TFM Midday Update 06-12-2026

CORN

Corn is higher at midday trade with July corn up 4 cents at 4.15-3/4.
U.S. corn acreage affected by drought declined 3 percentage points this week to 24%, compared to 18% at the same time last year. Additional rainfall is forecast across the Delta and lower Midwest this week, which should further improve moisture conditions.
The Buenos Aires Grain Exchange estimates Argentina’s harvest is 44% complete, while the Rosario Grain Exchange reports progress at 55%.
Heat is expected to return to western EU next week, with crop stress likely to increase again following a brief period of relief.

Soybeans are higher at midday with July soybeans up 4 cents at 11.19. Soybeans and soybean meal are gaining while soybean oil is under pressure.
U.S. soybean acreage affected by drought declined 3 percentage points this week to 25%, compared to 13% at the same time last year. Through early next week, rainfall is expected to remain concentrated across the lower Midwest and Delta, with some areas likely to receive very heavy precipitation.
Argentina’s soybean harvest is nearing completion, with 95.2% of the crop harvested.
A potential ceasefire agreement with Iran could be reached this weekend, adding pressure to crude oil and soybean oil markets this morning.

Wheat is trading higher at midday trade. July Chicago wheat is 4-1/4 cents higher at 5.91, while July Kansas City wheat is 6 cents higher at 6.40-3/4.
Winter wheat under drought declined 4 percentage points this week to 63%, compared to 15% at the same time last year.
Several key wheat-producing regions around the world are expected to face challenging growing conditions this year due to El Niño, particularly Australia.
The Western Australia Wheat Association reports that some wheat acreage has been switched to canola, with wheat planted area now estimated at 3.68 million hectares, down from 3.75 million hectares projected last month.

Lauren VandenLangenberg