TFM Midday Update 10-8-2026

CORN

Corn futures are trading lower at midday as the market continues to see position squaring ahead of tomorrow’s WASDE report. December corn is 4 cents lower at $4.98, while March corn is 3-1/2 cents lower at $5.13-1/2.
Uncertainty surrounding Midwest harvest prospects has increased attention on Friday’s WASDE report, which will include updated U.S. crop estimates. Analysts surveyed by Reuters expect USDA to lower its average U.S. corn yield estimate to 177.7 bpa, down from 178.5 bpa in September.
In its weekly Export Sales report, USDA reported 2026/27 corn export sales of 769,500 MT for the week ending October 1. Sales were near the lower end of analyst expectations.

Soybean futures are facing pressure amid sideways price action as traders await tomorrow’s WASDE report. November soybeans are 9-1/4 cents lower at $12.88-1/4, while January soybeans are also 9-1/4 cents lower at $13.05-1/4.
The market continues to look ahead to Friday’s WASDE report for updated production estimates. Analysts surveyed by Reuters expect USDA to leave its U.S. soybean yield estimate unchanged.
In its weekly Export Sales report, USDA reported 2026/27 soybean export sales of 549,400 MT. Sales were near the lower end of analyst expectations.

The wheat complex is trading slightly higher at midday. Looking at December contracts, Chicago wheat is 2-1/2 cents higher at $6.89, Kansas City wheat is 3 cents higher at $7.41-1/2, and Minneapolis spring wheat is 1-1/4 cents higher at $7.11-1/2.
Weekly U.S. wheat export sales totaled 451,600 MT, near the upper end of analyst expectations. The Philippines, South Korea, and Japan were the primary buyers of U.S. wheat for the week.
Russian grain exports through Baltic ports reached 1.4 MMT in September and are expected to increase to 1.8 MMT in October. Total Russian wheat exports were estimated at 2.5 MMT in September, with shipments forecast to rise to 3.0 MMT in October.

Matthew Lucas