Mark's Market Talk for March 2, 2026

We saw higher corn and bean prices last week. May corn was 9 cents higher, while May beans finished the week 17 cents higher. Corn had its best week since the bad news we received in the January S&D report.

We continue to sell corn to the world, but we are starting to lose the price advantage we have enjoyed all winter. The weather in South America has not been stressful enough to cause problems to this point. Producer plans in the U.S. are not set yet, and the recent bump in bean prices has increased bean acres, while corn acres are expected to decline. This setup may help push corn higher.

However, there is still a lot of unpriced old corn in the country, and end users know a 5-cent push will move bushels. Fieldwork is within a month of starting, and some anhydrous is already going on. This will encourage producers to get grain hauled prior to tractors leaving the shed.

The bean market is more complicated. When you look at the fundamentals, the 93 cents that May beans put on in February does not make sense. The world has too many beans, and higher prices will encourage more acres. Not only here at home, but also in South America.

Three possible reasons for this rally are biofuel policy, possible China demand, and the funds defending their very long positions. Congress continues to discuss biofuel policy, but they have not put anything in stone. The oil industry is a very tough opponent, and there is no doubt they have more lobbying money than farm groups.

Chinese demand is a wildcard. The news surrounding this changes almost every day. Perhaps we will know more once Trump and Xi meet.