TFM Midday Update 08-07-2026

CORN

Corn is trading modestly higher at midday, finding support from concerns over global crop conditions. December corn is up 2-1/4 cents at 4.64-1/4.
Corn conditions in France declined for the eighth consecutive week through early August as a historically hot and dry summer continues to stress the crop. As of the start of this week, just 31% of the crop was rated good to excellent.
Black Sea export disruptions have prompted the U.S. agricultural attaché to lower Ukraine’s corn export forecast for the marketing year to 14 million metric tons, 9 million metric tons below the USDA’s estimate released last month.
U.S. corn acreage under drought conditions declined 1 percentage point to 28%, compared to just 3% at this time last year. Looking ahead, beneficial rainfall is forecast across the eastern half of Iowa through Illinois, Indiana, Ohio, and much of the eastern Corn Belt over the next week.

Soybeans are trading slightly higher at midday as strong demand continues to provide support to the market. Soybean futures are posting gains, while soybean oil and soybean meal are trading mostly lower. September soybeans are up ¾ cents at 11.60-3/4.
U.S. soybean acreage under drought conditions was unchanged this week at 26%, compared to just 3% at this time last year.
Brazil’s July soybean exports increased 9.3% from a year ago, while soybean meal exports rose 17.9%. However, Brazil’s soybean shipments to China have slowed considerably in recent weeks as China has shifted more of its purchasing interest toward U.S. soybeans.
China imported 11.48 million metric tons of soybeans in July, down 1.6% from the same month last year but still above the recent monthly average.

Wheat is trading notably higher at midday, supported by an increase in U.S. wheat acreage under drought conditions. December Chicago wheat is 8-1/2 cents higher at 6.59, while Kansas City December wheat is 14 cents higher at 7.31-1/2.
HRS wheat acreage under drought conditions jumped another 16 percentage points this week after increasing 17 points the previous week. Drought now affects 58% of the crop, compared to 35% at this time last year.
Russia struck three more Ukrainian grain vessels overnight, adding to Black Sea export concerns. The U.S. agricultural attaché lowered Ukraine’s wheat export forecast to 10.8 million metric tons, while Ukraine’s Ministry of Agriculture cut its estimate further to 8.3 million metric tons.
2026 French SRW wheat production is estimated to be down 4% year over year, while durum wheat production is projected to decline 16.6%.

Lauren VandenLangenberg