By Kirk Maltais
-- Wheat for May delivery rose 2.1% to $5.54 a bushel on the Chicago Board of Trade Wednesday, with winter weather in growing areas globally sparking a turnaround in futures.
-- Corn for May delivery rose 0.2% to $4.36 1/2 a bushel.
-- Soybeans for May delivery fell 0.1% to $11.47 3/4 a bushel.
HIGHLIGHTS
Blame it on the Weather: Weather issues are being seen in wheat growing areas around the world, which gave futures some support.
"Today we bounce back because of ice over Ukraine, and Prairie fires in the Texas Panhandle, with forecasts dry for the Southern Plains," said Charlie Sernatinger of Marex in a note. This comes after futures sank Tuesday on a larger production outlook for Russian wheat, making supplies still a pressure point for prices going forward.
First Look: The USDA's 102nd Agricultural Outlook Forum is scheduled to start in Arlington, Va., Thursday and will offer the agency's first predictions for how many acres of corn, soybeans and other crops farmers are expected to plant this spring.
Analysts are throwing out their forecasts for what the USDA may say, predicting that farmers may plant more soybean acres than last spring while reducing how much corn they plant. With last year's corn crop smashing prior records, corn acres are still expected to be historically high even with the decrease.
INSIGHT
Annual Review: The U.S., Canada and Mexico are supposed to conduct a "joint review" of the USMCA on the sixth anniversary of the deal, which would be July. They may renew or extend the deal, but with President Trump and Canadian Prime Minister Carney exchanging barbs in Davos, some analysts are nervous.
Capital Economics said in a note Wednesday that "the potential for backlash from an increasingly assertive Congress and the likelihood of intervention by the Supreme Court" is likely to prevent the U.S. from breaking the deal, but don't rule out that Trump may attempt a unilateral withdrawal.
Fuel For the Fire: The Andersons Inc. said in its fourth-quarter earnings report that its ethanol business found support from stronger margins in the quarter, and expects continued support for prices. Crush margins for its ethanol were 15 cents a gallon more than the prior year, the firm said.
"Favorable biofuels policies, continuing elevated export demand, upcoming planned industry maintenance and summer gasoline demand should all support ethanol fundamentals this year," it said in its earnings report.
Ethanol margins turned negative in the final month of 2025, according to StoneX data, but have been showing recovery since late January.
AHEAD
-- Deere & Co. is scheduled to release its first-quarter 2026 earnings report before the market opens Thursday.
-- The USDA will host its 102nd annual Agricultural Outlook Forum in Crystal City, Va., with opening remarks starting at 10:15 a.m. EST Thursday.
-- The EIA is due to release its Weekly Petroleum Status Update report at noon EST Thursday.
Write to Kirk Maltais at kirk.maltais@wsj.com
(END) Dow Jones Newswires
02-18-26 1554ET
