TFM Midday Update 07-24-2026

CORN

Corn is trading lower at midday, pressured by weakness in crude oil, which has weighed on the broader grain market. December corn is down 1 cent at 4.86-3/4.
Weather remains a key market focus, with heat expected to return across much of the western Corn Belt next week. Forecasts call for temperatures exceeding 100°F in some areas, while precipitation is expected to remain limited. Drought conditions have also expanded, with 20% of the U.S. corn crop now located in drought areas, up from 19% last week and 9% a year ago.
Weather concerns are also building in Europe, with heat expected to return next week and add further stress to crops. French crop conditions declined another 2% to 38% rated good-to-excellent, down sharply from 69% a year ago. Meanwhile, low water levels on the Rhine River continue to restrict barge traffic, creating additional logistical challenges.
Argentina’s corn harvest has reached 67% complete. In Brazil, the Federal Prosecution Service has filed a lawsuit challenging the government’s recent decision to increase the ethanol blending mandate from 30% to 32%.

Soybeans are trading modestly higher at midday, supported by continued optimism surrounding export demand and ongoing geopolitical tensions that are providing additional market support. September soybeans are 6-1/2 cents higher at 12.37-1/2.
U.S. weather remains a supportive factor for the soybean market as heat is expected to build across the northern Plains this weekend before expanding into the Plains and Upper Midwest early next week. At the same time, precipitation is forecast to remain limited through late next week across much of the region, with the exception of far southeastern Nebraska, northeastern Kansas, and parts of Missouri.
Bean oil is trading lower as weakness in crude oil weighs on the market. However, downside pressure is being limited after Geneva-based Ukrainian vegetable oil producer Allseeds announced it is halting operations at the Port of Odesa following recent attacks.

Wheat is trading lower at midday as traders take profits ahead of the weekend, while a stronger U.S. dollar is adding additional pressure to the market. December Chicago wheat is down 21-1/2 cents at 6.75 while December Kansas City wheat is 21 cents lower at 7.38-3/4.
The Hard Red Spring Wheat Tour concluded with an average yield estimate of 48 bushels per acre, above the five-year average of 45.8 bpa. However, the estimate was 1 bpa below last year’s tour results and remains well below the USDA’s current Minnesota yield forecast of 58 bpa.
Argentina’s wheat planting has reached 98% completion, while France has officially wrapped up its wheat harvest.
S. HRS wheat grown in drought conditions increased 1% this week to 25%, though that remains well below the 43% reported a year ago. Looking ahead, extreme heat is expected to move into the northern Plains this weekend, accompanied by limited precipitation, which could add stress to the crop.

Lauren VandenLangenberg