TFM Morning Update 04-29-2026

CORN

Corn futures are trading higher to start the day as higher crude oil prices continue to support biofuels and therefore grains. There is no clear timeline on when the conflict with Iran will resolve or when the Strait of Hormuz will be completely open.
May corn futures are up 1 cent to $4.66-1/4, and first notice day is tomorrow. July corn is up 1-3/4 cents to $4.77-1/4, and December is up 2 cents to $4.97-3/4.
Monday’s Crop Progress report saw that 25% of the corn crop has been planted which compares to 11% last week and 22% a year ago. The 5-year average is 19% for this time. 7% of the crop is emerged which is also ahead of schedule.

Soybean futures are trading higher this morning thanks to higher soy products. May soybeans are up 4-1/4 cents to $11.77-1/4 while November is up 4-1/4 cents to $11.71-1/4. May soybean meal is up $1.50 to $334.90, and May soybean oil is up 0.57 cents to 73.5 cents.
The US is importing more used cooking oil from China as the war in Iran drives up demand for biofuels and drives energy costs higher. Two cargoes containing a total of 339,000 barrels of used cooking oil arrived in the US last month.
Monday’s Crop Progress report saw that 23% of the soybean crop has been planted which compares to 12% a week ago, 17% last year, and the 5-year average of 12%. This puts planting well ahead of schedule. 8% of the soybean crop is now emerged which is ahead of schedule as well.

All three wheat classes are trading higher this morning as poor crop conditions support prices. May Chicago wheat is up 5 cents to $6.54, KC is up 8-1/2 cents to $7.05-1/4, and Minn wheat is up 4-1/2 cents to $7.02.
According to the USDA, 30% of the winter wheat crop is rated good to excellent which is unchanged from last week but is down 19% from this time a year ago. 19% of the spring wheat crop is planted which compares to the 5-year average of 22% and 5% of the crop is emerged which is ahead of the 5-year average of 4% at this time.
This week’s export inspections report saw wheat sales just 365k tons which compared to 518k last week and 650k tons a year ago. Top destinations were to the Philippines, Japan, and Korean Republic.

Amanda Brill