TFM Midday Update 06-10-2026

CORN

Corn futures are higher at midday ahead of tomorrow’s USDA and CONAB reports. July corn is down ¼ cents at 4.19-3/4.
Tomorrow’s USDA report is expected to show little change in old- and new-crop ending stocks, though global ending stocks could rise by 1 million metric tons on expectations for increased Argentine production.
CONAB is expected to lower its Brazil corn production estimate to 139.6 million metric tons, compared to 140.2 million metric tons in the previous report.
Ethanol production held steady at 326 million gallons last week however was down 1% year over year.

Soybeans are higher at midday, with strength seen across the soy complex as geopolitical tensions involving Iran lend support to energy and agricultural markets. July soybeans are up 12 cents at 11.25-3/4.
CONAB is expected to raise its Brazil soybean production estimate to 180.6 million metric tons, compared to 180.1 million metric tons in the previous report.
China was reportedly a buyer of two cargoes of Brazilian soybeans yesterday.
Forecasts call for widespread rainfall through the weekend from the southeastern Plains into the eastern Corn Belt, including the Chicago region. Cooler temperatures are expected to follow next week as a cold front moves across the Midwest, supporting generally favorable crop development conditions.

Wheat is leading the grain markets higher at midday. July Chicago wheat is up 4¾ cents at 5.90, while July Kansas City wheat is 3 cents higher at 6.33-½.
Short covering is helping fuel today’s gains ahead of tomorrow’s USDA June Supply and Demand report. Market expectations call for a slight increase in both old-crop and new-crop U.S. ending stocks, while global ending stocks are projected to decline modestly.
Some bullish news for wheat is Ukraine warns that continuous Russia attacks on the Odessa port could threaten an export collapse.
Rainfall is expected across Oklahoma and southern Kansas through the weekend. By late weekend, a much cooler weather pattern is forecast to move into the central and northern Plains, with daytime highs falling into the 60s and low 70s.

Lauren VandenLangenberg