TFM Midday Update 07-10-2026

CORN

Corn futures are trading slightly higher at midday as the market awaits USDA’s monthly WASDE report at 11 a.m. Central Time. September corn is up 1/4 cent at $4.31-3/4, while December futures are 1 cent higher at $4.53.
USDA will release its monthly WASDE report later today. A Bloomberg survey of analysts expects old-crop corn ending stocks to decline by 66 million bushels to 2.079 billion bushels, while new-crop carryout is projected 61 million bushels lower at 1.899 billion bushels.
Crop concerns eased as forecasts shifted toward widespread rainfall and more moderate temperatures across much of the Corn Belt in the coming days. The improved outlook follows a period of intense Midwest heat that had raised concerns ahead of corn pollination.

Soybean futures are trading modestly higher at midday as the market awaits updated supply and demand estimates in today’s WASDE report. August soybeans are up 2-1/4 cents at $11.80, while November futures are 1-1/4 cents higher at $11.82-3/4.
The USDA confirmed another flash sale of U.S. soybeans to China this morning, with 264,000 metric tons sold for delivery during the 2026/27 marketing year. The announcement marks the third consecutive day of confirmed sales to China, reinforcing the buying rumors that helped support soybean futures earlier this week.
Higher crude oil prices have also provided support amid renewed tensions between the U.S. and Iran near the Strait of Hormuz. Soybeans often track gains in the energy market due to the growing role of soybean oil as a biofuel feedstock.

The wheat complex is posting double-digit gains at midday as escalating tensions between Russia and Ukraine offer support to the market. Looking at September contracts, Chicago wheat is up 20-3/4 cents at $6.40-1/2, Kansas City wheat is 21-3/4 cents higher at $6.76, and Minneapolis spring wheat is up 14 cents at $6.53.
Wheat futures found support as traders reacted to signs of escalation in the Russia-Ukraine war and adjusted positions ahead of today’s WASDE report, which is expected to include a tighter U.S. wheat supply outlook.
Ukraine has struck several Russian tankers in the Sea of Azov, which connects to the Black Sea, while traders also cited talk of a potential closure to shipping traffic in the region.

Matthew Lucas