TFM Morning Update 05-14-2026

CORN

Corn futures are trading lower along with soybeans as funds likely “sell the fact” following the Trump-Xi meeting, but the meetings are ongoing. July corn is down 4-1/4 cents to $4.76-1/2 while December is down 4-1/4 cents to $4.98-3/4. The E15 bill has passed the House narrowly and is now heading to the Senate.
US ethanol stocks fell by 4.4% to 24.87 million bbl according to the US Department of Energy’s weekly petroleum report. Analysts were expecting 25.843 mln bbl. Plant production was at 1.082m b/d which compared to a survey average of 1.042m.
Estimates for today’s export sales report see corn sales in a range between 1,000k and 2,200k tons with an average guess of 1,550k tons. This would compare to 1,484k a week ago and 2,186k tons a year ago at this time.

Soybeans are trading sharply lower despite or perhaps because of the limited discussions regarding agricultural trade between the US and China. July soybeans are down 21-3/4 cents to $12.07-1/2 while November is down 14-1/2 cents to $11.93-1/2. July soybean meal is down $4.50 to $334.0 and bean oil is down 0.91 cents to 73.39 cents.
NOPA soybean crush for the month of April is projected at 214.03 million bushels which slowed a bit due to seasonal maintenance despite strong crush margins. If realized, this would be down by 5.4% from the previous month.
Estimates for today’s export sales report see soybean sales in a range between 150k-600k tons with an average guess of 308k tons. This would compare to 147k a week ago and 773k tons a year ago at this time.

Wheat is mixed this morning with July Chicago wheat down 1-3/4 cents to $6.73-3/4, KC down 5-1/4 cents to $7.19-1/2, and Minn up 3-1/4 cents to $7.23. Poor crop conditions in the US have bolstered prices.
Kansas wheat yields are projected to be poor due to the persistent drought. Hard red winter wheat yield is estimated at 39.3 bpa according to data from 177 fields, and this would be well below last year’s yield in the state of 53.3 bpa.
Estimates for today’s export sales report see wheat sales in a range between 250k and 450k tons with an average guess of 350k tons. This would compare to 266k tons a week ago and 805k tons at this time last year.

Amanda Brill