TFM Morning Update 10-19-2026

CORN

Corn futures are trading lower as the market approaches support near $4.72. December corn is 1 cent lower at $4.73-1/4, while March corn is 1/2 cent lower at $4.86.
USDA’s Export Sales report Friday showed 1.122 MMT of 2026/27 corn sales for the week ending October 8. Sales were up 45.9% from the previous week and reached a marketing-year high, although they remained 15.4% below the same week last year. Mexico was the top buyer at 544,500 MT, followed by Japan at 220,100 MT and South Korea at 199,900 MT.
Friday’s Commitment of Traders report showed managed money reduced its net long position in corn futures and options by another 86,482 contracts as of October 13. That brought the net long position down to 230,877 contracts.

Soybean futures have edged slightly higher this morning. November soybeans are 1/2 cent higher at $12.61-3/4, while January soybeans are 1-1/4 cents higher at $12.77.
On Friday, USDA confirmed another 558,000 MT of U.S. soybean sales to China, bringing total announced sales to China for the week to 1.358 MMT. USDA also reported an additional 236,000 MT sold to unknown destinations, bringing the week’s total sales to unknown buyers to 519,450 MT.
Friday’s Commitment of Traders report showed managed money reduced its net long position in soybean futures and options by 14,169 contracts as of October 13. That brought the net long position down to 237,491 contracts.

The wheat complex is trading higher across the board as additional risk premium enters the market. Looking at December contracts, Chicago wheat is 2-1/2 cents higher at $6.63, Kansas City wheat is 3-3/4 cents higher at $7.07-3/4, and Minneapolis spring wheat is 1/2 cent higher at $6.77.
Renewed Russia-Ukraine tensions have increased concerns over global grain supplies. Over the weekend, Ukraine launched a large-scale drone attack against Russian targets, striking oil facilities near St. Petersburg as fighting between the two countries intensified.
Russia responded with strikes on Ukraine’s energy sector, including oil and gas facilities, carrying out at least 76 attacks over the past 24 hours. The escalation has renewed concerns over near-term wheat shipments through the Black Sea and the potential for further supply disruptions.

Matthew Lucas