TFM Midday Update 07-23-2026

CORN

Corn futures continued to edge higher at midday as the market attempted to extend its recent rally. September corn futures were 1-1/2 cents higher at $4.63-1/2, while December futures gained 2 cents to $4.86-3/4.
USDA’s weekly Export Sales report showed 332,700 metric tons of corn sales for the 2025/26 marketing year, along with 701,500 metric tons sold for 2026/27.
The EIA’s weekly Petroleum Status Report showed ethanol stocks increased 0.4% to 24.481 million barrels, exceeding analysts’ expectations of 24.271 million barrels. Ethanol production also improved, rising to 1.094 million barrels per day, above both last week’s output and the average trade estimate of 1.075 million barrels per day.

Soybean futures continued to press higher at midday, extending the recent rally. August soybeans were 5-3/4 cents higher at $12.38-3/4, while November futures gained 6-3/4 cents to $12.45-3/4.
USDA’s weekly Export Sales report showed 56,400 metric tons of soybean sales for the 2025/26 marketing year, along with a strong 1.54 million metric tons sold for 2026/27. The large new-crop sales highlight continued international demand, led by recent buying interest from China and other importers.
Crude oil prices climbed to multi-week highs after Iran-backed Houthi militants claimed attacks on two Saudi oil tankers in the Red Sea, while President Donald Trump threatened military action against Iranian infrastructure if additional attacks target ships transiting the Strait of Hormuz.

The wheat complex faces pressure at midday as traders take profits following the recent rally. Looking at September contracts, Chicago wheat is 5-1/4 cents lower at $7.00-1/2, Kansas City wheat fell 5 cents to $7.58-1/2, and Minneapolis spring wheat slipped 2 cents to $7.27.
USDA’s weekly Export Sales report showed 290,000 metric tons of wheat sales for the 2026/27 marketing year. The total came in near the average pre-report trade estimate.
Russia has temporarily banned vessel movements in and out of the port of Novorossiysk following Ukrainian drone attacks. Novorossiysk is Russia’s largest port by cargo volume and handles roughly one-third of the country’s grain exports.

Matthew Lucas