Summary: Chicago grains closed Thursday with gains across wheat, corn and soybeans as traders focused on dry U.S. Plains weather, stronger crude oil, and a steady stream of export demand. Wheat led the complex on tightening supply ideas and weather premium, while corn followed on energy and export support and soybeans drew a lift from meal demand and a modest rebound in the broader oilseed tone.

Energy markets gave the grain complex a firmer undertone again on Thursday. Crude oil remained well supported, and that kept biofuel economics, freight costs and fertilizer prices in the spotlight. The combination matters most for corn through ethanol margins and for soybeans through soybean oil demand, while it also raises input-cost concerns for farmers heading into spring work.

Wheat stayed in the lead because the weather story remains supportive and export demand has not faded. Forecasts continue to call for a dry stretch across much of the Plains, from Nebraska to Texas, with warm temperatures building over the next week. That setup keeps a weather premium in the market, especially with winter wheat still vulnerable in drier pockets.

Export demand added another layer of support to wheat. The market digested stronger-than-expected old crop and new crop sales, while Taiwan also booked U.S. wheat in an overnight tender. At the same time, the broader global balance sheet remains constructive, even with Russia and India both showing larger production estimates that could cap upside later in the season if weather remains favorable.

Corn followed the broader grain rally, helped by firmer cash values and a solid export sales showing. Old crop corn sales were respectable, and the market also continues to lean on the idea that U.S. acreage could come in lower than last year. That keeps the medium-term supply outlook supportive, even as the market waits to see whether ethanol margins can keep pace with higher fuel prices.

The ethanol report was mixed but not bearish enough to knock corn off balance. Production was slightly below expectations and stocks rose, yet gasoline prices continue to trend much higher than they were at the end of February. That leaves corn tied to a tug-of-war between softer weekly ethanol output and a stronger fuel complex, with the latter still providing background support.

Soybeans finished higher as well, but the move was more measured than wheat’s or corn’s. Export sales were disappointing on old crop beans, but meal demand was healthier and the market found support from a stronger soybean meal complex. Soy oil was softer late, yet the broader bean market still benefited from the firmer energy backdrop and a generally constructive oilseed tone.

South American supply remains the main counterweight for soybeans. Brazil’s harvest is still moving forward and national production estimates remain close to record territory, even if some states are lagging due to regional delays. Argentina’s crop is also approaching harvest, with weather still important but not enough to reverse the larger supply picture.

Policy headlines continue to matter for the whole complex. The 60-day Jones Act waiver for fuel and fertilizer shipments underscores how serious the supply-chain strain has become, and the Brazilian fertilizer alarm reinforces that point. Higher input costs are supportive for grain prices in the near term, but they also raise the risk that farmers respond with acreage shifts or cheaper nutrient choices.

The market also got a reminder that global trade flows remain fluid. U.S. wheat and corn exports continue to move at a healthy pace, while Russia’s wheat production estimates and export ambitions remain a competitive factor in world trade. For soybeans, Brazil’s strong harvest pace and the possibility of further inspection friction with China are still the biggest supply-side variables.

Wheat — May ’26 CBOT: closed at $6.08, up 3 3/4 cents. Wheat held the lead through the session as dry Plains forecasts, solid export demand and supportive global balance sheet data kept buyers engaged. The market remains constructive, especially while weather risk and tighter U.S. acreage expectations stay in play.

Corn — May ’26 CBOT: closed at $4.69 3/4, up 6 1/2 cents. Corn advanced on stronger cash values, firmer crude and a decent export sales tone, with acreage ideas still pointing to a tighter U.S. supply outlook. The ethanol report was mixed, but it did not change the broader supportive bias.

Soybeans — May ’26 CBOT: closed at $11.68 1/2, up 6 3/4 cents. Soybeans finished higher on meal strength and spillover support from energy, even though old crop bean sales were soft. South American harvest progress remains the main cap on upside, but the market is still drawing support from crush demand and a firmer oilseed tone.