TFM Midday Update 5-7-2026

CORN

At midday, corn futures continue to trend lower. July corn is down 4-1/2 cents at $4.64, while December futures are 4-1/4 cents lower at $4.85-3/4.
Crude oil futures have slid around 4%, and briefly traded below $90, on renewed hopes for a U.S.-Iran peace deal that could gradually ease supply disruptions tied to the Strait of Hormuz. The decline in crude oil added pressure across the grain complex, particularly soybeans and corn through the biofuels channel.
Tehran said it was reviewing Washington’s peace proposal, which sources say would formally end the conflict while leaving unresolved key U.S. demands surrounding Iran’s nuclear program and the reopening of the Strait of Hormuz. The uncertainty surrounding negotiations continues to keep volatility elevated across energy and grain markets.

Soybean futures are lower again today, with July soybeans down 10-3/4 cents at $11.84 and November futures 9-1/4 cents lower at $11.66-1/4.
USDA reported soybean export sales at 147,400 metric tons for the week ended April 30 across the 2025/26 and 2026/27 marketing years. Of that total, 141,900 metric tons were booked for 2025/26, marking a new marketing-year low.
The total fell below trade expectations, with analysts surveyed by The Wall Street Journal projecting sales between 200,000 and 600,000 metric tons.

Wheat futures are lower across the board at midday, with Kansas City leading the decline. In July contracts, Chicago wheat is down 9-1/4 cents at $6.08, Kansas City is 20 cents lower at $6.67, and Minneapolis spring wheat is down 11-3/4 cents at $6.80-1/4.
A freeze occurred overnight across portions of the west-central U.S. High Plains, stretching from Colorado and southwestern Nebraska into western Kansas and the Oklahoma and northern Texas Panhandles.
Early reports suggest temperatures in Kansas may not have been cold enough or sustained long enough to cause major damage, though the full impact remains uncertain. Freeze damage in wheat often is not fully realized until harvest, as reproductive injury can leave heads partially or completely void of grain.

Matthew Lucas