TFM Morning Update 04-30-2026

CORN

Corn futures are trading lower this morning and are once again following wheat which is down as well. May corn is down 1-3/4 cents to $4.64-3/4 while December is down 2-1/2 cents to $4.95-1/4.
Estimates for today’s export sales report see corn sales in a range between 1,000k and 1,900k tons as of April 23. The average guess is 1,388k tons and this would compare with 1,757k last week and 1,259k tons a year ago.
According to the Department of Energy’s weekly petroleum report, US ethanol stocks fell by 4% to 25.881m bbl, but analysts were expecting a lower number. Plant production of 1.009m b/d was below the trade estimate of 1.048m.

Soybean futures are trading lower to start the day with pressure from losses in both soy products. May soybeans are down 6-3/4 cents to $11.75-1/2 while November is down 4 cents to $11.67-1/4. May soybean meal is down $4.30 to $323.70 and May soybean oil is down 0.56 cents to 74.75 cents.
Estimates for today’s export sales report see soybean sales in a range between 200k and 600k tons with an average guess of 350k. This would compare to 370k tons a week ago and 421k a year ago.
The U.S. 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.

All three wheat classes are trading lower as lower crude oil pressures the whole grain complex. May Chicago wheat is down 8-1/2 cents to $6.33-3/4, KC is down 7-1/4 cents to $6.83, and Minn is down 4-3/4 cents to $6.97.
Estimates for today’s export sales report see wheat sales in a range between 0 and 500k tons with an average guess of 218k tons. This would compare to 137k a week ago and 310k tons the previous year.
The Australian 26/27 wheat crop is expected to fall 19% year over year to 29 mmt. Analysts say that yields are expected to be impacted by lower rainfall while planted acreage will remain mostly unchanged. This news follows the news that Argentina will plant less wheat in anticipation of expensive fertilizer.

Amanda Brill