TFM Midday Update 05-12-2026

CORN

Corn futures are trading higher at midday, finding support from strength in the wheat and crude oil markets. July corn is up 3-1/2 cents to $4.78-3/4.
Estimates for today’s WASDE report see corn ending stocks increasing to 2.145 billion bushels. New crop ending stocks are seen slipping to 1.923 billion bushels.
Monday’s Crop Progress report showed corn planting at 57% complete which is down from 59% a year ago. 23% of the US corn crop has emerged, which is up from 19% through the same week last year.

Soybeans continue to trade higher at midday on strength from the energy market. July soybeans are 8-1/4 cents higher to $12.21-1/4
Today’s WASDE report is expected to show 2025/26 ending stocks at 347 mb, which would be down 3 mb from April’s report. New crop ending stocks are seen at 355 mb.
Monday’s Crop Progress report showed US planting has reached 49%, which is up 4% from last year. 20% of the crop has also emerged.

All three wheat classes remain strong at midday, supported by poor conditions found across Oklahoma and expected poor conditions in Kansas. July Chicago is up 18-3/4 cents to $6.52-3/4, July KC is 19-00 cents higher to $7.05-1/4, while July Minneapolis is up 14-1/2 cents to $7.01-00.
Yesterday’s Crop Progress report showed winter wheat condition declining 3% to 28% good-to-excellent. Conditions fell in Kansas, Nebraska, Oklahoma, and Texas.
The Kansas crop tour starts today and is widely expected to show a poor wheat crop across the state, much like in Oklahoma.
Today’s WASDE report is expected to show wheat ending stocks down 4 mb to 934 mb. All wheat production is estimated to come in much lower compared to last year at 1.735 billion bushels.

Tanner Wilson