TFM Morning Update 06-17-2026

The CME and Total Farm Marketing Offices will be closed Friday, June 19, in Observance of Juneteenth

CORN

Corn futures are trading higher this morning as funds appear to be cooling off their selling, potentially putting in a temporary bottom. July corn is up 4-3/4 cents to $4.19 while December is up 5-1/4 cents to $4.47-3/4.
Estimates for the weekly EIA report see ethanol production unchanged from the previous week at 1.108 million barrels per day. Stockpiles are estimated higher at 24.623m bbl compared to 24.452m a week ago.
In Brazil, the winter corn harvest is reportedly 2.5% complete as of June 12 which is slightly ahead of last year’s progress but is behind the 5-year average of 3.4%.

Soybean futures are trading higher on rumors of potential China buying, and this move has brought July beans back above the 200-day moving average which is at $11.38.
July soybeans are up 10 cents to $11.40 while November is up 11 cents to $11.57-1/2. If the Chinese purchases do not materialize, this rally could be sold. July soybean meal is up $4.00 to $308.80 and July soybean oil is up 0.26 cents to 73.18 cents.
Soybean oil stocks held by NOPA members fell to a five-month low in May and came in below trade expectations. The tighter-than-expected soybean oil inventory level helped support nearby CBOT soybean oil futures.

All three wheat classes are trading higher this morning along with the rest of the grain complex. July Chicago wheat is up 10 cents to $6.06, KC is up 9 cents to $6.42-1/2, and Minn wheat is up 7-3/4 cents to $6.20.
Potentially adding support this morning is Russia’s Black Sea city of Novorossiysk, which is a major export port, is under drone attack according to local authorities, Ukraine is likely behind the attacks.
Morocco is estimating its 2026 wheat harvest at 6.5 mmt with soft wheat at 4.4 mmt and surum wheat at 2.1. Many countries are anticipating lower wheat production next season as a result of higher fertilizer costs.

Amanda Brill