TFM Morning Update 06-30-2026

CORN

Corn futures are trading modestly higher this morning as traders position ahead of USDA’s Grain Stocks and Planted Acreage reports. July corn is up 1-1/4 cents at $4.03-1/4, while December corn is 1/4 cent higher at $4.30-1/4.
CFTC data showed managed money added another 23,264 contracts to its net short position in corn futures and options during the week ending June 23. The increase was driven by new short selling, with outright short positions rising by 37,052 contracts.
USDA will release its June Planted Acreage and Grain Stocks reports later this morning. Analysts expect corn planted acreage at 94.992 million acres, down slightly from the March Prospective Plantings report and nearly 2.8 million acres below last year. June 1 corn stocks are estimated at 5.408 billion bushels, up 17% from a year ago.

Soybean futures are trading slightly lower as markets continue positioning ahead of this morning’s USDA reports. July soybeans are down 1/4 cent at $11.08-1/2, while November soybeans are 1-3/4 cents lower at $11.37-1/4.
Friday’s CFTC report showed managed money as net sellers across the soybean complex during the week ending June 24. Funds sold 16,139 soybean contracts, trimming their net long position to 36,679 contracts. They also sold 19,325 soybean oil contracts, reducing their net long to 103,589 contracts, and sold 8,851 soybean meal contracts, leaving a net long position of 8,601 contracts.
At 11:00 a.m. CT, USDA will release its Grain Stocks and Planted Acreage reports. Analysts expect soybean planted acreage to come in at 85.25 million acres, up from the March Prospective Plantings estimate of 84.7 million acres.

The wheat complex is trading higher across the board this morning as markets await USDA’s Grain Stocks and Planted Acreage reports. In the September contracts, Chicago wheat is up 1/4 cent at $5.80, Kansas City wheat is 1-3/4 cents higher at $6.16-1/2, and Minneapolis spring wheat is up 4-3/4 cents at $6.05-1/2.
This morning, traders will receive USDA’s quarterly Grain Stocks and Planted Acreage reports. The average pre-report estimate for June 1 wheat stocks is 935 million bushels, down from 1.3 billion bushels on March 1 but above the 855 million bushels reported a year ago.
For acreage, analysts expect all wheat planted acres to total 43.8 million, unchanged from the March estimate but down 1.5 million acres from last year. By class, winter wheat is projected at 32.4 million acres and spring wheat at 9.4 million acres, both unchanged from March but down 0.8 million and 0.6 million acres, respectively, from a year ago.

Matthew Lucas