TFM Morning Update 07-21-2026

CORN

Corn futures are trading lower this morning but have come back from lower prices overnight as crop conditions came in higher than expected. September corn is down 1 cent to $4.48-1/2 while December is down 1-3/4 cents to $471-1/4.
The US corn crop rating fell by 1 point to 67% good to excellent which was 1 point above the trade guess but compared to 74% at this time a year ago. 59% of the crop is silking and 13% is in dough stage.
Yesterday’s export inspections report for corn came within trade estimates at 1,550k tons which compared to 1,555k last week and 985k tons a year ago at this time. Top destinations were to Mexico, Japan, and Korean Republic.

Soybean futures are mixed this morning in bear spreading action. August soybeans are down 3-3/4 cents to $12.22-1/4 while November is up 3/4 cent to $12.27. August soybean meal is up $0.70 to $324.20 and August soybean oil is up 0.02 cents to 74.70.
The Crop Progress report saw soybean ratings improve one point from last week to 66% good to excellent which was 2 points above the average trade guess. This compares to 68% a year ago but is above the 5-year average. 66% of the crop is blooming and 32% is setting pods.
Yesterday’s export inspections report was poor for soybeans at 297k tons which was below trade estimates and compared to 396k a week ago and 732k tons a year ago. Top destinations were to China, Germany, and Mexico.

All three wheat classes are trading lower this morning despite a sharp drop in crop ratings. September Chicago wheat is down 2-1/4 cents to $6.71-3/4, KC is down 1-3/4 cents to $7.22, and Minn wheat is down 1-1/4 cents to $6.91.
The Crop Progress report saw spring wheat ratings fall by 5 points from last week to 53% good to excellent which compares to 52% a year ago. 86% of spring wheat is headed. The winter wheat harvest is 74% complete which compares to the 5-year average of 71% at this time of year.
Yesterday’s export inspections were weak for wheat at 214k tons which compared to 396k a week ago and 732k tons a year ago. Top destinations were to Mexico, Chile, and St. Lucia.

Amanda Brill