TFM Midday Update 02-20-2026

CORN

Corn continues higher this morning on global news. March corn is up 1 cent at 4.27 while May is up 2.2 cents at 4.38 ½.
South American corn prices, particularly in Argentina, have declined to levels that have eliminated the United States’ competitive advantage.
Scattered showers across Brazil have allowed fieldwork to advance, supporting both safrinha corn planting and soybean harvest. In Argentina, additional waves of showers are expected through Monday, though coverage should remain spotty.
The latest drought monitor indicates that a significant soil moisture recharge is urgently needed in Illinois, Indiana, and Nebraska ahead of spring planting.
Weekly export sales totaled 58 million bushels of corn, in line with expectations. Year-to-date commitments of 2.452 billion bushels are up 30% from last year, compared to the USDA’s forecast of a 15.5% increase.

Soybean futures continue to trade lower at midday, encountering resistance as traders assess China’s intentions regarding additional U.S. soybean purchases. Soybeans and soybean oil are lower, while soybean meal is posting gains. March soybeans are 6.4 cents lower at 11.34 ½.
Weather conditions in Argentina have adversely affected the soybean crop, with only 32% rated good to excellent last week and 32% rated poor.
Weekly export sales totaled 29 million bushels of soybeans, in line with expectations. Year-to-date commitments stand at 1.30 billion bushels, down 19% from last year, compared to the USDA’s forecast for a 16% decline.

Wheat is moving higher again today, extending the rally across all three classes amid continued support from global developments. March Chicago wheat is up 9.4 cents at 5.69, while March Kansas City wheat is 8 cents higher at 5.73 ½.
The International Grains Council lowered its global wheat stocks estimate by 1 million metric tons to 282 million. Meanwhile, French wheat conditions declined 3 percentage points this week to 88% good to excellent due to heavy rainfall.
Strength in the recent rally has eroded U.S. competitiveness globally. U.S. Hard Red Winter wheat now stands as the highest-priced origin, holding a $54/mt premium to Argentine wheat and a $32/mt premium to Russian hard wheat.
Weekly wheat export sales totaled 11 million bushels, at the low end of expectations. Year-to-date commitments now stand at 830 million bushels, up 15% from last year, compared with the USDA’s forecast of a 9% increase.

Lauren VandenLangenberg