TFM Midday Update 04-14-2026

CORN

Corn prices are firm at midday, supported by a strong wheat market. May futures are up 4-1/4 cents to $4.44-1/2.
Brazil is expected to increase their ethanol blend from 30% to 32% this week, which could be adding support to the market. Brazil is eyeing a total blend of 35% by the end of the year.
CONAB has raised their second corn crop production estimate for Brazil to 109.12 mmt, up from the group’s previous estimate of 108.43 mmt.

Soybeans are trading higher at midday, supported by a stronger meal market as export demand has improved. May futures are up 2-3/4 cents to $11.65-00.
NOPA crush data will be released tomorrow morning, and estimates expect to show another record high for the month at 229.978 mb. The report is also expected to include a new processing facility in Illinois, which just joined NOPA.
CONAB now sees Brazil’s 2025/26 soybean production at a record 179.15 mmt, slightly higher than the group’s previous forecast of 177.85 mmt.
AgRural reported that Brazil’s 2025/26 soybean harvest has reached 87% as of April 9. This compares to 81% the week prior and 91% through the same week last year.

All three wheat classes continue to trade higher at midday as drought conditions risk yield losses. May Chicago is up 9-1/2 cents to $5.91-1/2, May KC is 16-3/4 cents higher to $6.20-00, and May Minneapolis is trading 13-00 cents higher to $6.37-1/2.
Winter wheat conditions showed a 1% decline from the prior week to 34% good-to-excellent and are well below last year’s condition of 47% through the same week.
APK-Inform sees Ukraine’s 2026 wheat crop at 19.9 mmt. This compares to the USDA’s estimate of 24 mmt and Argus’ estimate of 23.5 mmt.

Tanner Wilson