TFM Midday Update 05-28-2026

CORN

At midday, corn futures are trading higher as the market receives spillover support from energy prices. July corn futures are up 1-3/4 cents at $4.54-1/4, while December futures are 2-1/2 cents higher at $4.80.
Corn futures are facing pressure as prospects for a potential U.S.-Iran peace agreement and the reopening of the Strait of Hormuz are viewed as broadly supportive for global agricultural supply. A reopening of the strait could help normalize flows of fuel, natural gas, and fertilizer products critical for crop production, potentially easing input costs and supporting global grain output.
The U.S. administration said China had agreed to purchase at least $17 billion annually in U.S. agricultural goods through 2028 following Trump-Xi talks in Beijing. However, China’s Commerce Ministry described the arrangement only as a “guiding target” aimed at expanding trade and did not confirm the specific figure. USDA data suggests that any meaningful recovery in Chinese corn imports would represent a notable shift following nearly two years of subdued buying activity.

Soybean futures are leading the grain complex higher this morning as the market searches for support following the pressure seen across recent trade sessions. July soybeans are up 6-1/2 cents at $11.91-3/4, while November futures are 8 cents higher at $11.89-1/2.
Soybean prices continue to find support from record-high soybean crush margins. Much of that strength has been driven by soybean oil, which has rallied amid the conflict in the Middle East and its role as a key biofuel feedstock.
Despite the recent retracement in crude oil and continued volatile trade, soybean oil has largely maintained support for the soybean complex. That resilience is likely tied to Renewable Volume Obligations (RVOs) and the associated impact those mandates have had on RIN credit markets.

The wheat complex is under pressure at midday, with Kansas City wheat posting the largest losses among the three classes. Looking at July contracts, Chicago wheat is down 1/2 cent at $6.22, Kansas City wheat is 5 cents lower at $6.64-3/4, and Minneapolis spring wheat is down 3 cents at $6.77-3/4.
Analysts say the poor condition of the drought-stricken U.S. wheat crop has largely been priced into the market, with traders now beginning to shift focus toward seasonal harvest pressure in the months ahead.
Consultancy firm Sovecon on Wednesday raised its 2026 Russian wheat production forecast to 90.3 mmt from the prior estimate of 89.7 mmt.

Matthew Lucas