TFM Morning Update 07-24-2026

CORN

Corn futures are trading slightly lower to start the day following 5 consecutive days of gains, and overnight, prices took out yesterday’s high. September corn is down 1-1/2 cents to $4.62-1/4 while December is down 1-1/4 cents to $4.86-1/4.
Yesterday’s export sales report was poor for corn coming in below expectations for old crop. There was an increase of 13.1 mb for 25/26 and an increase of 27.6 mb for 26/27. This was up from last week but down 44% from the 4-week average. Top buyers were Mexico, Taiwan, and Japan.
The 6-10 forecast has shifted slightly to show cooler temperatures throughout the Corn Belt, but the precipitation outlook is below normal for that time frame. Most estimates are still assuming a corn yield of around 185 bpa.

Soybean futures are trading slightly higher to start the day, but the decline in crude oil is bringing soybean oil lower. August soybeans are up 3-1/4 cents to $12.40-3/4 while November is up 1-1/2 cents to $12.45-1/2. August soybean meal is up $2.10 to $332.00 while soybean oil is down 0.87 cents to 74.72 cents.
Yesterday’s export sales report was within trade guesses for soybeans with an increase of 2.1 mb for 25/26 and an increase of 56.5 bm for 26/27. Top buyers were China, Mexico, and unknown destinations.
China purchased an additional 1 mmt of new crop soybeans which has brought their total to 2.26 mmt or 83 mb for 25/26. This compares to the 25 mmt they committed to buy for the new crop season.

Wheat is trading lower this morning and has likely been negatively impacted by the move lower in crude oil. September Chicago wheat is down 4-1/2 cents to $6.91-1/2, KC is down 2-3/4 cents to $7.57, and Minn wheat is down 5 cents to $7.25.
Yesterday’s export sales report was on the lower side of analyst expectations with an increase of 10.7 mb for 26/27 and none for 27/28. This was up 23% from the previous week but down 14% from the 4-week average. Top buyers were Mexico, Taiwan, and Vietnam.
The Wheat Quality Spring Wheat and Durum Tour concluded for North Dakota yesterday and found the average spring wheat yield at 48.0 bpa which compares to 48.3 bpa in 2025.

Amanda Brill