TFM Midday Update 6-4-2026

CORN

Corn futures remain under pressure at midday as a favorable weather outlook continues to dominate market sentiment. Recent losses have also likely been amplified by speculative long liquidation, as funds reduce previously large net long positions. At midday, July corn futures are trading 8-1/4 cents lower at $4.23-1/4, while December futures are down 7-3/4 cents at $4.52.
This morning, USDA released its weekly Export Sales report for the week ending May 28. For corn, net export sales for the 2025/26 marketing year totaled 883,300 metric tons. In addition, USDA reported export sales of 243,700 metric tons of corn for the 2026/27 marketing year.
In addition to the weekly Export Sales report, USDA also announced a flash sale of 115,000 metric tons of corn to Colombia for delivery during the 2026/27 marketing year.

Soybean futures are under heavy pressure today and are leading the grain complex lower. July soybeans are trading 23 cents lower at $11.31, while November futures are down 21-3/4 cents at $11.45-1/2.
This morning, USDA reported net soybean export sales for the week ending May 28. For the 2025/26 marketing year, net sales totaled 276,900 metric tons. In addition, 243,000 metric tons were sold for the 2026/27 marketing year.
Washington has said Beijing committed during a mid-May summit to purchase $17 billion worth of U.S. agricultural goods annually, in addition to a previously established soybean import target. China has confirmed that it agreed to expand agricultural trade but has not provided details regarding specific purchase commitments.

Wheat futures have continued to move lower at midday, with the market facing spillover weakness from corn and soybean futures. Looking at July contracts, Chicago wheat is trading 5 cents lower at $5.82-1/4, Kansas City wheat is down 6-1/2 cents at $6.17-1/2, and Minneapolis spring wheat is 3 cents lower at $6.23-1/4.
This morning, USDA released its Export Sales report for the week ending May 28. The report showed net cancellations of 642,200 metric tons for the 2025/26 marketing year. However, USDA also reported net sales of 838,500 metric tons for the 2026/27 marketing year.
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.

Matthew Lucas