TFM Morning Update 08-13-2026

CORN

Corn futures are trading slightly lower this morning as the market gives back a portion of yesterday’s post-WASDE gains. September corn is down 2-1/2 cents at $4.54-1/2, while December corn is 2-3/4 cents lower at $4.78.
Yesterday’s Crop Production report from NASS estimated the U.S. corn yield at 180.7 bushels per acre. Planted acreage was raised by 1.4 million acres to 96.7 million acres, while harvested acreage increased by 1.2 million acres to 88.6 million acres. FSA data showed 1.355 million prevented planting acres for corn.
The August WASDE report lowered 2025/26 U.S. corn ending stocks by 75 million bushels to 1.945 billion bushels, driven by an increase in projected exports. 2026/27 ending stocks were estimated at 1.653 billion bushels, reflecting the lower old-crop carryover and stronger new-crop export expectations.

Soybean futures are trading mixed this morning as the market seeks direction following yesterday’s USDA reports. September soybeans are up 1/2 cent at $11.65-3/4, while November soybeans are unchanged at $11.83-1/4.
The Crop Production report from NASS estimated the 2026 U.S. soybean yield at 52.7 bushels per acre. Planted acreage was raised by 1.4 million acres to 86.8 million acres, while harvested acreage was estimated at 85.8 million acres. FSA data showed 525,377 prevented planting acres for soybeans.
The August WASDE report lowered 2025/26 U.S. soybean ending stocks to 325 million bushels, down 5 million bushels from last month following an increase in projected crush. 2026/27 ending stocks were raised to 320 million bushels, up 10 million bushels from the July estimate.

The wheat complex is trading higher across the board this morning. Looking at September contracts, Chicago wheat is up 2 cents at $6.54-3/4, Kansas City wheat is 2-1/2 cents higher at $7.23-1/4, and Minneapolis spring wheat is up 3-1/2 cents at $6.76-1/2.
The August WASDE report lowered 2026/27 U.S. all-wheat production by 5 million bushels to 1.531 billion bushels. HRW production fell 8 million bushels to 463 million, while HRS declined 1 million to 474 million. White wheat production increased 8 million bushels to 240 million, while durum fell 5 million to 66 million bushels.
Looking at ending stocks, the August WASDE report left 2025/26 U.S. wheat stocks unchanged at 920 million bushels, while 2026/27 stocks declined 5 million bushels to 717 million. Globally, 2025/26 ending stocks increased 1.2 MMT to 280.2 MMT, while 2026/27 stocks rose 0.5 MMT to 273.3 MMT.

Matthew Lucas