TFM Midday Update 5-21-2026

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

CORN

Corn futures are posting small gains at midday as the market receives spillover support from higher energy prices. July corn is up 1 cent at $4.66-3/4, while December futures are unchanged at $4.89-1/4.
This morning, USDA announced corn export sales for the 2025/26 marketing year totaling 2.13 mmt. An additional 281,400 metric tons were sold for the 2026/27 marketing year.
Corn futures have turned higher on the day, recovering from early morning losses as the market follows strength in energy prices. Crude oil moved higher following reports that Iran stated it would not agree to removing highly enriched uranium from the country, challenging one of the key conditions tied to prior ceasefire and peace negotiation discussions.

Soybean futures are under pressure this morning, trading slightly lower as the market enters a consolidation phase while continuing to monitor headlines surrounding developments in the Middle East. July soybeans are down 2-1/4 cents at $11.97-1/2, while November futures are 3-3/4 cents lower at $11.89-3/4.
Earlier today, USDA reported net soybean export sales of 351,400 metric tons for the 2025/26 marketing year. An additional 172,700 metric tons were sold for the 2026/27 marketing year.
Crush margins have continued to support soybean prices in recent weeks, with margins holding near all-time highs. Much of that strength has been driven by soybean oil, though soybean oil futures have begun to consolidate as the market tests technical resistance near 78 cents.

The wheat complex is lower this morning as the market faces profit-taking and begins consolidating following the recent rally. Looking at July contracts, Chicago wheat is down 7-1/4 cents at $6.53-1/4, Kansas City is 4 cents lower at $6.94-3/4, and Minneapolis spring wheat is down 1-1/4 cents at $6.93-1/4.
Wheat export sales were released earlier this morning in USDA’s weekly Export Sales report. For the 2025/26 marketing year, wheat export sales totaled 166,300 metric tons. An additional 130,500 metric tons were reportedly sold for the 2026/27 marketing year.
Some analysts are drawing attention to elevated climate risks for global grain production as an El Niño event becomes increasingly likely to develop by mid-2026. The wheat market has received particular focus due to heightened crop calendar overlap risks across major producing regions including India, Pakistan, Australia, mainland China, and Argentina.

Matthew Lucas