TFM Morning Update 10-13-2026

CORN

Corn futures are trading lower as the market continues to consolidate following last week’s losses. December corn is 1-1/2 cents lower at $4.81-1/2, while March corn is 1-3/4 cents lower at $4.95-1/2.
Analysts expect USDA to report strong harvest progress Tuesday, with the weekly Crop Progress report delayed by one day due to Monday’s federal holiday.
Managed funds have been reducing their net long position in the corn market. In Friday’s Commitment of Traders report, funds liquidated more than 60,000 contracts, reducing their net long position to 317,359 contracts.

Soybean futures are trading lower as the market remains within its short-term downtrend. November soybeans are 4-3/4 cents lower at $12.83, while January soybeans are 5 cents lower at $12.99-3/4.
Traders remain cautious as top importer China has yet to make significant purchases following its weeklong national holiday. Chinese demand is likely to be a key factor in determining the near-term direction of soybean prices.
Patria AgroNegocios reports Brazil’s 2026/27 soybean planting is 20% complete, the fastest pace on record and well above the five-year average of 11.55%. Weather conditions across Brazil remain mixed, although no major concerns have been reported at this time.

The wheat complex is trading lower across the board. Looking at December contracts, Chicago wheat is 3 cents lower at $6.69-1/4, Kansas City wheat is 2-3/4 cents lower at $7.12-1/2, and Minneapolis spring wheat is 1-1/2 cents lower at $6.94-3/4.
Russian wheat export prices moved higher last week amid firmer Black Sea markets, while stronger grain shipments helped stabilize domestic prices following recent declines.
IKAR lowered its 2026 Russian grain production forecast to 137 MMT from 138 MMT previously. Wheat production was reduced to 88.0 MMT from 88.5 MMT.

Matthew Lucas