TFM Midday Update 4-23-2026

CORN

At midday, corn prices are posting modest gains. May corn is up 1/2 cent at $4.54-3/4, while December futures are 1-1/4 cents higher at $4.83-1/2.
This morning, USDA reported corn export sales of 1.32 million metric tons for the 2025/26 marketing year, with an additional 440,100 metric tons booked for 2026/27. The 2025/26 sales were near the midpoint of analyst estimates.
Corn prices have been supported by strong export demand, with USDA confirming private sales totaling 425,000 metric tons of U.S. corn across Tuesday and Wednesday.

Soybean prices are showing slight declines, though the market remains within its recent consolidation pattern. May soybeans are down 1-3/4 cents at $11.62-3/4, while November soybeans are up 1/4 cent at $11.56-1/4.
USDA reported soybean export sales of 364,600 metric tons for the 2025/26 marketing year, with an additional 5,000 metric tons booked for 2026/27. The 2025/26 sales came in within the range of analyst expectations.
Soybean futures continue to find support from the soybean oil market, where prices are trading near multi-year highs. Strength in soybean oil has been largely driven by robust biofuel demand, helping underpin the broader soybean complex.

The wheat complex is higher across the board this morning, with Kansas City futures leading the gains. Looking at May contracts, Chicago wheat is up 4 cents at $6.03-1/4, Kansas City wheat is 10-3/4 cents higher at $6.48-1/2, and Minneapolis spring wheat is up 4-1/4 cents at $6.69-1/2.
USDA reported wheat export sales this morning at 129,000 metric tons for the 2025/26 marketing year, with an additional 8,000 metric tons booked for 2026/27. The 2025/26 total came in within the range of pre-report estimates, though toward the lower end of expectations.
The wheat complex continues to draw support from concerns over drought conditions in the U.S. Plains, along with ongoing geopolitical tensions in the Middle East. Recent weather models suggest limited rainfall for southwestern Plains regions in the near term, while a developing dry spell in Western Europe is also beginning to raise concerns about crop conditions.

Matthew Lucas