TFM Midday Update 07-21-2026

CORN

Corn futures are steady to slightly higher at midday, supported by drier trends to weather forecasts. December corn futures are down 1-00cent to $4.72-00, while March futures are 00-3/4 cent lower to $4.87-3/4.
Monday’s Crop Progress report showed corn ratings falling 1% while market expections were expecting a 2% drop. Good-to-excellent ratings now sit at 67% compared to 74% good-to-excellent last year.
AgRural reported that Brazil’s Center-South region corn harvest has now reached 49%. This compares to 55% complete through the same week last year.

Soybeans are weaker at midday, pressured by yesterday’s bearish Crop Progress report for soybeans. November soybeans are down 7-3/4 cents to $12.18-1/2.
Yesterday’s Crop Progress report showed soybean ratings improving 1% while expectations were to see a 1% decline. Good-to-excellent ratings are now at 66% compared to 68% good-to-excellent a year ago.
Weather forecasts have now shifted to below normal precipitation over the next 8-14 days for much of the Midwest and Eastern belt. This could offer some support to prices if weather patterns stay dry.

Wheat futures are mostly lower at midday, pressured by quick harvest pace and crop conditions holding above last years level. December Chicago is down 5-3/4 cents to $6.85-3/4, December KC is 2-00 cents lower to $7.37-00, and December Minneapolis is up 00-1/4 cent to $7.17-1/2.
Spring wheat conditions fell 5% to 53% good-to-excellent. This compares to 52% good-to-excellent a year ago. Winter wheat harvest advanced to 74% complete, up 7% from last year and up 3% compared to the 5-year average.
SovEcon has cut their Russian wheat shipments for July by 500,000 mt to 1.5 mmt. If realized, this would be the lowest July shipment totals since 2017. The group also lowered their Russian wheat production forecast from 88.9 mmt, to 88.3 mmt.

Tanner Wilson