TFM Midday Update 4-22-2026

CORN

Corn futures are higher at midday, with weather conditions providing support. May corn is up 2 cents at 4.55-1/2.
While heavy rainfall is likely to slow planting progress in the central Midwest, the corn market is largely ignoring the recent increase in moisture, with attention centered on robust ethanol production and export demand.
The Strait of Hormuz remains closed, and the longer the disruption persists, the more severe fuel and fertilizer shortages could become, heightening concerns over global production and acreage.
Dry conditions persist in Brazil and are expected to increase crop stress across at least one-third of the safrinha crop area.
Ethanol production declined to 306 million gallons for the week ending April 17, compared to 329 million the prior week, though still 1% above year-ago levels.

Soybeans slipped into negative territory by midday, with May down 2-1/2 cents at 11.72-1/4, even as soybean oil maintains upward momentum.
With Brazil’s harvest nearly wrapped up and Argentina’s accelerating, attention turns to farmer selling, though many in Argentina are expected to hold off in hopes of a new tax holiday.
A two-year high in the Brazilian currency versus the U.S. dollar is providing support, as it reduces Brazilian farmers’ propensity to sell cash soybeans.
Indonesia stated they are raising their mandatory biodiesel blend rate to 50% from 40%.

Wheat is mixed at midday, with May Chicago wheat down 1 cent at 6.04, while May Kansas City wheat is up ¾ cent at 6.44-1/4.
Rain chances are in the forecast this weekend, with above-normal precipitation expected over the next two weeks in the central Plains, offering some hope for crop improvement. However, many believe it may be too late in the season for a meaningful recovery in yields.
Good-to-excellent ratings in Kansas fell 8%, a notable decline that points to the potential for elevated wheat abandonment this year.
Russia has extended its fertilizer export quota through November 30 to protect domestic supplies amid the ongoing closure of the Strait. Meanwhile, Russia’s wheat exports in Q1 are up 14% year over year, with EU exports up 8% from the prior season.

Lauren VandenLangenberg