TFM Midday Update 07-07-2026

CORN

Corn futures are trading mixed after yesterday’s upswing. December futures are trading 00-1/2 cents higher at 4.58-1/2.
Monday’s Crop Progress report showed corn conditions unchanged from the week prior at 67% good-to-excellent. This compares to 74% good-to-excellent through the same week last year.
Brazil’s Center-South region corn harvest is now seen at 30% complete according to AgRural. This up 8% from the week prior and slightly ahead of last year’s harvest pace which sat at 28% through the same week.

Soybeans are weaker at midday after trading sharply higher yesterday. November futures are 3-1/4 cents lower to $11.89-00. Soybeans and soybean meal are trading lower at midday, while soybean oil is posting slight gains.
Yesterday’s Crop Progress report showed soybean ratings falling 1 point to 64% good-to-excellent. This compares to last year’s crop which stood at 66% good-to-excellent through the same week.
Weather premium was certainly being built in yesterday along with Chinese demand rumors, which were confirmed after COFCO purchased at least 300,000 mt of US soybeans for September-November delivery.

Wheat is trading mixed midday as weather poses less of a risk now that harvest is over 50% done. December Chicago wheat is 2-1/4 cents higher at 6.30-3/4, and December KC is down 1-1/2 cents to $6.62-3/4.
Good to excellent conditions were unchanged at 26%, compared to 48% a year ago. SRW dropped 1%, HRW was unchanged, and HRS down 2%.
While ample Black Sea supplies and Russian export prices falling $5 this week may have limited yesterday’s wheat rally, concerns remain after one of the last major refineries in northern Russia was struck overnight by Ukraine, potentially worsening Russian fuel shortages.
Ukraine’s Deputy Minister reported that wheat exports for the 2025/26 marketing year totaled 14.1 million metric tons, down from 15.7 million metric tons the previous year.

Lauren VandenLangenberg