TFM Midday Update 05-14-2026

CORN

Corn futures are lower at midday as spillover weakness from the soybean market pressures prices. July corn is down 11-3/4 cents at $4.69, while December futures are 10-3/4 cents lower at $4.92-1/4.
Earlier this morning, the USDA released export sales data for the week ending May 7. For the 2025/26 marketing year, corn export sales totaled 684,800 metric tons, with an additional 400 metric tons booked for 2026/27.
Weekly EIA data showed ethanol production increased by 65,000 barrels per day in the week ending May 8, bringing total output to 1.082 million bpd. Ethanol stocks declined by 1.15 million barrels to 24.87 million barrels. Ethanol exports rose 23,000 bpd to 162,000 bpd, while refiner inputs increased 6,000 bpd to 908,000 bpd.

Soybean prices have fallen sharply as the market appears disappointed by the lack of developments coming out of the U.S.-China trade summit. July soybeans are down 34-1/2 cents at $11.94-1/2, while November futures are 24-1/2 cents lower at $11.83-1/4.
In its weekly Export Sales report published Thursday, the USDA said soybean export sales for the week ended May 7 totaled 102,100 metric tons for the 2025/26 marketing year, marking a new marketing-year low.
Market attention has shifted toward the U.S.-China summit, where agricultural trade is expected to be a key topic of discussion. Traders noted that China is unlikely to make significant additional soybean purchases beyond its existing commitment to buy 25 mmt. However, expectations remain that China could increase purchases of U.S. corn, sorghum, milling wheat, beef, and poultry.

Wheat futures are lower at midday as the market faces profit-taking and spillover weakness from the soybean complex. July Chicago wheat is down 21-1/4 cents at $6.54, Kansas City is 21 cents lower at $7.03-3/4, and Minneapolis spring wheat is down 13-1/2 cents at $7.06-1/4.
This morning, the USDA released export sales data for the week ending May 7. For wheat, the USDA reported 2025/26 export sales of 133,500 metric tons, with an additional 221,100 metric tons sold for the 2026/27 marketing year.
Crop scouts on the second day of the annual Kansas wheat tour projected hard red winter wheat yields in southwestern Kansas at 39.3 bpa, down sharply from 53.3 bpa last year. Meanwhile, USDA projected total U.S. wheat production at 1.561 billion bushels in its latest WASDE report, which would mark the smallest U.S. wheat crop since 1972.

Matthew Lucas