TFM Morning Update 05-08-2026

CORN

Corn futures are slightly lower this morning as the market continues to monitor energy prices and geopolitical tensions overseas. July corn is down 1-1/2 cents at $4.66, while December futures are also 1-1/2 cents lower at $4.88.
The United States and Iran exchanged fire Thursday in the most serious test yet of their month-long ceasefire, though both sides signaled they were attempting to avoid broader escalation. Iran later said the situation had returned to normal, while U.S. officials stated they did not want the conflict to intensify further.
Recent weather across the U.S. Corn Belt has improved, with drier forecasts easing earlier concerns about planting delays following Midwest storms.

Soybeans are mixed this morning, with nearby contracts near unchanged while deferred months post modest gains. July soybeans are unchanged at $11.92-1/4, while November futures are up 1-1/4 cents at $11.74-3/4.
Brazil shipped a record 16.75 mmt of soybeans in April. That was up 9.7% from last year and exceeded the previous April record of 16.1 mmt set in 2021. Brazil’s 2025/26 soybean crop is also projected near a record 180 mmt, adding to global supply expectations and keeping pressure on prices.
Meanwhile, renewed clashes between the U.S. and Iran near the Strait of Hormuz renewed concerns over prolonged energy supply disruptions, pushing crude oil prices higher and reinforcing demand for biofuel feedstocks such as soybean oil.

Wheat futures are slightly higher this morning as the market looks to stabilize following recent losses. In July contracts, Chicago wheat is up 1/4 cent at $6.12-1/2, Kansas City is 2 cents higher at $6.69-1/2, and Minneapolis spring wheat is up 2 cents at $6.75-3/4.
Market participants continue to closely monitor weather across the drought-stricken U.S. wheat belt, where this week’s rainfall missed some of the driest areas. Analysts also noted that precipitation may have arrived too late or in insufficient amounts to prevent crop damage in parts of the region.
USDA rated 31% of the U.S. winter wheat crop good-to-excellent, up from 30% the previous week but still the lowest rating for this point in the season since 2023.

Matthew Lucas