TFM Midday Update 6-2-2026

CORN

Corn futures continue to trend lower at midday as friendly weather pressures prices. July corn is down 2-1/2 cents to $4.41-1/2, while December futures are down 5-00 cents to $4.67-1/2.
Monday’s Crop Progress report showed the corn crop at 67% good-to-excellent, down 2% from last year and 4% lower compared to the five-year average.
US corn planting is seen at 93%, up 7% from last week and up 1% from a year ago.
According to AgRural, Brazil’s corn harvest in the Center-South region is 2.4% complete. This compares to 0.9% last week and 1.3% harvested through the same week a year ago.

Soybeans remain pressured at midday, driven by favorable weather outlook and quicker planting pace. July soybeans are down 10-00 cents to $11.70-3/4, while November soybeans are 4-1/4 cents lower to $11.84-1/2.
Yesterday’s Crop Progress report showed soybean conditions at 66% good-to-excellent, which is down 1% form a year ago.
Planting pace continues to be fast with 87% of the crop planted. This compares to 79% planted last week, 83% a year ago, and the five-year average of 80% done through the same week.
April crush totaled 218.5 mb, which was higher than expected. The average guess was 214.7 mb for the month. Soybean oil stocks came in at 2.443 billion pounds which was also higher than expected.

All three wheat classes are lower at midday, pressured by weather forecasts calling for rain over the next week in the Plains. July Chicago is down 6-1/4 cents to $6.02-1/2, July KC is 10-3/4 cents lower to $6.62-3/4, while July Minneapolis is down 11-1/4 cents to $6.40-3/4.
Winter wheat harvest is contributing to the weakness across the wheat complex with 5% of the crop now harvested. This compares to the average which sits at 3% through the same week.
Winter wheat conditions sit at a 37-year low at 26% good-to-excellent. This compares to last years crop which was rated 52% good-to-excellent last year at this time. Spring wheat conditions fell 3% to 47% good-to-excellent.
SovEcon has raised their 2026/27 Russian wheat export forecast by 1.1 mmt to 46.3 mmt. The group expects a larger carryover of stocks and a bigger crop.

Tanner Wilson