TFM Midday Update 10-23-2026

CORN

Corn is trading lower as harvest pressure remains strong, with producers wrapping up soybean harvest and shifting their focus to corn. December corn is down 4 cents at 4.56-3/4.
Strong weekly export sales failed to provide support, likely as the cumulative export pace has fallen nearly 10% behind the five-year average.
Minor harvest delays are expected across the Western Plains due to weather, but near-dry conditions across the central Midwest, eastern Corn Belt, Delta, and southeastern U.S. should allow harvest to continue largely uninterrupted over the next week.
France’s harvest is nearing completion at 97%, well ahead of the five-year average of 60% for this time of year.
USDA confirmed the sale of 116,000 metric tons of U.S. corn to unknown destinations for the 2026–27 marketing year.

Soybeans are trading higher at midday, finding continued support from yesterday’s strong gains following a much larger-than-expected weekly export sales total. November soybeans are up 6-3/4 cents at 12.59-3/4.
The U.S. soybean harvest is nearing completion in many areas, with minor delays expected across the western Corn Belt due to rain over the weekend and into early next week. However, mostly dry conditions across the Midwest, particularly the eastern Corn Belt, should allow harvest to continue with minimal interruptions.
Brazil’s presidential runoff election is scheduled for Sunday. If conservative candidate Bolsonaro wins, the Brazilian real could strengthen further against the U.S. dollar, potentially providing support for U.S. soybean competitiveness.
Wet conditions are expected to slow planting across southeastern Brazil, while planting progress in Mato Grosso remains ahead of schedule.

Wheat is trading lower at midday, pressured by ongoing global conflicts and continued uncertainty surrounding geopolitical developments. December Chicago wheat is ¼ cent lower at 6.24-3/4 while Kansas City December wheat is 2 cents lower at 6.63-3/4.
Russia struck several Ukrainian energy facilities overnight, with attacks likely to continue until an announcement is made regarding the start of trilateral peace talks.
Turkey’s wheat production is forecast to surge to 24.8 million metric tons this year, up 38% from a year ago.
The Buenos Aires Grain Exchange echoed concerns from the Rosario Exchange that limited sunlight, cooler temperatures, and recent frost could weigh on Argentine crop yields. However, neither exchange is ready to lower its production estimates at this time.

Lauren VandenLangenberg