TFM Midday Update 09-25-2026

CORN

Corn futures are trading lower at midday as the market continues to face harvest pressure. December corn is 3-1/4 cents lower at $5.24-1/4, while March corn is 4 cents lower at $5.37-1/2.
The U.S. Dollar Index reached a two-month high this week before easing Friday, limiting the competitiveness of U.S. grain exports. The pressure was reflected in Thursday’s Export Sales report.
Corn export sales for the week ending September 17 totaled 838,000 MT, near the lower end of analyst expectations. Total 2026/27 marketing-year commitments remain 29% below year-ago levels.

Soybean futures are trading lower after previously testing support near the $13.00 level. November soybeans are 8-1/2 cents lower at $13.09, while January soybeans are 8-3/4 cents lower at $13.23-1/4.
The highly anticipated U.S.-China summit has so far produced no new Chinese commitments to purchase U.S. agricultural products, with the main announcement being a two-month extension of the countries’ broader trade truce.
China is reportedly on pace to meet its annual commitment to purchase 25 MMT of U.S. soybeans, while its separate pledge to buy $17 billion of other U.S. agricultural products remains behind schedule.

The wheat complex is facing another round of pressure today as additional risk premium is pulled from the market. Looking at December contracts, Chicago wheat is 9-1/2 cents lower at $6.97-1/2, Kansas City wheat is 8-1/2 cents lower at $7.58-1/2, and Minneapolis spring wheat is 3-1/2 cents lower at $7.16-3/4.
The wheat market continues to face bearish pressure, driven largely by renewed diplomatic efforts that could potentially ease Black Sea export disruptions. This week’s U.N. General Assembly has brought additional attention to de-escalation efforts, including discussions surrounding energy infrastructure and Black Sea shipping.
Ukrainian President Volodymyr Zelenskyy said the U.S. has proposed that the United Arab Emirates host a trilateral meeting between Ukraine and Russia aimed at ending the conflict. The Kremlin also indicated that such a meeting could take place soon.

Matthew Lucas