TFM Midday Update 10-05-2026

CORN

Corn futures are sideways at midday. December futures are currently unchanged at 497-3/4 while March futures are ¾ of a cent higher at 512-1/4.
The USDA confirmed the sale of 129,540 metric tons of corn for delivery to Mexico this morning for the current marketing year.
Corn futures ended last week below the $5 level for the first time in six weeks following the USDA’s surprise Quarterly Grain Stocks report. Harvest pressure is expected for corn over the next week with a wide-open weather window.
While corn demand was exceptionally strong during the 2025/26 marketing year that just ended, new-crop export sales are running 31% behind last year’s pace and 8% below the five-year average, adding to concerns about demand heading into the new marketing year.

Soybeans are slightly higher at midday. November futures are currently 10 higher at 1288 while March futures are 10-1/2 higher at 1315-1/4.
The USDA confirmed the sale of 104,000 metric tons of soybeans for delivery to unknown destinations this morning for the current marketing year.
After a record-wet September, a drier stretch over the coming week should allow harvest to accelerate across much of the western Corn Belt.
Strong early harvest results from areas that have had enough of a dry window to get into the fields have been encouraging, with good yields reflecting ample moisture through August. Quality remains a concern, however, particularly across Iowa, where recent record rainfall has fallen on mature soybeans.

Wheat futures are higher to start the week. December Chicago wheat futures are 9 higher at 692, while December KC wheat futures are 9-1/4 higher at 744-1/2. December Spring wheat futures are 8 cents higher currently at 706.
Hopes for a resumption of Black Sea grain exports have faded after talks between Russia and Ukraine made little progress. Russian President Vladimir Putin rejected recent proposals for a truce, keeping uncertainty around the region’s export flow.
Saudi Arabia purchased nearly 700,000 tons of wheat in its fifth international tender of 2026. The tender includes multiple origins, but U.S. wheat is expected to capture some of the business as Black Sea shipments remain largely stalled.

Keegan Madigan