TFM Midday Update 05-05-2026

CORN

Corn futures continue to drop at midday as prices face pressure from profit taking and favorable planting conditions. July corn is down 6-1/2 cents to $4.79-1/4, while December futures are down 6-00 cents to $4.98-1/2.
Corn plantings were seen jumping 13% to 38% planted. This is in line with last year’s planting pace but ahead of the 5-year average at 34%.
StoneX has raised their 2025/26 corn production estimate for Brazil to 137 mmt, up from the group’s previous estimate of 135.7 mmt.

Soybeans remain weaker at midday as planting pace is off to a great start. July futures are 8-3/4 cents lower to $12.14-00, while November futures are down 7-1/4 cents to $11.89-1/2.
Soybean planting continues to be at a record pace with 33% planted. This compares to last year’s 28% through the same week and well above the 5-year average of 23%.
StoneX has raised their 2025/26 soybean production estimate for Brazil to 181.6 mmt. This is up 1% from the group’s previous forecast.

All three wheat classes remain lower at midday, pressured by a slight increase to winter wheat ratings and chances for rain in the Plains. July Chicago is down 14-1/2 cents to $6.26-1/2, July KC is 15-00 cents lower to $6.79-1/2, and July Minneapolis is down 8-1/4 cents to $6.90-3/4.
Yesterday’s Crop Progress report showed winter wheat ratings improving 1% to 31% good-to-excellent. Conditions were up in IL and MO, while KS, WA, and NE were seen falling.
Russian wheat shipments in April were strong according to the Russian Grain Union. Wheat shipments during the month totaled 3.96 mmt, up from 2.437 a year ago.

Tanner Wilson