TFM Midday Update 9-10-2026

CORN

Corn futures are trading slightly higher at midday as the market continues to position ahead of tomorrow’s WASDE report. December corn is 1-1/4 cents higher at $5.29, while March corn is 1 cent higher at $5.44-1/4.
USDA rated 56% of the U.S. corn crop in good-to-excellent condition this week, down 1 percentage point from the previous week. The decline keeps attention centered on the extent of summer weather damage as traders prepare for Friday’s WASDE and Crop Production reports.
Argentina’s corn exports are expected to reach a record 10 MMT during August and September, well above the roughly 3 MMT normally shipped during the two-month period. A record 71.7 MMT crop, combined with disruptions to Ukrainian exports, has allowed Argentina to capture additional demand.

Soybean futures are trading higher at midday, supported by Chinese demand. November soybeans are 11 cents higher at $13.20-1/2, while January soybeans are 10-3/4 cents higher at $13.36.
China reportedly purchased 14 to 15 cargoes of U.S. soybeans this week, totaling roughly 1 MMT. State-owned Sinograin booked cargoes for shipment from the U.S. Gulf between December and February, while China’s total U.S. purchases are now approaching half of the 25 MMT annual commitment announced earlier this year.
Crude oil prices have moved sharply higher, with Brent trading above $100 per barrel amid escalating Middle East supply concerns. Elevated energy prices remain a supportive outside influence for biofuel-linked vegetable oils, including soybean oil.

The wheat complex is trading higher across the board, led by Minneapolis spring wheat. Looking at December contracts, Chicago wheat is 4 cents higher at $7.33, Kansas City wheat is 2 cents higher at $8.08-1/4, and Minneapolis spring wheat is 7 cents higher at $7.55.
According to a Reuters poll, 2026/27 U.S. wheat ending stocks are projected at 718 mb on average, up 1 mb from last month if realized. Trade estimates range from 686 mb to 742 mb.
Black Sea risk remains an important driver for wheat after Ukraine struck targets at Russia’s Novorossiysk port, including a naval base and oil-loading terminal. Novorossiysk is a key outlet for Russian exports, and continued attacks across the Black Sea have increased concerns over the reliability and cost of moving Russian and Ukrainian grain to world buyers.

Matthew Lucas