TFM Morning Update 10-28-2026

CORN

Corn futures are trading higher this morning with support coming from a slower harvest pace in Iowa and a jump in crude oil. December corn is up 3-1/2 cents to $4.52-1/4 while March is up 3-1/4 cents to $4.66
Monday’s Crop Progress report saw that 60% of the corn crop is now harvested compared to 44% last week and the 5-year average of 61%. 56% of the corn crop is rated good to excellent which is unchanged from last week.
Export sales for corn were weaker than expected as of October 22 at 625k tons which compared to 692k a week ago. Top destinations were to Mexico, Honduras, and Colombia.

Soybean futures are trading higher this morning and continue to hold at support at the 100-day moving average over the past three days. November soybeans are up 5-3/4 cents to $12.35 while March is up 4-1/4 cents to $12.56. December soybean meal is up $0.70 to $335.30 and soybean oil is down 0.23 cents to 66.48 cents.
Monday’s Crop Progress report saw the soybean crop 79% harvested which is up from 64% last week and the 10-year average of 76% at this time.
Export inspections were very strong for soybeans above trade expectations at 2,476k tons which compared to 2,068k a week ago. Top destinations were to China, Mexico, and Egypt.

Wheat is mixed to start the day and Chicago took out yesterday’s low overnight before recovering this morning. December Chicago wheat is up 2-1/2 cents to $6.12-1/2, KC is up 3-1/2 cents to $6.54, and Minn wheat is down 1 cent to $6.27-1/2.
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.
Friday’s CFTC report saw funds as sellers of Chicago wheat by 18,096 contracts which increased their net short position to 51,134 contracts. They sold 10,996 contracts of KC wheat which reduced their net long position to 6,395 contracts.

Amanda Brill