TFM Midday Update 10-27-2026

CORN

Corn futures remain lower at midday on pressure from harvest pace ramping up. December corn is down 3-00 cents to $4.52-00.
Monday’s Crop Progress report showed corn harvest advancing to 60%, up from 44% the week prior and nearly in line with the 5-year average at 66%.
The USDA attache has bumped up the country’s corn production forecast to 62 mmt for the 2026/27 season. Abundant soil moisture and forecasts calling for a strong El Niño are the reasons for the increase to the production number.

Soybeans are starting to drift off the highs from the morning on pressure from both the corn and wheat markets. November soybeans are now down 00-1/4 cent to $12.41-00.
Yesterday’s Crop Progress report showed soybean harvest in the US jumping to 79% complete, up from 64% last week and ahead of the 5-year average through the same week, which sits at 77%.
After the surprise election results in Brazil, the soybean market may find some pressure on rallies as South America will become more competitive from an export standpoint and may further strengthen ties with China.

All three wheat classes are trending lower at midday as peace talks between Russia and Ukraine pressure prices. December Chicago is up 00-1/2 cent to $6.16-1/2, December KC is 3-1/4 cents lower to $6.55-3/4, and December Minneapolis is unchanged at $6.34-00.
The USDA attache in Canberra reported that Australia’s wheat crop could reach 32 mmt for the 2026/27 season. The group cited favorable growing conditions in Southern Australia as the reason for the increase to production.
Russia mentioned this morning that talks between them, Ukraine and the US will start in November in Abu Dhabi. No set date was provided, but all three sides appear to be interested in getting a peace deal done.

Tanner Wilson