TFM Midday Update 05-27-2026

CORN

Corn is trading lower at midday as weakness in crude oil prices has weighed on the market. July corn is down 1-1/4 cents at 4.56-1/4.
U.S. planting progress reached 86% complete, coming in slightly below trade expectations of 89% while remaining above the five-year average of 83%.
Ongoing heatwave concerns across Western Europe led to an 850,000-ton reduction in EU production estimates, now pegged at 60.35 million tons.
Harvest of Brazil’s safrinha corn crop in Mato Grosso is just getting underway, while Argentina’s May corn exports have reached record-high levels so far.

Soybeans are posting modest gains at midday trade today despite the decline in crude oil prices. July soybeans are up 4 cents at 11.90.
China has continued buying Brazilian soybeans following the Beijing summit, as U.S. prices remain uncompetitive without the elimination of the 10% tariff.
U.S. planting progress advanced to 79% complete, coming in slightly below trade expectations of 82% while remaining well above the five-year average of 68%. Soil moisture conditions have declined from last year, with 59% of crop acres rated adequate or better versus 72% a year ago.
India, normally a meal exporter, has canceled some export cargoes amid tight domestic supplies and four-year high prices, leading to increased imports of African meal. At the same time, India’s bean exports have climbed to a record 800,000 tons this season.

Wheat continues lower at midday trade across all classes. July Chicago wheat is down 9-1/2 cents at 6.26. While Kansas City July wheat is down 2-3/4 cents at 6.73-1/2.
U.S. crop conditions slipped 1 percentage point to 26% good to excellent, marking the lowest rating for this point in the season since 1986, compared to 50% a year ago.
South Korean flour mills bought 50,000 tons of U.S. wheat and 50,000 tons of Canadian wheat.
Ukraine’s HRS crop has been planted, though the Deputy Economy Minister warned that reduced fertilizer use during spring sowing, driven by high costs, could weigh on yields.

Lauren VandenLangenberg