TFM Morning Update 09-21-2026

CORN

Corn futures are trading lower this morning as the market gives back a portion of yesterday’s gains. December corn is 5-1/4 cents lower at $5.37-3/4, while March corn is 5 cents lower at $5.51-3/4.
U.S. corn export inspections reached 1.94 MMT for the week ending September 17, up 40% from a year earlier and exceeding market expectations. The strong weekly total pushed cumulative 2026/27 shipments further ahead of last year’s pace.
Heavy rainfall across parts of the Midwest is delaying harvest activity and temporarily limiting the flow of new-crop supplies. However, overall harvest progress remains slightly ahead of the five-year average.

Soybean futures are trading slightly lower this morning as the market retreats from nearby resistance. November soybeans are 8-3/4 cents lower at $13.19-1/4, while January soybeans are also 8-3/4 cents lower at $13.35-1/4.
Soybean traders are looking ahead to the upcoming meeting between President Trump and Chinese President Xi Jinping, with hopes that discussions will lead to additional U.S. soybean purchases by China.
Soybean traders are hopeful that China will remove its 10% import tariff on U.S. soybeans, potentially encouraging private Chinese buyers to resume purchases. President Trump and Chinese President Xi Jinping are scheduled to meet Thursday in Washington, with agricultural trade expected to be among the topics of discussion.

The wheat complex is trading lower this morning as improving weather eases concerns over winter wheat crop conditions. Looking at December contracts, Chicago wheat is 11 cents lower at $7.15-1/2, Kansas City wheat is 14 cents lower at $7.80-1/2, and Minneapolis spring wheat is 6 cents lower at $7.40-1/4.
Improving weather across portions of the U.S. Plains has eased concerns over winter wheat conditions. Recent rainfall has improved topsoil moisture and germination prospects, according to USDA, although planting remains behind the five-year average at 17% complete versus 21%. Kansas is 10% planted, Oklahoma 4%, and Texas 21%.
Continued attacks between Russia and Ukraine have clouded prospects for a recovery in Black Sea grain exports, with strikes on vessels and ports disrupting shipments. Russia has increasingly redirected grain through Baltic and Arctic terminals, although volumes remain below normal Black Sea export levels.

Matthew Lucas