TFM Midday Update 2-23-2026

CORN

Corn futures are higher at midday with May corn up 4-1/4 cents trading at 444 while December futures are up 2 cents trading at 466.
The USDA confirmed a sale of 125,000 metric tons of corn to Colombia this morning. This marks just the third announced corn sale of February; the other two transactions were reported to unknown destinations.
As the market moves into the final week of February, nearby corn futures are up just over 2 cents on the month. The February average for December futures is currently hovering near the 4.60 level, a key reference point for crop insurance pricing.
U.S. ethanol exports reached a record high in 2026, totaling $7.6 billion in value, according to the Renewable Fuels Association.

Soybean futures are higher at midday, May futures are currently up 7 cents at 1160 while November futures are up 8-1/2 cents at 1123-1/2.
Much-needed rainfall covered a broad portion of Argentina’s key crop-producing regions over the past seven days, stabilizing yield prospects after prior stress. While precipitation is expected to taper this week, forecast temperatures are projected to run normal to slightly below normal, limiting renewed crop stress.
In Brazil, soybean harvest progress remains well ahead of the five-year average, with roughly two-thirds of the crop now harvested, reinforcing near-term supply availability in the export market.
China showed no fresh interest in U.S. soybeans during last week’s Lunar New Year holiday. Market participants will monitor for renewed buying activity following the recent tariff-related ruling by the Supreme Court of the United States, which has added a new layer of uncertainty to trade policy expectations.

Wheat futures are mixed to start the week. May CBOT wheat is up a ¼ cent currently trading at 580-1/2. May KCBOT wheat is down 3-3/4 cents trading near 581 while May Spring wheat is up 3-1/4 cents trading at 593 currently.
Ukraine’s wheat harvest is projected to increase 3% to 23.1 million metric tons in 2026, according to the Ukrainian Agribusiness Club. The group also noted that planted area last fall rose 4.8%, supporting expectations for a modest production rebound.
Wildfires swept across the Plains last week, underscoring ongoing dryness concerns. With limited precipitation forecast over the next two weeks, drought-stressed winter wheat is unlikely to see meaningful relief in the near term, keeping weather risk elevated.

Keegan Madigan