Wheat trade softens on hopes of Gulf moisture.

March 20, 2026

Overnight action in the grain markets is leaning softer, with the wheat futures lower by a dime again as long-range weather models bring in Gulf moisture in the 10-14 day. Soybeans were higher overnight but have now faded to small gains. The pressure across the grain complex is also tied to a mix of end-of-week position squaring and a market that is starting to pay more attention to cooling export demand. Export sales for grains are still running ahead of the pace needed to satisfy USDA targets, but the momentum has eased from the stronger levels seen earlier.

Soybeans are facing some of that same export slowdown, but the market is treating it differently. With soybean balance sheets still relatively tight, softer demand is less threatening than it would be in a looser supply setup. Beans are also finding