TFM Morning Update 10-23-2026

CORN

Corn futures are trading lower again this morning as the market continues to search for support. December corn is 1-3/4 cents lower at $4.58-3/4, while March corn is also 1-3/4 cents lower at $4.72-1/2.
USDA reported U.S. corn export sales for the 2026/27 marketing year at 60.1 mb during the week ending October 15, up 36% from the previous week and above analyst expectations. The stronger sales total points to solid demand for future deliveries.
However, U.S. corn export inspections fell nearly 49% from the previous week to 672,475 MT, the lowest weekly total since October 2024, highlighting a slowdown in actual shipments.

Soybean futures are trading with a lower bias this morning. November soybeans are unchanged at $12.53, while January soybeans are 1/4 cent lower at $12.64-1/2.
USDA reported 2.84 MMT of net U.S. soybean export sales for the 2026/27 marketing year during the week ending October 15, up sharply from 574,900 MT the previous week. China accounted for 2.18 MMT of U.S. soybean sales, while export shipments climbed 75% from the previous week to 2.02 MMT, 88% above the four-week average. USDA also announced a separate sale of 202,000 MT of soybeans to China.
Despite the stronger demand, soybean futures remain on track for a second consecutive weekly loss as harvest pressure and expectations for a large U.S. crop continue to weigh on prices.

The wheat complex is mixed but mostly lower. Looking at December contracts, Chicago wheat is 1/2 cent lower at $6.24-1/4, Kansas City wheat is 1-1/2 cents lower at $6.64-1/4, and Minneapolis spring wheat is 4-1/4 cents higher at $6.46.
According to USDA, an estimated 49% of U.S. winter wheat acres were experiencing drought conditions as of October 20, down 4 percentage points from the previous week but still above last year’s 43%. Meanwhile, 38% of U.S. spring wheat acres remained in drought, unchanged from the previous week.
The Rosario Grain Exchange raised its 2026/27 Argentine wheat production forecast by 13% to 23.8 MMT, above USDA’s current projection of 21.5 MMT. Higher-than-expected yields were cited as the primary reason for the increase.

Matthew Lucas