TFM Morning Update 05-18-2026

CORN

Corn futures have rebounded to begin the week as additional details surrounding the U.S.-China trade discussions provided support to the market. July corn is up 14-1/2 cents at $4.70-1/4, while December futures are 12-3/4 cents higher at $4.93-3/4.
Corn futures have rebounded, finding support as expectations for crop demand improved following details surrounding China’s commitment to purchase additional U.S. agricultural products.
China pledged to purchase at least $17 billion annually in U.S. agricultural goods through 2028 following high-level talks in Beijing between President Donald Trump and Chinese President Xi Jinping aimed at easing trade tensions.

Soybeans are sharply higher this morning as additional clarity surrounding Chinese demand for U.S. agricultural products emerged over the weekend. July soybeans are up 23-1/4 cents at $12.00-1/4, while November futures are also 23-1/4 cents higher at $11.94.
Following President Donald Trump’s meeting with Chinese President Xi Jinping last year, China initially committed to purchasing 12 mmt of soybeans alongside a broader agreement to buy 25 mmt annually for three years.
Following the latest round of meetings, China agreed to purchase $17 billion worth of U.S. agricultural products annually through 2028 in addition to the previously agreed 25 mmt of soybean purchases. The announcement helped ease concerns within the soybean market regarding export demand prospects.

The wheat complex is higher across the board this morning, following strength in corn and soybeans as prospects for additional export demand improved following new details from the U.S.-China trade discussions over the weekend. Looking at July contracts, Chicago wheat is up 20-3/4 cents at $6.56-3/4, Kansas City is 14-3/4 cents higher at $7.02-3/4, and Minneapolis spring wheat is up 14-3/4 cents at $7.00.
Chinese imports of U.S. agricultural products still face an additional 10% tariff following last year’s rounds of retaliatory trade measures, which sharply reduced trade flows. According to USDA data, U.S. agricultural exports to China fell 65.7% year over year to $8.4 billion in 2025.
China’s commerce ministry said Saturday that both sides are aiming to promote two-way trade, including agricultural products, through measures such as reciprocal tariff reductions across a range of goods. However, the ministry did not specify which agricultural products could be included.

Matthew Lucas