TFM Morning Update 09-30-2026

CORN

Corn futures are trading higher this morning due to delays in the corn harvest from wet conditions and a wet 1-week forecast. December corn is up 3-1/4 cents to $5.25-1/4 while March is up 2-3/4 cents to $5.38-3/4.
Estimates for the weekly EIA report see ethanol production lower than last week at 1.007 million barrels per day and stockpiles at 24.193m bbl which would compare to 24.683m a week ago.
The Crop Progress report saw corn ratings unchanged from last week at 57% good to excellent which compares to 66% a year ago. The harvest is now 18% complete compared to 13% last week, and although was above the average pace was slower than expected due to wet conditions.

Soybean futures are trading higher today with November back above 13 dollars ahead of the quarterly stocks report today with delayed harvest also supporting. November beans are up 7 cents to $13.04-3/4 while March is up 7 cents to $13.28-1/2. December meal is up $3.00 to $362.00 and bean oil is up 0.21 cents to 68.57 cents.
Today’s Quarterly Grain Stocks report is expected to show soybean stocks as of September 1 at 321 million bushels which would be down 4 mb from the previous year and is further proof that supplies are tight.
While crude oil prices are currently higher, they slipped overnight and have been trending lower as exports out of the Middle East have slowly increased. This could pressure bean oil.

All three wheat classes are trading higher this morning along with corn and soybeans ahead of the USDA report. December Chicago wheat is up 5 cents to $6.98, KC is up 4-3/4 cents to $7.47-3/4, and Minn is up 4-1/2 cents to $7.03-3/4.
Today’s Quarterly Grain Stocks report is expected to show wheat stocks as of September 1 at 1.857 billion bushels which would be down 13% from a year ago at 2.054 bb and would be a 3-year low.
Wheat prices are strongly dependent on the negotiations between Russia and Ukraine. Last week it seemed they would cease bombing each other’s grain export facilities, but that did not hold and disruptions to exports are growing.

Amanda Brill