TFM Midday Update 04-28-2026

CORN

At midday, corn futures are higher across the board. July corn is up 4 cents at $4.73-1/4, while December futures are 4-1/4 cents higher at $4.93-3/4. New crop futures are pressing into near-term resistance at recent highs, setting up a potential test of that level.
In yesterday afternoon’s Crop Progress report, the USDA reported that 25% of the U.S. corn crop was planted as of April 26th, 3 points ahead of this time last year.
Recent rains across the Corn Belt have created excess moisture in many areas, complicating field conditions and leaving some fields too wet to work. While the early planting pace has been strong, producers in affected areas may be forced to wait for fields to dry out before returning to planting, which could slow overall progress going forward.

Soybean futures are lower at midday as strong planting progress continues to pressure the market. July soybeans are down 8 cents at $11.84, while November futures are 4-1/4 cents lower at $11.61-1/2.
The most recent Crop Progress report shows farmers pushing ahead and making full use of any available planting windows to get into their corn and soybean fields. The USDA reports that 23% of the U.S. soybean crop was in the ground as of April 26, 6 points ahead of this time last year and an 11-point jump from the prior week.
Yesterday’s Export Inspections report showed soybean inspections at 629,000 metric tons, compared to 757,000 tons last week and 459,000 tons a year ago. Top destinations included China, Mexico, and Indonesia.

Wheat futures are higher across the board, extending the rally following weak crop condition ratings in yesterday’s Crop Progress report. July Chicago wheat is up 15-1/2 cents at $6.45-1/4, Kansas City is 17 cents higher at $6.92-1/4, and Minneapolis spring wheat is up 9-3/4 cents at $7.04-1/4.
The USDA left winter wheat ratings unchanged at 30% good to excellent, coming in below expectations and marking the weakest rating for this time of year since 2023. Conditions in key producing state Kansas also declined slightly from the prior week.
Around 90% of Nebraska and Oklahoma are currently experiencing drought conditions, with more than half of Nebraska classified as being in extreme drought. The persistent dryness is putting pressure on winter wheat crops and forcing livestock producers to cut herd sizes and rely on costly supplemental feed.

Matthew Lucas