TFM Morning Update 06-04-2026

CORN

Corn futures remain under pressure this morning as the market continues to search for support amid favorable weather and ongoing fund liquidation. July corn futures are trading 4-1/2 cents lower at $4.27, while December futures are down 4-3/4 cents at $4.55.
Forecasts calling for additional showers and mild temperatures across the Midwest have helped ease concerns about dryness during a critical stage of corn and soybean development, reinforcing expectations for favorable growing conditions.
EIA data showed ethanol production rebounding by 19,000 barrels per day in the week ending May 29, bringing total output to 1.108 million barrels per day. Despite the increase in production, ethanol stocks declined by 362,000 barrels to 24.606 million barrels, indicating solid demand for ethanol.

Soybean futures have continued to drift lower this morning as the market remains under pressure. July soybeans are trading 6-1/4 cents lower at $11.47-3/4, while November futures are down 5-1/4 cents at $11.62.
Despite weakness in soybean futures, soybean crush margins continue to hold near historically strong levels. Robust demand for soybean oil has encouraged aggressive processing, helping maintain strong soybean consumption by crushers.
That demand could provide underlying support to the soybean market as processors and end users continue securing supplies.

The wheat market is mixed this morning as traders continue to search for direction. Looking at July contracts, Chicago wheat is down 1/4 cent at $5.87, Kansas City wheat is 1 cent lower at $6.23, and Minneapolis spring wheat is up 3/4 of a cent at $6.27.
The U.S. winter wheat harvest is now underway. According to USDA, 5% of the winter wheat crop had been harvested as of Sunday. Crop conditions remain relatively poor, with just 26% of the crop rated good-to-excellent.
On the global supply front, Russian consultancy IKAR raised its 2026 wheat production forecast to 91.5 mmt, up from its previous estimate of 90.0 mmt.

Matthew Lucas