TFM Midday Update 10-29-2026

CORN

Corn futures are facing pressure at midday. December corn is 2-3/4 cents lower at $4.49, while March corn is 2-1/2 cents lower at $4.62-1/2.
U.S. corn export sales totaled 1.304 MMT for the 2026/27 marketing year, down 15% from the previous week but still 32% above the prior four-week average.
U.S. ethanol production increased to 1.118 million barrels per day during the week ending October 23, up more than 2% from the previous week and above year-ago levels. The stronger production pace is supportive to domestic corn demand, providing some fundamental support as futures continue to struggle technically.

Soybean futures are continuing to face seasonal selling pressure. November soybeans are 10-1/4 cents lower at $12.14-1/2, while January soybeans are 9-1/4 cents lower at $12.28-3/4.
U.S. soybean export sales totaled 2.576 MMT for the 2026/27 marketing year, down 9% from the previous week but still well above the prior four-week average.
Domestic crush demand remains a supportive factor for soybeans. Strong soybean oil and meal values have helped keep crush margins attractive, encouraging processors to absorb additional supplies even as expectations remain for a large U.S. crop.

The wheat complex is mixed but mostly lower at midday. Looking at December contracts, Chicago wheat is 2-1/4 cents lower at $5.96-3/4, Kansas City wheat is 3-3/4 cents lower at $6.39-1/4, and Minneapolis spring wheat is unchanged at $6.19-3/4.
U.S. wheat export sales totaled 849,800 MT for the 2026/27 marketing year, marking a marketing-year high. Sales were up sharply from both the previous week and the prior four-week average, providing a stronger demand signal following several weeks of disappointing export activity.
Russia has allowed grain export vessels to leave the Sea of Azov for the first time since July 10, improving near-term supply prospects. Authorities issued permits allowing vessels to pass through the Kerch Strait into the Black Sea through November 15, with some shipments expected to be escorted by Russian naval convoys.

Matthew Lucas