TFM Morning Update 09-14-2026

CORN

Corn futures are trading unchanged across the board to start the day following Friday’s trade that saw prices rise as high as $5.44-3/4 for December and as low as $5.23-1/4. December is currently at $5.30-1/4 while March is at $5.45-1/2.
Friday’s WASDE report was slightly friendly to corn but elicited a negative reaction to traders. Yield fell to 178.5 bpa from 180.7 bpa but was slightly above trade estimates. Acreage was unchanged, and 26/27 ending stocks fell to 1.567 bb from 1.653 bb in August.
Friday’s CFTC report saw funds as net sellers of corn as of September 8. They sold 5,891 contracts, lowering their net long position to 425,171 contracts, although this number is likely lower now.

Soybean futures are slightly higher this morning after losing 35 cents on Friday. November is up 1-1/2 cents to $12.97-1/2 while March is up 2-1/4 cents to $13.21. October soybean meal is down $1.30 to $345.50 and October soybean oil is up 0.33 cents to 69.52 cents thanks to higher crude oil.
Last week’s WASDE report was mostly neutral for soybeans, but funds took the opportunity to sell sharply. Yield was increased to 52.8 bpa from 52.7 bpa, and harvested acreage moved up very slightly. While this caused an increase in production, it was offset by an increase in export sales which caused ending stocks to fall by 10 mb to 310 mb.
Friday’s CFTC report saw funds as buyers of soybeans by 24,848 contracts which increased their net long position to 266,031 contracts. They sold 8,144 contracts of soybean oil, leaving them long 101,768 contracts, and they bought 817 contracts of meal, leaving them long 159,558 contracts.

The wheat complex is mixed to start the day with December Chicago wheat up 4 cents to $7.29, KC down 2 cents to $7.96-1/2, and Minn up 3-1/4 cents to $7.48-1/4. Wheat has mostly been a follower lately due to the high volatility in corn and soybeans.
Friday’s WASDE report held virtually no changes to the US wheat crop, but prices fell sharply likely pressured by corn and soybeans. Estimated yield was held steady at 47.8 bpa and harvest acreage was unchanged too. There were no changes to the balance sheet, and 26/27 ending stocks were held at 717 mb.
The CFTC report saw funds as sellers of Chicago wheat. They sold 10,392 contracts reducing their net long position to 4,262 contracts, and they bought 964 contracts of KC wheat leaving them long 51,248 contracts.

Amanda Brill