TFM Morning Update 06-10-2026

CORN

Corn is trading higher to start the day as funds appear to be easing off selling potentially ahead of the USDA report on Friday, but higher crude oil could be pulling grains higher too. July corn is up 4 cents to $4.23-1/2 while December is up 4-1/2 cents to $4.49-3/4.
Estimates for the weekly EIA report see ethanol production higher than the previous week at 1.113 million barrels per day while stockpiles are estimated at 24.388m bbl from 24.606m a week ago.
Brazilian production estimates ahead of the CONAB report see planted corn area unchanged from last month, yield slightly lower at 6.22 kg per hectare, and total production at 139.6 mmt, down from 140.2 mmt in the previous estimate.

Soybean futures are finally starting the day on a strong note and may break the 8-day losing streak they have been on. July soybeans are up 7 cents to $11.20-3/4 while November is up 5-1/2 cents to $11.37-1/2. July soybean meal is up $2.40 to $303.50 and July soybean oil is up 0.26 cents to 75.17 cents.
Last night, the US fired at Iran after Iran shot down a US Apache helicopter. Iran has now vowed “more devastating” strikes in return. This has caused crude oil to move higher which is likely supporting soybean oil.
Estimates for Brazilian production in the CONAB report see soybean planted area slightly higher with yields unchanged that would lead for total production to be higher than the previous estimate of 180.1 mmt to 180.6 mmt.

All three wheat classes are trading higher along with the rest of the grain complex on war premium and poor crop conditions. July Chicago wheat is up 11-1/4 cents to $5.96-1/2, KC is up 9-1/2 cents to $6.40-1/4, and Minn is up 9-1/4 cents to $6.26-3/4.
Ukraine has warned that Russian attacks on the port of Odesa have threatened export collapse as a result of the serious damage. This could lead to a significant reduction in shipments, and more than 90% of the country’s key agricultural exports move through the 3 ports of the Odesa hub.
Monday’s Crop Progress saw winter wheat crop ratings fall by 1 point to 25% good to excellent which compares to 54% last year. Spring wheat ratings improved by 5 points to 52% which compares to 53% last year. Spring wheat is 98% planted while winter wheat is now 11% harvested.

Amanda Brill