TFM Morning Update 09-10-2026

CORN

Corn futures are trading higher this morning as the market continues to move sideways ahead of Friday’s WASDE report. December corn is 4 cents higher at $5.31-3/4, while March corn is also 4 cents higher at $5.47-1/4.
USDA will release its next Crop Production report on Friday, September 11. Trade expectations call for the U.S. corn yield to be lowered to 178.2 bushels per acre, down from 180.7 bushels per acre in the August report.
Beyond yield, the corn market will also be focused on acreage as September FSA data is released Friday. An increase in corn acres could offset some of the impact from a lower yield and keep carryout relatively comfortable.

Soybean futures remain within their recent sideways consolidation pattern. November soybeans are 6-3/4 cents higher at $13.16-1/4, while January soybeans are also 6-3/4 cents higher at $13.32.
StoneX raised its estimate for the 2026 U.S. soybean crop to 4.547 billion bushels, up from 4.470 billion bushels previously, while leaving its yield estimate unchanged at 53.0 bushels per acre.
By comparison, traders surveyed by Bloomberg expect USDA to lower its soybean yield estimate by 0.3 bushels per acre to 52.4 bushels per acre on Friday, with production projected at 4.492 billion bushels, down 27 mb from the August estimate.

The wheat complex has moved higher across the board this morning. Looking at December contracts, Chicago wheat is 7 cents higher at $7.54, Kansas City wheat is also 7 cents higher at $8.26, and Minneapolis spring wheat is 8 cents higher at $7.62.
The wheat complex is trading mixed this morning. Looking at December contracts, Chicago wheat is 2-1/4 cents higher at $7.31, Kansas City wheat is 1/4 cent lower at $8.05-1/2, and Minneapolis spring wheat is 1-3/4 cents higher at $7.49-3/4.
As for global wheat ending stocks, the average trade estimate comes in at 273.0 MMT, down 0.3 MMT from last month. Estimates range from 271.0 MMT to 275.0 MMT.

Matthew Lucas