TFM Morning Update 09-21-2026

CORN

Corn futures are trading higher this morning as prices remain within their recent trading range. December corn is 5-3/4 cents higher at $5.33-1/4, while March corn is 5-1/4 cents higher at $5.46-3/4.
Advancing harvest activity is adding pressure to corn futures, with 8% of the U.S. crop harvested as of September 13, ahead of the five-year average. Meanwhile, crop conditions improved slightly, with 57% rated good to excellent, up from 56% the previous week.
Brazil is expected to divert more corn toward ethanol production, potentially reducing export availability, while slower growth in planted acreage could further tighten supplies.

Soybean futures are trading higher this morning as the market looks ahead to upcoming discussions between President Trump and Chinese President Xi Jinping. November soybeans are 6 cents higher at $13.09-1/2, while January soybeans are 6-1/2 cents higher at $13.26-1/2.
Market participants are looking ahead to this week’s meeting between President Donald Trump and Chinese President Xi Jinping, with Chinese purchases of U.S. soybeans and other agricultural products expected to be a key focus of trade discussions.
China’s imports of U.S. soybeans declined 12% year over year in August, according to official data released Sunday. Meanwhile, China’s total soybean imports reached 12.14 MMT, down 1.1% from a year earlier but up 5.7% from July.

The wheat complex is trading higher across the board this morning. Looking at December contracts, Chicago wheat is 9-1/4 cents higher at $7.23-1/2, Kansas City wheat is 9-3/4 cents higher at $7.93-1/2, and Minneapolis spring wheat is 6-1/2 cents higher at $7.47-3/4.
President Donald Trump and Chinese President Xi Jinping are scheduled to meet in the U.S. on September 24, with recent trade discussions fueling optimism over potential additional Chinese purchases of U.S. soybeans and other agricultural products.
The Trump administration has said China committed to purchasing at least $17 billion annually in U.S. agricultural products, in addition to its separate commitment to buy 25 MMT of U.S. soybeans each year. The broader agreement could create opportunities for additional purchases of other U.S. agricultural commodities, including wheat.

Matthew Lucas