Grain Futures Extend Rally as Surprise Corn Sales and Oil Surge Lift Prices

A surprise jump in U.S. corn sales prompted a demand reset, reinforced by a sharp rally in crude.

Overview

USDA reported 2.02 MMT of old-crop corn sales for the week ending Feb. 26, blowing past estimates and propelling corn futures higher as total commitments reached 64.982 MMT, or 78% of USDA’s target.
Soybeans pushed to fresh multi-day highs, supported by 383,492 MT in weekly sales and U.S. outreach seeking larger Chinese purchases ahead of the Trump–Xi meeting, even as commitments at 36.034 MMT trail the typical pace.
Wheat posted double-digit gains into Friday’s close despite just 203,100 MT in weekly bookings, with total commitments at 23.204 MMT, or 95% of USDA’s projection, and France’s crop rated 84% good to excellent.
A sharp crude oil rally of about $10 on Friday amplified cross-market support for corn, soybeans, wheat and cotton, with soy oil leading strength inside the soybean complex.
Fresh supply context included Statistics Canada’s 2026 intentions (wheat ~26.74M acres, corn 3.846M, canola 21.84M) and AgroConsult’s larger Brazil soybean estimate at 183.1 MMT alongside February exports of 7.113 MMT; cattle futures slumped on Friday as cash trade centered near $240 and pork sales were 36,103 MT.