TFM Morning Update 06-01-2026

CORN

Corn futures are trading slightly lower this morning despite receiving some support from higher energy prices. July corn is down 1/2 cent at $4.46-1/4, while December futures are also 1/2 cent lower at $4.74-1/2.
Crude oil prices rose more than 2% after Israel ordered troops to advance further into Lebanon amid ongoing clashes with the Iranian-backed Hezbollah militant group, despite a ceasefire that had been announced more than six weeks earlier.
The stepped-up fighting came shortly after the U.S. hosted Israeli-Lebanon peace talks in Washington on Friday, reducing optimism that the U.S. and Iran could quickly reach an agreement to extend the broader regional ceasefire framework.

Soybean futures are trading higher this morning, supported by strength in energy markets and soybean oil. July soybeans are up 5-1/4 cents at $11.92, while November futures are also 5-1/4 cents higher at $11.95-1/4.
Since the start of the Iran war at the end of February, several countries have increased efforts to channel more agricultural commodities into biofuel production as they seek to offset fuel shortages and reduce dependence on petroleum supplies.
That trend has been supportive for soybean oil demand, helping keep soybean crush margins near record highs and providing underlying support to soybean prices.

Wheat futures are trading higher this morning as the market searches for support following last week’s sharp losses. Looking at July contracts, Chicago wheat is up 3-1/2 cents at $6.14, Kansas City wheat is 5-1/2 cents higher at $6.55-1/4, and Minneapolis spring wheat is up 1-1/4 cents at $6.65.
Wheat faced pressure from the approaching Northern Hemisphere harvest. While drought has caused significant and likely irreversible damage to portions of the U.S. crop, many competing exporters remain on track to produce favorable harvests.
India has forecast an El Niño-weakened monsoon for 2026 that could bring the lowest rainfall levels in 11 years, raising concerns over crop production, food inflation, and economic growth in the world’s fifth-largest economy.

Matthew Lucas