TFM Morning Update 06-29-2026

CORN

Corn futures have slipped lower this morning as traders position themselves ahead of Tuesday’s USDA Acreage and Grain Stocks reports. July corn futures are down 8-1/4 cents at $4.04-1/2, while December futures are 8-3/4 cents lower at $4.32-3/4.
Hotter-than-normal temperatures are forecast from the Plains to the Atlantic Coast through July 4. Drier conditions across southern growing areas, along with a heat dome expected next week, could raise crop concerns and threaten yield prospects.
Traders are closely watching Tuesday’s USDA Acreage and Grain Stocks reports for fresh supply signals, with analysts expecting corn planted acreage to come in near 94.9 million acres. While that would be slightly below earlier expectations, it would still represent the fourth-largest U.S. corn planted area since 1960.

Soybean futures are trading lower this morning as the market continues to consolidate following the recent decline. July soybeans are down 8 cents at $11.18-1/4, while November futures are 9-3/4 cents lower at $11.46-1/2.
Oil prices moved higher on Monday after several days of tit-for-tat strikes between the U.S. and Iran highlighted the fragility of their interim peace agreement and once again disrupted energy shipments through the Strait of Hormuz.
Traders are looking ahead to Tuesday’s USDA report, which has the potential to significantly move the market. Analysts expect farmers to have planted 85.25 million soybean acres, up from USDA’s March estimate of 84.7 million acres.

The wheat complex is mixed this morning, with the winter wheat classes trading lower while spring wheat is steady to slightly higher. Looking at July contracts, Chicago wheat is down 5 cents at $5.73-1/4, Kansas City wheat is 1/2 cent lower at $6.10-1/2, and Minneapolis spring wheat is 1/4 cent higher at $5.75-3/4.
Estimates for the June 30 Grain Stocks report call for wheat stocks of 931 million bushels, up from 855 million bushels at the same time last year. Planted wheat acreage is estimated at 43.8 million acres, unchanged from USDA’s March estimate.
The advancing U.S. winter wheat harvest reinforced expectations for ample supplies. Hard red winter wheat was 49% harvested, well ahead of last year and the five-year average, while soft red winter wheat harvest reached 45%, also running ahead of normal.

Matthew Lucas