TFM Morning Update 07-07-2026

CORN

Corn futures are trading higher this morning following a sharp jump yesterday that was driven by a new hot and dry weather forecast. September corn is up 1-3/4 cents to $4.40 while December is up 1-3/4 cents to $4.59-1/2. There have been 790 deliveries against July corn.
Yesterday’s Crop Progress report saw corn ratings unchanged from last week at 67% good to excellent which compared to 74% a year ago. 16% of the crop is now silking and 3% is in dough stage, both ahead of the 5-year average pace.
Yesterday’s CFTC report was released late due to the holiday and showed funds as buyers of corn as of June 30. They bought back 22,691 contracts which reduced their net short position to 47,000 contracts.

Soybean futures are trading higher to start the day and are above all major moving averages after yesterday’s move. August soybeans are up 3-1/2 cents to $11.87-1/2 while November is up 3-1/4 cents to $11.95-1/2. August bean meal is up $1.50 to $314.40 and bean oil is up 0.21 cents to 67.97 cents.
Yesterday’s Crop Progress report saw soybean ratings drop one point from last week to 64% good to excellent which compared to 66% a year ago. 34% of the crop is blooming and 9% is setting pods, both above the average pace.
The CFTC report showed funds as sellers of soybeans as of June 30 by 5,479 contracts which reduced their net long position to 31,200 contracts.

All three wheat classes are trading higher this morning with continued momentum from yesterday’s move. September Chicago wheat is up 2 cents to $6.16, KC wheat is up 3/4 cent to $6.50-1/2, and Minn wheat is up 1-3/4 cents to $6.31-1/4.
Spring wheat crop ratings fell to 57% good to excellent from 59% last week and compared to 50% a year ago while winter wheat ratings were unchanged at 26% good to excellent. 54% of spring wheat is headed and 59% of the winter wheat crop is now harvested.
Yesterday’s CFTC report saw funds as buyers of Chicago wheat by 2,176 contracts which reduced their net short position to 69,030 contracts.

Amanda Brill