TFM Morning Update 05-22-2026

The CME and Total Farm Marketing Offices will be closed Monday, May 25, in Observance of Memorial Day

CORN

Corn futures are slightly higher this morning as the market continues searching for fresh news to provide directional conviction. July corn is up 2-1/4 cents at $4.64-1/2, while December futures are 2-1/2 cents higher at $4.87-1/2.
National Weather Service 8-to-14-day forecasts are calling for much of the Corn Belt to see warmer- and wetter-than-normal conditions. With corn planting now roughly 75% complete, the market is beginning to shift its focus toward weather, and current forecasts are generally favorable for crop development.
Last week’s Commitment of Traders report showed funds exiting roughly $10 billion worth of agricultural positions after total length had climbed to approximately $36.5 billion. For reference, the record fund length was set in 2022 near $40.1 billion.

Soybean futures are higher this morning as the market continues to consolidate. July soybeans are up 5 cents at $11.99-1/4, while November futures are 5-1/4 cents higher at $11.92.
Brazil’s soybean production is projected to reach 215 mmt within the next five years as acreage expansion and improving yields continue driving growth. Rising domestic biofuel demand is also expected to support annual production growth of roughly 3% through 2031.
Brazil’s Vegetable Oils Industry Association raised its 2026 soybean crush estimate to 62.5 mmt, which would mark a record high. That compares to 58.7 mmt crushed last year and is slightly above the group’s previous projection of 62.2 mmt.

The wheat complex is higher across the board this morning as the market searches for support following the recent pullback. Looking at July contracts, Chicago wheat is up 1-3/4 cents at $6.49-1/4, Kansas City is 2-3/4 cents higher at $6.89-3/4, and Minneapolis spring wheat is up 2-3/4 cents at $6.93.
The Illinois Wheat Association’s crop tour estimated day-one wheat yields at 102.8 bpa, down slightly from last year’s 106 bpa estimate. However, USDA projections remain well below those figures, with 2026 Illinois wheat yields forecast at 84 bpa. For reference, last year’s state crop set a record at 88 bpa.
According to Rusagrotrans, Russian wheat exports in May are expected to reach 2.9 mmt, which would represent an increase of roughly 38% from a year ago. Through May 18, shipments had already reached nearly 1.65 mmt.

Matthew Lucas