TFM Midday Update 04-17-2026

CORN

Corn prices are facing pressure at midday as energy markets weaken following comments from Iran indicating the Strait of Hormuz is open to commercial shipping. The reopening has eased supply concerns and pushed oil sharply lower, removing a key source of support for grain markets. At midday, May corn is down 1-1/2 cents at $4.47, while December futures are 2-1/4 cents lower at $4.74-1/2.
Export sales data from yesterday showed 1.4 MMT of old crop corn sales, marking a six-week high but still 10.3% below the same week last year. Japan was the top buyer at 339,400 MT, followed by South Korea at 333,100 MT and Mexico at 168,400 MT. New crop sales totaled 56,460 MT, all to Mexico.
A sharp drop in oil prices, driven by expectations of renewed U.S.–Iran talks and a ceasefire between Israel and Lebanon, cooled grain markets by removing a portion of the war-related risk premium.

Soybean futures are under pressure at midday as weakness in energy markets weighs on the complex. May soybeans are down 9-1/4 cents at $11.54-3/4, while November soybeans are 8-1/4 cents lower at $11.47-3/4.
NOPA reported that U.S. soybean crush for March reached 226.2 million bushels, the highest ever for the month and the second-highest on record overall, running 13% above last year. This strength in domestic crushing is shifting the market away from reliance on export demand.
Large, expected South American supplies continue to cap soybean prices. Brazil is projected to export a record 113.6 million metric tons of soybeans in 2026, according to Abiove, keeping global supplies elevated.

The wheat complex is taking sharp losses as the ceasefire agreement removes a significant portion of the risk premium from the market. At midday, May Chicago wheat is down 10-3/4 cents at $5.87-3/4, Kansas City wheat is 11-3/4 cents lower at $6.31, and Minneapolis spring wheat is off 6-1/2 cents at $6.45-1/4.
Drought is expected to persist across the U.S. Great Plains, particularly in key hard red winter wheat regions, while ongoing dryness in parts of the Black Sea and Europe continues to pressure global crop prospects.
In Australia, constrained access to farm inputs and ongoing dryness are expected to push planting acreage to multi-year lows, raising concerns for a key global exporter. While ample global supplies may limit upside, production risks in Australia and Argentina could still provide underlying support.

Matthew Lucas