TFM Morning Update 10-02-2026

CORN

Corn futures remain under pressure this morning as the market continues to search for support following the recent decline. December corn is 2-1/2 cents lower at $4.99-3/4, while March corn is 2 cents lower at $5.14-3/4.
Weekly corn export sales totaled 536,000 MT, or 21.1 mb, near the lower end of market expectations. Total 2026/27 corn export commitments are currently running 31% behind last year’s record pace.
The U.S. Dollar Index has climbed to its strongest level in more than a year, reducing the competitiveness of U.S. crops in global export markets and adding pressure to CBOT grain prices.

Soybean futures are facing pressure again this morning. November soybeans are 6-3/4 cents lower at $12.77-1/4, while January soybeans are also 6-3/4 cents lower at $12.94.
Export sales for soybeans totaled 38 mb, in line with market expectations. Year-to-date commitments now stand at 817 mb, up 89% from a year ago. Soybean export activity could slow during China’s Golden Week holiday, potentially limiting new sales through the remainder of this week and into next week.
August soybean crush totaled 209.6 mb, nearly 1 mb below trade expectations and down 5.5% from July, but 5.9% above a year ago. Full marketing-year crush reached 2.645 billion bushels, slightly below USDA’s 2.655 billion bushel estimate.

The wheat complex is mixed this morning as the market attempts to stabilize following recent declines. Looking at December contracts, Chicago wheat is 2-3/4 cents lower at $6.85-1/2, Kansas City wheat is unchanged at $7.37-1/2, and Minneapolis spring wheat is 3 cents higher at $6.99-3/4.
Saudi Arabia announced Thursday that it is seeking to purchase 535,000 MT of wheat for shipment in November and December. Traders viewed the tender as a sign that the recent decline in wheat prices is beginning to attract fresh demand after Saudi Arabia canceled its previous tender on September 7 due to high prices.
According to USDA, 57% of U.S. winter wheat acres were experiencing drought conditions as of September 29, down 1 percentage point from the previous week but well above 45% at the same time last year.

Matthew Lucas