TFM Midday Update 08-03-2026

CORN

Corn futures are higher to start the week after last week’s sharp correction in prices. September corn is 5 cents higher at 455-3/4 while December futures are 4-3/4 higher at 486-3/4.
A slow-moving low-pressure system brought significant rainfall to much of the Corn Belt over the weekend. Coverage was uneven, but another system is expected to bring moisture to some of the areas that missed out, including northwest Iowa, early this week.
Traders expect USDA’s good-to-excellent corn rating to fall 2 points in this afternoon’s Crop Progress report following recent heat and dryness.

Soybean futures are trading near unchanged to start the week after steep losses last week. November soybeans are 1-1/2 higher at 1189 while March futures are 2-3/4 higher at 1207-1/2.
Reports suggest China may have purchased as much as 37 million bushels of U.S. soybeans late last week, ahead of President Xi’s expected meeting in Washington next month. If confirmed, the purchases would provide additional support to soybean demand.
Consensus estimates for July soybean crush will be released later today, with traders expecting nearly 218 million bushels to have been crushed, up sharply from 197 million bushels in July last year.

Wheat futures are starting the week higher as tensions in the Black Sea continue to escalate. September CBOT wheat futures are 5-3/4 higher at 645. September KCBOT futures are 5 higher at 712-3/4 while September MIAX spring wheat futures are 2-1/2 higher at 692.
Russia’s July grain exports were reportedly down nearly 1 MMT from July 2025, as restricted shipping through the Black and Azov seas continues to limit exports.
Hotter weather and potentially intensifying drought are expected across the U.S. Plains in the coming weeks. A strengthening El Niño pattern could bring increased moisture to the region later this fall.

Keegan Madigan