TFM Midday Update 4-7-2026

CORN

Corn remains under pressure at midday, as improving soil moisture conditions could support an early start to spring planting across parts of the U.S. May corn is down 2.6 cents at 4.51¼.
NASS released its first corn planting progress update of the season, reporting that 3% of the U.S. crop has been planted, slightly ahead of the five-year average of 2%. Texas leads all states, with 59% of its corn crop already planted.
Brazil’s safrinha corn planting is complete. While Parana and Mato Grosso do Sul have experienced dry conditions, the situation is not severe enough to trigger weather premium buying.
Crude oil continues to move higher ahead of tonight’s deadline for a potential Iran deal, which could provide underlying support to corn markets.

Soybeans are trading lower at midday, with market attention focused on whether Iran will reach a deal ahead of tonight’s deadline and the potential impact on energy prices. The broader soy complex is weaker, with May soybeans down 3.4 cents at 11.63.
Midwest soil moisture conditions are expected to improve over the next week, with forecasts calling for beneficial rainfall from the southern Plains into the central Midwest and Great Lakes. In contrast, producers in the southeastern U.S. are likely to see continued warm and dry conditions.
Weather conditions in Brazil are generally favorable, though southern areas remain in need of additional rainfall. In Argentina, the Pampas region is expected to receive some precipitation, but concerns over overall crop quality persist.
AgRural estimates Brazil’s soybean harvest at 82% complete, compared to 87% at the same time last year.

Wheat futures are mixed across all three classes, with easing weather concerns weighing on the market while ongoing geopolitical uncertainty provides some underlying support. May Chicago wheat is up 2 cents at 5.97¼, while May Kansas City wheat is trading lower at 6.07¾.
NASS released its first crop conditions report of the season, with overall wheat ratings at 35% good to excellent coming in below expectations and well under last year’s 48%. HRW conditions are notably weaker at 24% versus 43% a year ago, while SRW is slightly improved at 64% compared to 63% last year.
The 6–15 day forecast indicates above-normal precipitation for Oklahoma and Texas, easing weather-related concerns and removing some weather premium from the market.
Ukraine’s wheat exports for the current marketing year are estimated at 10.05 million tons, down from 13.39 million tons at the same point last year.

Lauren VandenLangenberg