TFM Morning Update 07-10-2026

CORN

Corn futures are trading lower to start the day as funds likely position themselves ahead of the USDA report at 11am central. September corn is down 3-3/4 cents to $4.27-3/4 while December is down 3-1/2 cents to $4.48-1/2.
Estimates for today’s report see corn ending stocks for 25/26 down by 66 mb and 26/27 ending stocks down slightly to 1.9 billion bushels. Yield is expected at 182.9 bpa, world ending stocks are projected lower, and Argentinian and Brazilian production is estimated to be higher.
Yesterday’s export sales report saw corn sales fall to 967k tons from last week’s 1,500k tons and 2,151k a year ago. Top buyers were Japan, Mexico, and Colombia.

Soybean futures are trading lower this morning with good weather potentially pointing to better yields. August soybeans are down 3 cents to $11.74-3/4 while November is down 4-1/4 cents to $11.77-1/4. August soybean meal is down $1.20 to $316.40 and soybean oil is up 0.29 cents to 70.21 cents.
For today’s WASDE report, soybean ending stocks for 26/27 are seen 22 mb higher at 332 mb, yield is expected to be 0.5 bpa higher at 53.0 bpa, and both Argentinian and Brazilian production are expected to be slightly higher.
Yesterday’s export sales were poor for soybeans at 463k tons. This was above last week’s 224k but well below the 751k tons last year. Top buyers were China, Japan, and Colombia.

Wheat is trading lower this morning along with the rest of the grain complex. September Chicago wheat is down 2-1/4 cents to $6.17-1/2, KC is down 2-3/4 cents to $6.51-1/2, and Minn wheat is down 1-1/2 cents to $6.37-1/2.
Today’s WASDE report expects 26/27 wheat ending stocks to fall by 26 mb to 718 mb. The US all wheat production number is expected to be lower, and world ending stocks are forecast to be lower for wheat as well by 2.3 mmt.
Yesterday’s export sales report saw wheat sales within the average trade guesses at 313k tons. This compared to 300k tons last week and 577k a year ago. Top buyers were South Korea, Nigeria, and Mexico.

Amanda Brill