TFM Midday Update 7-2-2026

The CME and Total Farm Marketing Offices will be closed Friday, July 3, in Observance of Independence Day

CORN

Corn futures are trading higher at midday as the market heads into the extended holiday weekend. September corn is up 4 cents at $4.26-3/4, while December futures are 3 cents higher at $4.45-1/4.
USDA’s weekly Export Sales report showed corn sales for the week ending June 25 totaled 1.5 million metric tons across both marketing years, in line with trade expectations. Sales totaled 732,100 metric tons for the 2025/26 marketing year, with an additional 767,800 metric tons booked for 2026/27.
The latest EIA report showed ethanol production averaged 1.117 million barrels per day during the week ending June 26, up 27,000 barrels per day from the previous week. Ethanol inventories also increased by 105,000 barrels to 24.690 million barrels.

Soybean futures are trading higher at midday. August soybeans are up 6-1/2 cents at $11.39-3/4, while November futures are 4-1/2 cents higher at $11.53-3/4.
USDA’s weekly Export Sales report showed soybean sales for the week ending June 25 totaled 224,300 metric tons. Of that total, just 41,800 metric tons were booked for the 2025/26 marketing year. That was well below analysts’ expectations, with pre-report estimates ranging from 500,000 to 1.5 million metric tons.
Chinese demand remains one of the biggest variables for the soybean market this year. Whether China follows through on its commitments to purchase additional U.S. soybeans will be closely watched, while strong domestic demand for soybean oil continues to partially offset weaker export demand for whole soybeans.

The wheat complex is trading higher across the board at midday, with the winter wheat classes leading the gains. Looking at September contracts, Chicago wheat is up 4-1/2 cents at $6.04-1/2, Kansas City wheat is 5-1/2 cents higher at $6.40-1/4, and Minneapolis spring wheat is up 1-3/4 cents at $6.20-1/4.
USDA’s weekly Export Sales report showed net wheat sales of 300,100 metric tons for the week ending June 25.
The wheat complex continues to face overhead pressure from strength in the U.S. dollar index. The index broke above resistance in mid-June and is now trading at its highest level since late May. A stronger dollar makes U.S. commodities look relatively more expensive on the global market, which can reduce foreign demand.

Matthew Lucas