TFM Midday Update 09-16-2026

CORN

Corn futures are trading lower at midday as the market anticipates increasing harvest supplies. December corn is 6-3/4 cents lower at $5.27-1/2, while March corn is 7-1/4 cents lower at $5.41-1/2.
USDA reported 2026/27 corn export sales of 1.03 MMT in Thursday’s Export Sales report, near the low end of analyst expectations ranging from 1.0 to 2.0 MMT, according to a Wall Street Journal survey.
Rising diesel prices are adding pressure to grain transportation costs as harvest gets underway. According to Reuters, rail fuel surcharges on grain shipments have increased 153% from a year ago, now accounting for 11% of corn and soybean rail transportation costs, up from 5% last year. Higher freight costs could weigh on local basis levels as elevators pass some of these expenses back to farmers.

Soybean futures are trading slightly lower at midday as prices continue to consolidate within a relatively tight range. November soybeans are 6-3/4 cents lower at $13.13-3/4, while January soybeans are 6-1/2 cents lower at $13.30-3/4.
USDA reported 2026/27 soybean export sales of 1.7 MMT in Thursday’s Export Sales report, within analysts’ expectations for the week.
China has now purchased more than half of the 25 MMT of U.S. soybeans it committed to buy under an agreement with Washington last October. U.S. Treasury Secretary Scott Bessent said Tuesday that he plans to meet with his Chinese counterpart, He Lifeng, this weekend ahead of next week’s meeting between the two countries’ leaders.

Wheat futures are trading slightly lower as the market continues to search for support following the recent decline. Looking at December contracts, Chicago wheat is 8 cents lower at $7.22-3/4, Kansas City wheat is 7-3/4 cents lower at $7.91-3/4, and Minneapolis spring wheat is 4-1/4 cents lower at $7.51-3/4.
USDA reported 2026/27 wheat export sales of 325,900 MT in Thursday’s Export Sales report, also within analysts’ expectations for the week.
Wheat traders turned their attention to renewed prospects for de-escalation in the Black Sea following an AFP report that Turkey had proposed a truce on strikes against commercial shipping to Russia and Ukraine. However, traders remain cautious, as similar proposals have been raised previously and a recent agreement to halt attacks on energy infrastructure has shown little effect on the ground.

Matthew Lucas