TFM Midday Update 05-11-2026

CORN

Corn futures are slightly higher at midday; July CBOT corn is currently 2-1/2 higher trading at 473-3/4, while new crop December futures are 3-1/2 higher at 496-3/4.
The Middle East conflict has now entered its tenth week and continues to provide underlying support to both energy and grain markets. Iran rejected a U.S. peace proposal over the weekend, while President Trump called Iran’s counteroffer “totally unacceptable.”
Trade estimates place U.S. corn planting progress between 55% and 60% complete as of Sunday. Official USDA Crop Progress data will be released this afternoon.

Soybean futures are higher at midday; July CBOT beans are 8 higher at 1216, while November futures are 7-1/2 higher at 1197.
Expectations are elevated heading into a pivotal week for soybeans, with the May USDA WASDE report due Tuesday and the highly anticipated U.S.–China trade meeting scheduled for later in the week.
Soybean planting in the U.S. is expected to be near ½ complete as of Sunday. If realized, this would be a record-fast pace for soybeans. Official USDA crop progress data will be out this afternoon.

Wheat futures are higher at midday. July CBOT wheat is 11 higher at 630, July KCBOT wheat is 7-1/2 higher at 683-1/4, while July MIAX spring wheat is 6 higher at 688-3/4.
Over the weekend, better-than-expected showers impacted Texas and Oklahoma and western Kansas got some moisture as well.
The Wheat Quality Council Tour begins this week, with final yield estimates expected to be released by Thursday. After major drought and a late freeze event across Kansas, this year’s data is highly anticipated.

Keegan Madigan