TFM Midday Update 04-20-2026

CORN

Corn futures are slightly higher to start the week. July CBOT corn is up 2-1/2 cents currently trading at 460 while new crop December futures are 2-1/4 cents higher, trading at 479-1/4 currently.
Corn is finding support early Monday from higher crude oil prices, as mixed messaging out of the Middle East regarding U.S.–Iran tensions adds risk premium back into the energy market.
Expectations are for 15–18% of the U.S. corn crop to be reported planted in this afternoon’s USDA Crop Progress report. A drier stretch of weather should allow planting pace to accelerate in the week ahead.

Soybean futures are mixed to start the week. July CBOT soybeans are 1-1/4 lower at 1181-3/4 while new crop November future are a ½ cent higher at 1157.
Soybeans remain confined to a tight trading range, likely awaiting fresh direction from the upcoming U.S.–China trade meeting scheduled for mid-May.
Expectations are for improved planting weather following recent rains, with early estimates suggesting 13–15% of the U.S. soybean crop was planted as of Sunday. The USDA will release its official Crop Progress report this afternoon at 3 p.m. Central.

Wheat futures are slightly higher to start the week. CBOT wheat is 8 cents higher at 607 on the July contract currently. KCBOT wheat is 5 cents higher at 655 on July while July Spring wheat is up 4 cents at 672 currently.
A weekend frost event across western Kansas and Nebraska, along with expectations for lower crop condition ratings in this afternoon’s report, is providing early-week support to wheat futures.
While U.S. hard red winter wheat production has clearly been impacted by drought, U.S. values remain at a significant premium — around $45/mt — over competing Russian offers.

Keegan Madigan