TFM Midday Update 04-29-2026

CORN

Corn is higher at midday, supported by another day of strong crude oil prices as the Strait of Hormuz remains closed. July corn is 1-1/2 cents higher at 4.77.
Concerns are emerging in parts of Brazil’s safrinha crop regions due to a lack of rainfall, though forecast models suggest improved precipitation between May 8–13, which could provide some relief.
Dr. Cordonnier projects U.S. acreage to fall by 1–2 million acres compared to the March planting report and expects corn yields to range between 180 and 182 bpa.
Ethanol production fell to 297 million gallons in the week ended April 24, down from 306 the previous week and 3% below the YA. Production was below expectations and the lowest in 3 months.

Soybeans are trading higher at midday, supported by gains in soybean oil, which is being lifted by the surge in crude oil. May soybeans are 6-1/2 cents higher at 11.79-3/4.
The EU has reported flagging six South American meal shipments for contamination so far in 2026, including four from Argentina and two from Brazil.
Dr. Cordonnier expects U.S. acreage to increase by an additional 1–2 million acres from the March planting report and estimates yields at 52 bpa.
Traders continue to await the mid-May meeting between President Trump and China’s Xi Jinping, with hopes that China may purchase U.S. old-crop soybeans.

Wheat is trading higher at midday, supported in part by strength in the crude oil market. May Chicago wheat is 5-3/4 cents higher at 6.54-3/4, while May Kansas City wheat is 10 cents higher at 7.06-3/4.
The Southwest Plains in the U.S. are providing support to the markets as crop stress intensifies rapidly, with additional support stemming from the potential for lower production in other global growing regions due to non-ideal weather conditions.
The U.S. attaché has lowered his Canadian production estimate by 10% from the prior season and reduced his Australian production estimate by 19% year over year.
President Trump indicated overnight that preparations should be made for a prolonged blockade impacting the Strait of Hormuz, as U.S. actions continue to restrict Iran’s oil exports and revenue.

Lauren VandenLangenberg