TFM Morning Update 07-06-2026

CORN

Corn futures are trading sharply higher to start the week as the 8-14 day forecast shows hot and dry weather throughout the Corn Belt. September corn is up 12-1/2 cents to $4.35-1/4 while December is up 13-1/4 cents to $4.54-3/4.
While a period of hot and dry weather in the US may not do much damage to crops, in Europe, conditions have been extremely hot and dry which is damaging the corn crop and driving prices higher in that market.
Last week’s export sales report saw good corn sales at 1,500k tons which compared to 1,479k tons the previous week. Top buyers were Mexico, Colombia, and Portugal.

Soybean futures are trading significantly higher today on this new weather forecast with prices reaching levels before their sell-off in the beginning of July. August beans are up 30-3/4 cents to $11.67 while November is up 33-3/4 cents to $11.81-1/2. August bean meal is up $6.50 to $312 and bean oil is up 1.02 cents to 67.79 cents.
The U.S. has less available exportable supply as rapid crush expansion, supported by EPA biofuel policy, increases domestic soybean demand. If Chinese demand returns, the balance sheet could tighten quickly as export demand competes with a stronger domestic crush market.
Last week’s export sales report saw poor soybean sales come in below expectations. They were seen at just 224k tons which compared to 1,358k tons the previous week. Top buyers were Mexico, China, and Japan.

All three wheat classes are trading higher this morning on weather premium in the US and abroad. September Chicago wheat is up 9 cents to $6.08-3/4, KC is up 6-1/2 cents to $6.44-3/4, and Minn is up 4-1/4 cents to $6.23.
In France, the wheat harvest is progressing despite the extreme heat wave that is damaging the crop. 26% of the wheat crop has been harvested, but wheat conditions have continued to fall. 68% of the crop is now rated 68% good to excellent which is down from 74% just a week prior.
Last week’s export sales report was poor for wheat at 300k tons sold which compared to 504k tons the previous week. Top buyers were Mexico, unknown destinations, and Colombia.

Amanda Brill