TFM Morning Update 04-22-2026

CORN

Corn futures are trading higher to start the day with optimism over the upcoming filing of E15 legislation. May corn is up 2-1/2 cents to $4.56-1/4 while December is up 2-1/4 cents to $4.84.
US lawmakers are set to file the long-awaited legislation that would allow year round sales of ethanol gasoline with a higher concentration of ethanol. This proposal would also limit exemptions from biofuel blending mandates to companies that process fewer than 75,000 barrels of crude oil a day. This should be a demand driver for corn.
A number of corn sales were announced by the USDA on Tuesday. The US sold 316,600 tons of corn to Mexico, 120,000 tons to unknown destinations, 100,000 tons to Colombia, and 195,000 tons of corn to unknown destinations for 25/26.

Soybean futures are trading higher this morning led by both soy products and higher crude oil. May soybean are up 4-3/4 cents to $11.79-1/4 while November is up 2-3/4 cents to $11.69-1/4. May soybean meal is up $1.00 to $326.30 and bean oil is up 0.38 cents to $72.52 cents.
Yesterday afternoon, President Trump announced that he had extended the ceasefire with Iran. Despite this, Iran soon after seized two ships crossing the Strait and attacked others. Thousands more US forces are heading to the Middle East.
Soybean futures may face added pressure after China’s agriculture ministry projected lower import demand in 2026. The outlook calls for soybean imports to decline by 6.1%, alongside reduced imports of pork, beef, and dairy, signaling softer overall agricultural demand from the world’s largest soybean buyer.

All three wheat classes are trading lower this morning but were higher overnight with the rest of the grain complex. May Chicago wheat is down 1/2 cent to $6.04-1/2. KC wheat is down 5-3/4 cents to $6.37-3/4, and Minn wheat is down 1/2 cent to $6.65.
USDA rated 30% of the U.S. winter wheat crop as good-to-excellent on Monday, down from 34% the previous week and below analyst expectations, as dry conditions and a weekend cold snap stressed crops.
Russian wheat exports are seen at 3.8 mmt for the month of April which was 0.1 mmt more than the previous estimate. This compares to 2.38 mmt in April of 2025, and the 5-year average is 3.0 mmt.

Amanda Brill