TFM Midday Update 06-23-2026

CORN

Corn futures are backing off at midday, as friendly weather continues to pressure prices. July futures are down 2-00 cents to $4.17-3/4, while December futures are 2-00 cents lower to $4.37-1/2.
Monday’s Crop Progress report showed corn ratings unchanged from the week prior at 68% good-to-excellent. This compares to 70% good-to-excellent last year.
According to AgRural, Brazil’s Safrina corn harvest is now 16% complete in the center-south region. This is up from 8% last week and 13% through the same week last year.

Soybeans continue to trade higher at midday, supported by no changes to crop conditions. July soybeans are up 2-1/2 cents to $11.25-00 while the November contract is 2-1/4 cents higher to $11.43-3/4.
Yesterday’s Crop Progress report showed soybean conditions unchanged at 66% good-to-excellent. The market was expecting a 1-2 point improvement.
Abiove reports that Brazil’s soybean crush is expected to reach 63 mmt, which is up 0.8% from the group’s previous estimate. The group also raised their production estimate to 48.6 mmt, up from the prior forecast of 48.1 mmt.

All three wheat classes are trading lower at midday, pressured by quick harvest pace and increasing global production estimates. July Chicago is down 6-00 cents to $5.91-1/2, July KC is 8-3/4 cents lower to $6.24-3/4, and July Minneapolis is down 12-3/4 cents to $6.10-1/2.
Winter wheat and Spring wheat ratings both declined 1 point from the week prior to 26% good-to-excellent and 54% good-to-excellent respectively. Harvest pace is picking up, jumping from 18% last week to 40% this week.
Argus has raised their wheat production estimate in Ukraine from 23.5 mmt, to 24.1 mmt. This is also up 3.5% from 2025.

Tanner Wilson