TFM Morning Update 04-07-2026

CORN

Corn futures are trading lower this morning. May corn is down 3 cents at $4.51, while December corn is 2-1/4 cents lower at $4.80-3/4.
USDA released weekly corn export inspections Monday morning, showing strong movement. For the week ending April 2, inspections totaled 2.002 million metric tons (78.8 million bushels), coming in above analyst expectations. Corn export inspections are now running 36% ahead of last year and remain on pace to meet USDA’s 3.300 billion bushel export target.
USDA reported corn planting progress yesterday afternoon, with the national average at 3% as of Sunday, April 5. That is one point ahead of last year’s 2% and in line with the five-year average.

Soybean futures are trading mixed this morning, with nearby contracts holding steady and new crop showing slight losses. May soybeans are unchanged at $11.66-3/4, while November soybeans are down 1/2 cent at $11.56-1/2.
Export inspections came in stronger than expected, totaling 28.6 million bushels for the week ending April 2. Cumulative inspections for the 2025/26 marketing year have reached 1.127 billion bushels, though they remain 26% behind last year’s pace.
Oil prices extended gains Tuesday as President Trump escalated rhetoric toward Iran, threatening further action if the Strait of Hormuz remains restricted. Oilseed markets continue to take direction from energy, as higher crude prices strengthen biofuel economics and reinforce demand for commodities like soybean oil.

The wheat complex is trading lower across all three classes this morning, with Kansas City wheat leading the losses. May Chicago wheat is down 2-3/4 cents at $5.92-3/4, Kansas City wheat is 6 cents lower at $6.02-1/2, and Minneapolis spring wheat is down 4-1/2 cents at $6.40.
Weekly wheat export inspections totaled 12.3 million bushels, bringing cumulative 2025/26 inspections to 759 million bushels, up 17% from last year. Inspections are currently running ahead of the pace needed to reach USDA’s 900 million bushel export forecast, which would be a 9% increase year over year.
The first USDA Crop Progress report of the 2026 season rated the U.S. winter wheat crop at 35% good-to-excellent for the week ending April 5. That came in well below analyst expectations of 42% and down sharply from 48% a year ago, marking the lowest rating for this time of year since 2023.

Matthew Lucas