TFM Midday Update 4-6-2026

CORN

Corn futures are fractionally higher at midday. May corn is up a penny currently at 453. December corn is up a ¼ cent currently trading at 481-1/2.
Mediators are reportedly working with the U.S. and Iran to negotiate a 45-day ceasefire. President Trump’s ultimatum for Iran to reopen the Strait of Hormuz or face escalation is set to expire Tuesday.
The USDA will release the first corn planting progress report this afternoon, with early activity expected to be strongest in the Delta region.
Managed funds are estimated to be holding a net-long position of roughly 260,000 corn contracts to start the week.

Soybean futures are slightly higher at midday. May soybeans are up 4-1/4 cents at 1167-3/4. November soybeans are up 3 cents at 1157 currently.
Markets are starting the week in a holding pattern as President Trump’s deadline for Iran to reopen the Strait of Hormuz expires Tuesday. Discussions between the two countries are reportedly ongoing, but the situation remains fluid.
Brazil’s soybean harvest is nearing completion, while Chinese buying of Brazilian soybeans has been relatively quiet. Traders are now looking ahead to scheduled U.S.–China meetings in mid-May for potential developments impacting soybean trade.

Wheat futures are sliding lower to start the week. May CBOT wheat is down 5 cents and currently trading at 593-1/4. May KCBOT wheat is down 11-1/2 cents currently trading at 604-1/4. May Spring wheat is down 6-3/4c ents and currently trading at 630-3/4.
Weekend rains and additional moisture in the forecast for parts of the Plains have wheat futures under pressure to start the week.
The USDA will release its first wheat Crop Progress report of the season on Monday. Early estimates place the good-to-excellent rating between 38–42%, compared to 48% in the first report last year.

Keegan Madigan