufacturing in this country. Trump and Xi are still scheduled to meet in China sometime in April. They will not lack for something to talk about.