TFM Midday Update 09-28-2026

CORN

Corn futures are trading lower at midday. December corn is 9 cents lower at $5.19-1/4, while March corn is 9 cents lower at $5.40-1/2.
Corn futures opened lower alongside soybeans Monday after soybeans were left off a weekend list of agricultural goods receiving reduced Chinese tariffs. The news triggered broad selling across the grain complex.
Grain markets are lower despite strength in crude oil, which rallied after President Trump reportedly rejected Iran’s offer for a deal to end the months-long conflict.
Harvest delays and quality concerns remain a focus across the western Corn Belt as persistent rainfall is expected to continue this week. A cooler but drier pattern looks to develop across much of the Corn Belt during the first half of October, providing a broader harvest window.

Soybean futures are trading sharply lower Monday. November soybeans are 33 cents lower at $12.86, while January soybeans are 31-3/4 cents lower at $13.00-3/4.
Soybeans are breaking support this morning after Reuters reported the 10% tariff China has on U.S. soybeans will remain in place. The hope was last week’s meeting between the two countries would result in a repeal of the tariff to make it easier for private Chinese crushers to import more U.S. soybeans.
Recent and upcoming weather will likely keep combines idle in Iowa and southern Minnesota; soybean crush facilities in these areas have posted bids of $1.00 over November futures for beans delivered by the end of the month. Elsewhere in the U.S., it is estimated that soybean harvest overall is 18-20% complete. The USDA will provide an update later this afternoon.

The wheat complex is facing another round of pressure today as futures continue to slide from their early September highs. Looking at December contracts, Chicago wheat is 17-1/2 cents lower at $6.85-1/2, Kansas City wheat is 18-1/2 cents lower at $7.43-1/2, and Minneapolis spring wheat is 10-3/4 cents lower at $7.02-3/4.
Wheat was included on the list of products China is reportedly reducing tariffs on, a potentially supportive development. However, broad weakness across the row-crop complex is overshadowing the news and weighing on wheat futures this morning.
Forecast moisture across the U.S. Plains should benefit winter wheat establishment and fall vigor. Localized rainfall of more than 4 inches is expected across parts of the Oklahoma Panhandle and western Kansas this week as the remnants of Hurricane Polo move eastward across the western U.S.

Keegan Madigan