TFM Midday Update 6-3-2026

CORN

Corn is lower at midday as upcoming weather shows additional soil moisture boosting rains. July corn is down 3-3/4 cents at 4.36-3/4.
Some of the downward pressure on crop prices is stemming from a higher Argentine crop production estimate. The Buenos Aires Grain Exchange has raised its estimate to 64 million metric tons, compared with the USDA’s estimate of 59 million metric tons.
The EU has indicated that it remains on track to implement its trade agreement with the U.S. by the end of the month. If finalized, the agreement could enhance the competitiveness of U.S. corn within EU feed markets.
USDA confirms the sale of 136,000 tons of U.S. corn for delivery to South Korea in 2026/27.
Ethanol production increased to 1,108 tbd last week, up from 1,089 tbd the previous week, up 0.3% from the YA.

Soybeans are mixed at midday, finding some support from strength in the soybean oil market. July soybeans are down 1 cent at 11.64-1/4.
Bean oil is nearing another contract high as Middle East tensions escalate, with reports that Iran struck Kuwait’s airport.
Weather models show rain from Texas through the Plains and Midwest over the next week, with lighter amounts in the Eastern Corn Belt and Southeast. Soil moisture should improve in the Western Corn Belt, while adequate subsoil moisture limits concern over a drier pattern in the East.
The EU remains on track to implement a trade deal with the U.S. by the end of June. While the EU is already a strong buyer of U.S. soybeans, the agreement also includes preferential access for U.S. soybean oil, which could provide an additional source of demand if fully realized.

Wheat is lower at midday as ample global supplies and weak U.S. export competitiveness continue to weigh on the market. July Chicago wheat is down 11 cents at 5.92 while July Kansas City wheat is down 8-1/2 cents at 6.26-1/4.
Australian wheat production estimates have been lowered to 26.7 million metric tons, below the USDA’s forecast of 30 million metric tons.
China’s wheat crop is facing quality concerns as heavy rains have caused significant lodging across key production areas.
Ukraine’s state railway is proposing a 45% increase in freight rates following ongoing Russian attacks and infrastructure damage, a move that could increase transportation costs and create additional challenges for crop movement.

Lauren VandenLangenberg