TFM Morning Update 08-28-2026

CORN

Corn futures are pressing higher this morning as the market continues to extend its recent rally. September corn is trading 7 cents higher at $5.17-1/4, while December corn is also 7 cents higher at $5.40-1/2.
Extreme heat and heavy rainfall have affected major corn-growing regions in China, raising concerns over both yield and crop quality. China imported 1.36 MMT of corn from January through July, up 61.3% from last year, and further weather-related crop losses could increase the country’s import needs.
Concerns over the U.S. crop are providing additional support to corn prices, with the USDA’s latest Crop Progress report showing corn condition ratings falling 3 percentage points to 57% good to excellent for the week ending August 23.

Soybean futures are pressing higher again this morning as the market continues its recent advance. September soybeans are trading 7-3/4 cents higher at $12.64-1/4, while November soybeans are 8-3/4 cents higher at $12.76-3/4.
U.S. exporters have reported a series of soybean sales to China for the 2026/27 marketing year, including a fresh 333,000 metric ton purchase announced on August 26. The latest deal follows several large sales earlier this month, including 488,000 metric tons on August 3, 238,000 metric tons on August 7, and 244,000 metric tons on August 12.
U.S. crop concerns are also supporting soybean prices, with the USDA’s good-to-excellent soybean rating falling to 60% from 61% a week earlier. Markets are also looking ahead to a potential late-September meeting between Presidents Trump and Xi, which could have implications for agricultural trade.

The wheat complex is trading higher across the board this morning. Looking at September contracts, Chicago wheat is trading 5-1/4 cents higher at $7.48, Kansas City wheat is 6 cents higher at $8.09-1/2, and Minneapolis spring wheat is 1-1/2 cents higher at $7.34-1/4.
Wheat exports from the Black Sea have stalled amid ongoing strikes on grain-laden ships and export terminals, according to market watchers. While grain supplies in the region remain healthy, export disruptions have left much of that supply trapped in the region.
Wheat prices jumped at the beginning of the week after Ukrainian President Volodymyr Zelenskyy said Saturday that Russia had rejected a truce that would halt attacks on ships carrying grain through the Black Sea.

Matthew Lucas