TFM Midday Update 4-9-2026

CORN

Corn futures are trading mixed at midday as traders look ahead to today’s USDA WASDE report. May corn is unchanged at $4.47-1/4, while December corn is up 1/2 cent at $4.76-1/2.
In its latest weekly report, USDA said corn export sales for the week ending April 2 totaled 1.37 million metric tons across the 2025/26 and 2026/27 marketing years. That figure came in near the high end of analyst expectations, which ranged from 900,000 to 1.6 million metric tons.
This afternoon, USDA will release its April WASDE report, with traders focused on how the agency incorporates recent Grain Stocks data into the balance sheet.

Soybean futures are trading modestly higher at midday as traders position ahead of today’s USDA report. May soybeans are up 5 cents at $11.67, while November soybeans are 3-3/4 cents higher at $11.55-3/4.
USDA reported this morning that export sales for the 2025/26 marketing year totaled 295,400 metric tons, coming in at the low end of analyst expectations.
Energy markets are once again providing support to the soybean complex, with crude oil moving back above $100 per barrel as traders question the durability of the U.S.–Iran ceasefire. Renewed concerns over supply disruptions have lifted oil prices, helping underpin soybean values as traders square positions ahead of today’s USDA report.

The wheat complex is trading higher across all three classes at midday, with prices showing a modest rebound following yesterday’s losses. May Chicago wheat is up 2-1/4 cents at $5.82-1/4, Kansas City wheat is 2-3/4 cents higher at $5.98, and Minneapolis spring wheat is up 2-1/4 cents at $6.26-1/4.
USDA reported wheat export sales this morning for the week ending April 2. Sales for the 2025/26 marketing year totaled 163,600 metric tons, with an additional 90,700 metric tons booked for 2026/27. The combined total came in at the low end of analyst expectations.
The wheat market has found modest support from a weaker U.S. dollar and ongoing uncertainty surrounding the U.S.–Iran ceasefire, which remains fragile and continues to create volatility across broader markets. Following yesterday’s sharp selloff tied to the ceasefire announcement, prices are seeing a slight rebound as traders reposition ahead of the USDA report and the market looks to stabilize.

Matthew Lucas