TFM Midday Update 05-13-2026

CORN

Corn is trading higher at midday following yesterday’s release of the U.S. balance sheet, which was viewed as mostly neutral for the corn market. July corn futures are up 4 cents at 4.84.
Global stocks came in at the low end of trade estimates in yesterday’s USDA report. New-crop exports were increased, while USDA projected a yield of 183 BPA, down from 186.5 BPA last season.
Market discussion continues to build around the possibility that China may be willing to increase purchases of U.S. corn, DDGs, and milo. President Trump is also believed to be working toward securing a purchase package for those commodities. If realized, the additional unexpected demand would be considered supportive to bullish for the market.
Ethanol production spiked to 318 million gallons in the week ended May 8 up from 299 million the previous week while up 9% year-over-year.

Soybeans are trading higher at midday following yesterday’s USDA report. July soybean futures are up 7 1/4 cents at 12.34 1/4.
New-crop crush demand was raised by 120 million bushels, while exports increased by 100 million bushels. The stocks-to-use ratio is now projected at its lowest level since the 2022/23 marketing year. Acreage is also expected to increase by the end of June.
Optimism remains high that President Trump can secure a purchase agreement with China, which continues to provide underlying support to the market. However, China has been actively reducing its hog herd, lowering overall soybean demand. China is also expected to reduce soybean imports for the 2026/27 marketing year by 7.6% compared to the previous year.
Cool temperatures will begin to move out of the Northern Midwest, bringing an end to frost concerns. A more active weather pattern is expected to develop from this weekend into next week across the central and northern Midwest, with temperatures trending warmer.

Wheat is trading higher at midday following yesterday’s limit-up move. June Chicago wheat futures are up 2 1/4 cents at 6.81 ¼ while Kansas City wheat is up5-3/4 cents at 7.37-1/4.
USDA finally confirmed significant crop damage across the HRW wheat belt, which producers had been indicating for weeks. New ending stocks came in well below trade expectations, and U.S. wheat stocks are now projected to fall to their lowest level since 1972.
The Oklahoma Farm Bureau issued a national disaster designation for western Kansas, northwest Oklahoma, and the Texas Panhandle, allowing producers in those regions to apply for emergency relief assistance.
Harvested area was reduced by 14%, yield declined by 7.3 BPA, and HRW wheat production fell 36% from last season.

Lauren VandenLangenberg