TFM Midday Update 10-26-2026

CORN

Corn futures are lower to start the week alongside sharply lower soybean futures. December corn futures are currently 2 cents lower at 454, while March futures are 1-3/4 cents lower at 468-1/2.
USDA NASS released a statement Friday afternoon acknowledging processing errors in September’s state-level estimates for Kansas and Nebraska. The corrections raised the September national corn yield estimate by 0.3 bpa to 178.8, while the October estimate remains unchanged at 181.2 bpa. The revision comes amid continued scrutiny of recent USDA reports and questions surrounding potential data anomalies.
The U.S. and Canada are reportedly nearing a new trade deal after the Trump administration moved to exempt certain Canadian products from 50% tariffs.

Soybean and soybean meal futures gapped lower Sunday night following Lula da Silva’s unexpected election win in Brazil. The Brazilian real reportedly fell 7%, making Brazilian exports more competitive on the global market and potentially encouraging farmer selling. November Soybeans are currently 23 cents lower at 1233-1/2 while March futures are 23 lower at 1253.
China is estimated to have purchased nearly 19 MMT of the 25 MMT in U.S. soybeans pledged under the trade agreement just over a year ago. U.S. soybean export commitments currently stand at 963 mb, up 430 mb from the same point last year.
Heavy rains fell across far southern Brazil over the weekend, with more forecast. In northern Brazil, where most soybean planting has occurred, a dry stretch is developing this week. Conditions are not yet a concern, but prolonged dryness could threaten crop development and production.

Wheat futures started the week lower, pressured by weakness in corn and soybean markets. December CBOT wheat is down 10 cents at 615. December KCBOT wheat is down 6-1/2 cents at 658 while December MIAX spring wheat is down 8 cents at 633-1/2.
Spring wheat futures are on track for a 10th consecutive lower close, while Kansas City wheat is headed for an eighth straight decline.
Rumors of a potential Russia-Ukraine peace deal in the Black Sea region continue to circulate, but no substantive progress has emerged to support the reports.

Keegan Madigan