TFM Midday Update 7-13-2026

CORN

Corn futures are higher to start the week, September futures are up 6 cents at 445-1/2 while December futures are up 6-3/4 at 467-3/4.
The 10-day forecast features a high-pressure ridge bringing above-normal temperatures and limited rainfall across much of the Corn Belt. Ample June moisture should help limit near-term crop stress, but if the pattern persists beyond two weeks, yield concerns could begin to build.
Last week’s USDA WASDE lowered both old- and new-crop U.S. corn ending stocks, providing modest support to futures. The report also reduced the EU corn crop estimate as persistent heat and dryness continue to threaten production across Europe.

Soybeans are higher to start the week but have retreated from Sunday night highs. November soybeans are up 7-1/2 cents at 1198 currently.
USDA confirmed the sale of 136,000 metric tons of U.S. soybeans to China for delivery in the 2026/27 marketing year, reinforcing optimism that Chinese demand will remain an underlying source of support.
A drier 10-day forecast across much of the Midwest should benefit fields after a wet start to the growing season. However, timely August rainfall will still be critical for pod filling and achieving trendline soybean yields.

After overnight gains wheat futures are lower at midday with September CBOT wheat down 2 cents at 638, September KCBOT wheat down 8 cents at 668 and September Spring wheat down 2-1/4 cents at 650-1/4.
Support continues to stem from last week’s bullish USDA WASDE report, which further reduced U.S. wheat production and ending stocks, along with renewed geopolitical tensions involving Russia-Ukraine and the U.S.-Iran, keeping a modest risk premium in the wheat market.
After Friday’s sharp rally, wheat futures are approaching overbought territory, with the market posting gains in six of the last eight sessions. The recent strength could leave prices vulnerable to profit-taking if fresh bullish news fails to emerge.

Keegan Madigan