TFM Midday Update 06-11-2026

CORN

At midday, corn futures are trading slightly lower as traders adjust positions ahead of this morning’s WASDE report. July corn is down 3 cents at $4.16, while December futures are trading 3 cents lower at $4.43-3/4.
This morning, USDA released its weekly Export Sales report for the week ending June 4. Corn export sales for the 2025/26 marketing year totaled a net 1 million metric tons, with an additional 926,900 metric tons sold for the 2026/27 marketing year.
Ahead of today’s WASDE report, trade estimates call for slightly lower U.S. ending stocks for the 2025/26 marketing year and a reduction in 2026/27 ending stocks to 1.947 billion bushels. U.S. corn yield is expected to remain largely unchanged at 182.9 bushels per acre.

Soybean futures are trading slightly lower this morning as traders await additional information from today’s WASDE report. July soybeans are down 4-3/4 cents at $11.18-1/4, while November futures are trading 3-1/2 cents lower at $11.35.
This morning, USDA released its weekly Export Sales report for the week ending June 4. For the 2025/26 marketing year, soybean export sales totaled 211,300 metric tons. In addition, USDA reported 141,500 metric tons of sales for the 2026/27 marketing year.
Trade estimates ahead of the USDA report call for very few changes to the balance sheet. Analysts expect 2025/26 and 2026/27 ending stocks to remain essentially unchanged at 311 million and 339 million bushels, respectively. U.S. soybean yield is projected to hold steady at 52.9 bushels per acre.

The wheat complex is mixed this morning as traders await the release of today’s WASDE report. Looking at July contracts, Chicago wheat is trading 2-1/4 cents lower at $5.85, Kansas City wheat is 2-1/2 cents higher at $6.33, and Minneapolis spring wheat is up 1-3/4 cents at $6.19-3/4.
Wheat export sales totaled 666,300 metric tons for the 2026/27 marketing year, with an additional 298,600 metric tons rolled forward from the 2025/26 marketing year. The U.S. wheat marketing year began June 1, while the marketing years for corn and soybeans do not conclude until September.
Ukraine has warned that recent Russian attacks on the port facilities in Odesa have caused significant damage and threatened the country’s export infrastructure. More than 90% of Ukraine’s agricultural exports move through the three major ports in the Odesa hub, meaning any prolonged disruption could result in a meaningful reduction in export shipments and tighten the flow of grain into global markets.

Matthew Lucas