TFM Morning Update 04-23-2026

CORN

Corn futures are trading slightly higher to start the day with wheat likely leading the way higher. May corn is up 1 cent to $4.55-1/4 while December is up 1-1/2 cents to $4.83-3/4. May futures first notice day is on April 30.
Estimates for today’s export sales report see corn sales in a range between 1,000k and 1,800k tons as of April 16 with an average guess of 1,413k tons. This would compare to 1,457k a week ago and 1,153k tons a year ago.
US ethanol stocks rose by 0.9% to 26.948m bbl according to the weekly petroleum report. Analysts were expecting 26.467m bbl. Plant production was seen at 1.04m b/d compared to the survey average of 1.083m.

Soybean futures are mixed and have fallen from overnight highs as soybean oil prices slide. May soybeans are down 3/4 cent to $11.63-3/4 while November is up 1 cent to $11.57. May soybean meal is up $1.60 to $322.20 and May soybean oil is down 0.21 cents to 71.47 cents.
Estimates for today’s export sales report see soybean sales between 200k and 600k tons with an average guess of 344k tons. This would compare to 248k a week ago and 211k tons last year at this time.
Brazilian soybean exports are seen at 16.40 mmt for the month of April which compares to the 16.67 mmt seen the previous week. Soybean meal exports are seen reaching 3.06 mmt.

All three wheat classes are trading higher this morning with May Chicago wheat up 3-3/4 cents to $6.03, KC wheat up 7-1/4 cents to $6.45, and Minn wheat up 2-1/2 cents to $6.67-3/4.
Estimates for today’s export sales report see wheat sales in a range between 100k and 500k tons with an average guess of 325k tons. This would compare to 231k a week ago and 227k tons a year ago.
The Argentinian 26/27 wheat planted area is expected to fall 3% year over year to 16.1 million acres which would be down 6.7 million from last season. This would be a direct result of more expensive fertilizer.

Amanda Brill