TFM Midday Update 11-13-2026

CORN

Corn is trading higher at midday, supported by spillover strength across the broader grain complex. December corn is up 5 cents at 4.47-1/2 and March corn is up 4-1/2 cents at 4.59-1/4.
USDA confirmed U.S. corn export sales of 303,300 metric tons to Mexico for delivery in the 2026/27 marketing year, along with an additional 30,000 metric tons for 2027/28.
U.S. corn exports totaled 136 million bushels, coming in above expectations. Year-to-date commitments now stand at 1.089 billion bushels, still down 28% from a year ago, compared to the revised USDA forecast calling for a 4.5% decline.
Some weakness continues to linger in the corn market following President Trump’s comments yesterday, threatening to double tariffs on Mexico if the country does not take action to stop migrant caravans moving north through its territory.

Soybeans are trading sharply higher at midday following overnight news that China is encouraging the U.S. to reduce tariffs to create a more favorable environment for additional U.S. agricultural purchases. January soybeans are up 15-3/4 cents at 12.34-3/4 while March soybeans are up 15-1/4 cents at 12.40-1/4.
USDA confirmed U.S. soybean export sales totaling 354,000 metric tons for delivery in 2026/27, including 134,000 tons to China, 120,000 tons to Vietnam, and 100,000 tons to unknown destinations.
Soybean exports totaled 42 million bushels, coming in at the lower end of expectations. Year-to-date commitments now stand at 1.153 billion bushels, up 78% from a year ago, compared to the revised USDA forecast calling for a 13.5% increase.
Beneficial rains are expected across central Brazil, providing continued moisture to developing crops. So far, the growing season has avoided severe heat, and as long as rainfall remains consistent, crop stress is expected to remain limited.

Wheat is posting notable gains at midday as attacks in the Black Sea region picked up again overnight following this week’s failed attempts to reach an agreement on safe shipping. December Chicago wheat is up 11-1/4 cents at 5.95-1/2 and December Kansas City wheat is up 13-3/4 cents at 6.36.
Wheat export sales totaled 7 million bushels, coming in well below expectations. Year-to-date commitments now stand at 450 million bushels, down 29% from a year ago, compared to the USDA forecast calling for a 17% decline.
CONAB lowered its Brazil wheat production estimate to 5.3 million metric tons, down from 5.7 million last month. Meanwhile, expected imports were raised to 8.9 million metric tons, up from the previous estimate of 7.1 million.
The Rosario Grain Exchange raised its Argentina wheat production estimate to 24.3 million metric tons, up from 23.8 million last month.
Ukraine’s Agriculture Ministry expects planted wheat acreage to decline due to ongoing export challenges and weak prices.

Lauren VandenLangenberg