TFM Morning Update 09-01-2026

CORN

Corn futures are trading lower this morning but once again made a new contract high overnight and remain in an upward trend. December corn is down 2-3/4 cents to $5.35 while March is down 2-1/2 cents to $5.49-3/4. There have been 277 deliveries against September corn.
Yesterday afternoon’s Crop Progress report saw corn conditions unchanged from last week at 57% good to excellent, but this is down 12% from this time last year. 92% of the crop is in dough stage, 62% is dented, and 13% is now mature.
Yesterday’s export inspecti0ns were strong for corn with 1,496k tons reported which compared to 1,323k the previous week and 1,410k tons a year ago. The top destinations were to Mexico, Korean Republic, and Japan.

Soybean futures are trading higher this morning following another decline in crop ratings. November soybeans are up 9-3/4 cents to $12.97-3/4 while March is up 9-3/4 cents to $13.13-1/4. Both made new contract highs. October soybean meal is up $0.40 to $339.0 and soybean oil is up 1.29 cents to 72.12 cents thanks to higher crude.
The USDA’s Crop Progress report saw soybean ratings fall by 2 points from last week to 58% good to excellent. This is down 7% from a year ago at this time. 95% of the soy crop is setting pods and 13% is dropping leaves.
Yesterday’s export inspections report was poor for soybeans as no cargoes were recorded to China. Soybean inspections were seen at 251k tons which compared to 430k last week and 492k tons a year ago at this time. Top destinations were Mexico, Algeria, and Egypt.

Wheat is mixed to start the day with December Chicago wheat up 2 cents to $7.76, KC down 1-1/4 cents to $8.36-3/4, and Minn wheat down 1/4 cent to $7.62-3/4. Yesterday, prices fell on news that Turkey was attempting to open an export corridor in the Black Sea region.
Yesterday’s Crop Progress report saw that the spring wheat harvest is now 77% complete and will be wrapped up soon. This is ahead of the 5-year average pace of 68%.
US export inspections for wheat were within analyst estimates yesterday at 431k tons. This compared to 433k a week ago and 805k tons at this time a year ago. Top destinations were to the Philippines, Taiwan, and Mexico.

Amanda Brill