TFM Midday Update 10-22-2026

CORN

Corn futures are facing pressure at midday. December corn is 2-3/4 cents lower at $4.60-1/2, while March corn is also 2-3/4 cents lower at $4.74-1/2.
U.S. corn export sales for the 2026/27 marketing year totaled 1.53 MMT, up 36% from the previous week and slightly above the top end of analyst expectations, which ranged from 800,000 MT to 1.5 MMT.
U.S. ethanol production increased to 1.094 million barrels per day during the week ending October 16, up 29,000 barrels per day from the previous week. Stronger ethanol production provides some support to domestic corn demand, although ethanol inventories also increased during the week.

Soybean futures are trading higher following a strong Export Sales report. November soybeans are 8 cents higher at $12.53-1/4, while January soybeans are 7-1/2 cents higher at $12.65-3/4.
U.S. soybean export sales for the 2026/27 marketing year totaled 2.84 MMT during the week ending October 15, up sharply from 574,900 MT the previous week. Sales came in near the upper end of analyst expectations, which ranged from 1.1 to 3.0 MMT.
Brazil’s 2026/27 soybean planting advanced to 26% complete as of October 15, up from 15% the previous week and slightly ahead of last year’s 24% pace. Improved rainfall helped accelerate planting in Mato Grosso and Goiás, while excessive rainfall slowed progress in Paraná.

The wheat complex is trading lower across the board. Looking at December contracts, Chicago wheat is 5-1/4 cents lower at $6.23, Kansas City wheat is 5-1/2 cents lower at $6.67-1/2, and Minneapolis spring wheat is 6-1/2 cents lower at $6.45.
U.S. wheat export sales fell 25% from the previous week to 239,600 MT, coming in below trade expectations of 250,000 to 550,000 MT.
Russia and Ukraine have both indicated support for renewed U.S.-mediated negotiations, with trilateral talks potentially taking place by early November. Increased prospects for negotiations could reduce some of the geopolitical risk premium that has supported wheat amid disruptions in the Black Sea region.

Matthew Lucas