TFM Midday Update 06-05-2026

CORN

Corn is lower this morning on a continued favorable weather outlook. July corn is down 2 cents at 4.22-1/2.
In Argentina, the Buenos Aires Grain Exchange reported corn harvest progress at 41%, while maintaining its forecast for a record 64 mmt crop.
In parts of Brazil, recent heat has prompted analysts to project a corn crop between 135 and 138 mmt, well above the USDA’s current estimate of 132 mmt.
Weather conditions remain favorable across much of the U.S. Corn Belt, with ongoing rainfall improving soil moisture levels and easing drought concerns in key growing areas.

Soybeans are trading lower at midday as there continues to be no signs of China looking to buy additional U.S. soybeans. July soybeans are ¾ cents lower at 11.28-3/4.
USDA confirms the sale of 190,000 tons of U.S. soybean meal for delivery to the Philippines in 2025/26.
Areas of abnormal dryness across Iowa, Minnesota, Wisconsin, and northern Illinois are expected to receive beneficial rainfall over the next week, providing some relief to crops and soil moisture conditions.
The Buenos Aries Grain Exchange says Argentine bean harvest is 92% complete.

Wheat is mixed at midday trade on improved weather. July Chicago wheat is 2-1/2 cents higher at 5.84-1/4 while July Kansas City wheat Is 1 cent lower at 6.19-1/4.
Drought conditions across the Plains continue to improve, with the percentage of winter wheat acreage affected by drought falling 2 percentage points this week to 67%, compared to just 12% at the same time last year.
Argentina’s wheat harvest is now roughly one-third complete, while Russia’s state railway operator reported wheat exports from July through May were up 10% from the previous marketing year.
French SRW conditions are unchanged this week at 76% but Durum conditions fell 6%.

Lauren VandenLangenberg