Corn, Soybeans, Wheat Prices Decline as Traders Await Trade Talks, Weather Updates

Crude oil rises but remains below recent highs as market volatility continues

Mar. 16, 2026 at 4:54pm

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Corn futures are down 3-4 cents, soybeans are down 29-30 cents, and wheat is down 1-3 cents. Crude oil is up 34-35 cents, while the U.S. dollar is down 15 points. Traders are awaiting the NOPA soybean crush report and monitoring developments in U.S.-China trade talks and the situation in the Strait of Hormuz. Weather concerns are also impacting wheat prices, with cold temperatures followed by heat and dryness in the southern Plains.

Why it matters

Commodity price movements can significantly impact farmers, agribusinesses, and consumers. The ongoing trade tensions between the U.S. and China, as well as geopolitical issues affecting energy and shipping, are creating market uncertainty. Weather conditions are also a key factor influencing crop production and prices.

The details

Corn futures are down due to pressure from the soybean complex, while soybeans are declining amid concerns over the potential delay of the U.S.-China trade meeting and Brazil's cheaper prices compared to U.S. soybeans. Wheat is following the broader risk-off sentiment in the market, with concerns over the impact of cold temperatures followed by heat and dryness in the southern Plains. Crude oil is higher but remains well below recent highs, reflecting continued market volatility.

  • Yesterday, President Trump said they could delay the summit between President Xi and himself.
  • The NOPA soybean crush report will be released this morning.
  • Very cold temperatures are pushing into the southern wheat plains, followed by above-normal heat and generally dry conditions.

The players

President Trump

The President of the United States who commented on the potential delay of the U.S.-China trade meeting and asked China to help restore shipping through the Strait of Hormuz.

President Xi

The President of China who was expected to meet with President Trump, but the meeting may be delayed.

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What they’re saying

“President Trump said yesterday they could delay the summit between President Xi and himself.”

— President Trump (americanagnetwork.com)

“President Trump said he expects China to help out restore shipping through the Strait of Hormuz.”

— President Trump (americanagnetwork.com)

What’s next

The judge in the case will decide on Tuesday whether or not to allow Walker Reed Quinn out on bail.

The takeaway

This report highlights the ongoing volatility in commodity markets, driven by a combination of trade tensions, geopolitical issues, and weather concerns. Farmers, agribusinesses, and consumers will need to closely monitor these developments to make informed decisions.