TFM Midday Update 07-09-2026

CORN

Corn futures are under pressure at midday as traders square positions ahead of Friday’s WASDE report. September corn is down 4 cents at $4.31, while December futures are 4-3/4 cents lower at $4.51-1/2.
Recent heat across the U.S. Midwest raised concerns ahead of corn pollination, but those worries eased as forecasts shifted toward widespread rainfall and more moderate temperatures across much of the Corn Belt over the coming days.
USDA’s weekly Export Sales report showed net corn sales of 565,800 metric tons for the 2025/26 marketing year, with an additional 401,700 metric tons booked for 2026/27.

Soybean futures are trading lower at midday as profit taking and position squaring ahead of Friday’s WASDE report weighed on the market. August soybeans are down 10-1/4 cents at $11.83, while November futures are 7-3/4 cents lower at $11.84-1/2.
USDA confirmed another export sale of U.S. soybeans to China this morning, with 136,000 metric tons booked for delivery during the 2026/27 marketing year. That follows Wednesday’s announcement of a 472,000-metric-ton sale, providing another positive signal for export demand.
USDA’s weekly Export Sales report showed soybean sales of 54,300 metric tons for the 2025/26 marketing year, with an additional 408,300 metric tons booked for 2026/27.

Wheat futures are trading higher at midday as the market awaits updated global supply and demand estimates in Friday’s WASDE report. Looking at September contracts, Chicago wheat is up 6 cents at $6.13-3/4, Kansas City wheat is 6-1/4 cents higher at $6.51-3/4, and Minneapolis spring wheat is up 4-1/2 cents at $6.35-1/4.
USDA’s weekly Export Sales report showed net wheat sales of 313,100 metric tons for the 2026/27 marketing year.
The Rosario Grain Exchange raised its forecast for Argentina’s 2026/27 wheat harvest to 20.5 million metric tons, up 500,000 metric tons from its previous estimate, citing favorable rainfall and lower fertilizer costs that encouraged additional plantings.

Matthew Lucas