TFM Morning Update 10-07-2026

CORN

Corn futures are trading lower following yesterday’s strength. December corn is 3-1/4 cents lower at $5.04-3/4, while March corn is 3 cents lower at $5.19-1/4.
Delayed U.S. harvest activity and weaker crop conditions have provided support to corn prices. As of October 4, 23% of the U.S. corn crop had been harvested, below the five-year average of 27% and the 26% expected by analysts, as heavy Midwest rainfall slowed fieldwork.
Export demand remains relatively firm, with 2026/27 corn inspections running 4.4% ahead of last year and at a record pace for this point in the marketing year. Weekly inspections totaled 1.368 MMT.

Soybean futures have continued to edge higher this morning following yesterday’s strength. November soybeans are 2-1/4 cents higher at $13.05-1/4, while January soybeans are 1-3/4 cents higher at $13.21.
Slower planting progress in Brazil and signs of continued export demand have provided support to soybean prices. As of Thursday, 7.3% of Brazil’s soybean crop had been planted, below 9% a year ago, while AgRural is forecasting 2026/27 production at 182.7 MMT.
On the demand side, an unknown buyer purchased 104,000 MT of U.S. soybeans, while U.S. export inspections since the beginning of September have reached 3.99 MMT, up from 3.05 MMT a year ago.

Wheat futures are trading lower across the board. Looking at December contracts, Chicago wheat is 4-3/4 cents lower at $6.99-1/2, Kansas City wheat is 6-1/2 cents lower at $7.49-3/4, and Minneapolis spring wheat is 1-1/2 cents lower at $7.18-1/4.
Wheat futures eased after Tuesday’s gains, though renewed attacks on commercial vessels in the Black Sea limited the downside. Two merchant ships, including one carrying grain, were struck by drones Tuesday in Bulgaria’s exclusive economic zone. A separate grain vessel was hit Monday in Romania’s exclusive economic zone in an attack Ukraine attributed to Russian drones.
According to USDA’s Crop Progress report, U.S. winter wheat planting advanced 9 percentage points last week to 36% complete, well behind the five-year average of 46%. Emergence reached 16%, compared with the five-year average of 20%.

Matthew Lucas