TFM Morning Update 09-02-2026

CORN

Corn futures are trading lower to start the day but once again made a new contract high in overnight trade. December corn is down 7-1/2 cents to $5.38-1/2 while March is down 7-1/4 cents to $5.53.
US corn used for ethanol was seen at 474.7 million bushels for the month of July which was 3.75% higher than in July 2025. Mills consumed 528 mb of corn in that month which was a 4% increase year over year.
Ukrainian imports of food fell by 41.5% month over month in August according to farm lobby UCAB. This includes corn and wheat as exports in the entire Black Sea region slow due to new escalated attacks by either side of the conflict.

Soybean futures are trading sharply lower following large gains yesterday. Like corn, futures made a new contract high overnight before slipping lower. November soybeans are down 12-3/4 cents to $13.05 while March is down 11-1/2 cents to $13.25-1/2. October soybean meal is down $4.30 to $341.40 and soybean oil is down 0.28 cents to 72.17 cents.
StoneX has estimated that the Brazilian soybean crop for 26/27 will be a new record as a result of the El Nino boosting southern yields with bigger rains. The crop is expected to reach 183.5 mmt which would be up from the last estimate of 183.1 mmt.
Brazilian soybean exports are seen at 9.53 mmt for the month of August which would compare to 10.25 mmt estimated the previous week. Soybean meal exports are estimated at 2.19 mmt.

All three wheat classes are trading lower this morning with December Chicago wheat down 10-3/4 cents to $7.72, KC wheat is down 15-1/4 cents to $8.30-1/4, and Minn wheat is down 6-1/2 cents to $7.70-1/4.
Russia has suspended its grain export duty on wheat through the end of 2026 with exports stalling, but the cheaper exports may not help very much as attacks by both Ukraine and Russia disrupt movement through the Black Sea which have affected routes for over 70% of exports.
After Turkey stepped in to attempt to establish a grain corridor and get Russia and Ukraine to come to some sort of agreement, Russia said that it saw no grounds for any grain deal to resume. The deal was first established in 2022.

Amanda Brill