TFM Morning Update 07-23-2026

CORN

Corn futures are trading higher this morning with the December contract beginning to approach $5.00 on weather concerns. September corn is up 3-1/4 cents to $4.65-1/4 while December is up 4 cents to $4.88-3/4.
The weekly petroleum report saw ethanol stocks rise by 0.4% to 24.481m bbl while analysts were expecting 24.271m. Plant production of 1.094m b/d was above last week and above the survey average of 1.075m.
Estimates for today’s export sales report see corn sales in a range between 500k and 1,600k tons with an average guess of 963k tons. This would compare to 626k tons a week ago and 1,377k tons a year ago at this time.

Soybean futures are trading higher again today and November has scored a new contract high. August soybeans are up 5 cents to $12.38 while November is up 4-3/4 cents to $12.43-3/4. August soybean meal is up $1.40 to $333.00 and soybean oil is up 0.65 cents to 76.13 cents as it follows crude higher.
Brazilian soy exports are expected to reach 13.5 mmt in July which would be down from 13.76 mmt estimated the week prior. This is likely due to China coming to the US to make purchases. Exports of soybean meal in Brazil are estimated lower as well.
Estimates for today’s export sales report see soybean sales between 1,000k and 2,200k tons with an average guess of 1,375k tons. This would compare to 1,958k a week ago and 342k a year ago at this time.

Wheat is mixed to start the day after the crop tour found better yields in North Dakota. September Chicago wheat is up 1/4 cent to $7.06, KC wheat is down 2 cents to $7.61-1/2, and Minn wheat is down 1-1/4 cents to $7.27-3/4.
While the crop tour in North Dakota found very poor yields earlier, there has been some improvement on day 2 with spring wheat yields being estimated at 48 bpa according to data from 89 fields. This would be up from 47.1 bpa a year ago.
Estimates for today’s export sales report see wheat sales in a range between 200k and 550k tons with an average guess of 292k tons. This would compare to 235k a week ago and 712k tons a year ago at this time.

Amanda Brill