TFM Morning Update 09-24-2026

CORN

Corn futures have edged slightly higher this morning as the market awaits further developments from U.S.-China trade discussions. December corn is 1/4 cent higher at $5.29-1/4, while March corn is unchanged at $5.43-1/2.
USDA reported a private export sale of 100,000 MT of 2026/27 corn to Mexico yesterday morning. Thursday’s Export Sales report is expected to show 2026/27 corn sales between 0.8 and 1.4 MMT for the week ending September 17.
EIA data showed U.S. ethanol production averaged 1.028 million barrels per day for the week ending September 18, down a seasonal 71,000 barrels per day from the previous week. Ethanol stocks declined by 537,000 barrels to 25.683 million barrels.

Soybean futures are trading higher this morning as the market continues to search for a consistent direction. November soybeans are 7 cents higher at $13.25, while January soybeans are 7-1/4 cents higher at $13.41.
Soybean traders continued to square positions ahead of the meeting between President Trump and Chinese President Xi Jinping. Expectations are that discussions could focus on extending the current trade truce and making progress on existing tariffs.
USDA’s Export Sales report will be released Thursday, with analysts surveyed by Reuters expecting 1.5 to 2.0 MMT of soybean sales for the week ending September 17. Soybean meal sales are projected between 250,000 and 375,000 MT.

The wheat complex continues to face pressure this morning. Looking at December contracts, Chicago wheat is 1/4 cent lower at $7.08-1/4, Kansas City wheat is 1-3/4 cents lower at $7.70, and Minneapolis spring wheat is 2-1/4 cents lower at $7.26-1/2.
Wheat futures continue to face pressure as traders monitor renewed diplomatic efforts to end the war in Ukraine, which could ease Black Sea export disruptions. The prospect of improved shipping conditions has kept pressure on the Black Sea risk premium built into wheat prices.
Ukraine and Russia have both expressed interest in a limited ceasefire covering grain and energy-related targets, according to U.S. Secretary of State Marco Rubio following talks with Russian Foreign Minister Sergei Lavrov. Traders are hopeful that a truce could help restore Black Sea cargo movement, which remains heavily disrupted by attacks on ships and port infrastructure.

Matthew Lucas