TFM Midday Update 04-27-2026

CORN

July corn futures are 3-1/2 cents higher and currently trading at 467. December futures are 2-1/2 cents higher, trading at 486-3/4 currently.
Higher crude oil futures are providing early-week support to corn, as unproductive weekend peace talks leave the Strait of Hormuz effectively closed, maintaining risk premium in energy markets.
Another daily flash sale to South Korea this morning reinforces the strong demand tone that has supported U.S. corn in recent months.
U.S. corn planting progress was likely strong over the past week amid favorable fieldwork windows across much of the Corn Belt. The USDA will release updated planting progress figures later this afternoon.

July CBOT soybean futures are 9 cents higher, trading at 1187-1/2, while November soybean futures are 8 cents higher, trading at 1163-3/4 currently.
Cooler but drier conditions are expected across much of the Midwest over the next two weeks, which should allow soybean planting progress to accelerate.
Soybeans remain rangebound, awaiting fresh developments on the U.S.–China trade front. The scheduled mid-May meeting between the two countries could provide the catalyst needed to break the roughly 40-cent range front-month futures have traded in since mid-March.

July CBOT wheat futures are 4-1/2 cents higher trading at 621-1/2 currently. July KCBOT wheat futures are a ½ cent higher, trading at 670-1/4, while July Spring wheat futures are 4-1/4 cents higher, trading at 695-1/2.
Rainfall was reported across parts of Kansas over the weekend, with additional precipitation expected in other dry areas of the Plains in the coming weeks. However, for many regions, the moisture may come too late to materially improve crop conditions.
Managed Money funds remain heavily net long spring wheat futures and options and were also active buyers of Kansas City wheat futures and options last week.

Keegan Madigan