TFM Midday Update 08-04-2026

CORN

Corn prices remain lower at midday, pulled down by recent rains across the Midwest. September corn is 6-3/4 cents lower to $4.42-1/2, while December corn is down 7-1/4 cents to $4.65-1/4.
Monday’s Crop Progress report showed corn ratings declining 2 points to 61% good-to-excellent. This compares to 73% good-to-excellent a year ago.
AgRural has raised their corn crop estimate in Brazil to 142.8 mmt. This is up from the groups prior forecast in early June of 139.9 mmt.

Soybeans are under pressure at midday as weather forecasts remain favorable, and South America production ticks higher. November soybeans are down 18-1/4 cents to $11.74-00, while the January contract is 18-00 cents lower to $11.89-00.
Yesterday’s Crop Progress report showed crop conditions unchanged from the week prior at 63% good-to-excellent. This compares to $69% good-to-excellent.
There is some optimism that more sale announcements from China could hit the market this week after the USDA flashed some of last week’s sales from China yesterday.
NOPA crush during June reached 217.813 mb. This was up from 213.114 mb in May and up from 196.925 mb in June of 2025.

All three wheat classes are trading lower at midday, pressured by improving conditions. December Chicago is down 12-00 cents to $6.57-1/4, December KC is 10-3/4 cents lower to $7.23-1/4, and December Minneapolis is down 8-1/2 cents to $7.11-1/2.
Spring wheat crop conditions improved 2 points from last week to 55% good-to-excellent. This compares to 48% good-to-excellent last year. Harvest sits at 5% complete. Winter wheat harvest is now seen at 86% done, up 5% from last week and on par with the 5-year average.
Attacks from both Russia and Ukraine overnight should be viewed as supportive but it appears the market is staying sidelined as participants become tired of reacting to headlines relating to the war.

Tanner Wilson