TFM Midday Update 07-20-2026

CORN

Corn futures gapped higher Sunday night but have since faded from overnight highs. Currently December corn is up 6 cents at 474.
While rains moved through parts of Minnesota, Iowa, and Wisconsin early Monday, the two-week forecast remains drier than normal across much of the Corn Belt, helping support corn and soybean prices.
Weekly corn export inspections exceeded 60 million bushels for the week ending July 9. Marketing-year inspections now total 2.84 billion bushels, up 25% from a year ago and running ahead of USDA’s current forecast for a 16% year-over-year increase.

Soybean futures started the week sharply higher, breaking above the calendar-year highs established in May as bullish momentum continued. November soybeans are up 25-1/2 cents currently trading at 1228-1/2.
Recent Chinese purchases of U.S. soybeans, combined with forecasts calling for below-normal rainfall and above-normal temperatures across much of the Midwest into early August, continue to provide strong support.
Managed money is estimated to hold more than 260,000 long contracts across the soybean complex, with soybean oil accounting for nearly half of that position, adding momentum but also increasing the potential for volatility if sentiment shifts.

Wheat futures are mixed to lower to start the week, lagging the stronger gains seen in corn and soybeans. Minneapolis spring wheat is the lone class trading higher. December CBOT wheat is down 5 cents at 695, December KCBOT wheat is down 5 cents at 741, while September Spring wheat is unchanged at 692.
Russia and Ukraine exchanged fresh attacks over the weekend and Monday, with Ukraine reportedly striking seven additional Russian vessels, bringing the total to more than 180 ships targeted in recent weeks. The conflict continues to threaten Black Sea grain logistics.
Argus Media lowered its estimate for France’s soft wheat crop to 30.8 MMT, nearly 8% below last year, citing the impact of prolonged extreme heat on yields.

Keegan Madigan