TFM Midday Update 4-8-2026

CORN

Corn futures are trending lower at midday, as weakness in crude oil continues to pressure the market. May corn is 1.4 cents lower at 4.47 ¼.
A two-week deadline extension for Iran has led to a sharp selloff in crude oil this morning. While the move suggests easing tensions, it does not signal an end to the conflict and instead provides additional time for negotiations.
Additional rainfall is expected across the Midwest and eastern Corn Belt, adding soil moisture and potentially delaying fieldwork.
The USDA will release its supply and demand report tomorrow, with no significant changes expected for corn.
Ethanol production rebounded to 328 million gallons in the week ended Friday April 3, up from 316 million the previous week and 9% above YA.

Soybean futures are mixed at midday, with weakness in the U.S. dollar lending support. Soybean meal is higher, while soybean oil is under pressure. May soybeans are 1 cent higher at 11.59 ¼.
Optimism surrounding the Beijing summit remains in the market, with the meeting set for mid-May. Traders are hopeful for additional Chinese purchases ahead of the summit, helping support soybean prices alongside overnight weakness in the U.S. dollar.
The April USDA supply and demand report is set for release tomorrow, and the trade is not expecting any major changes for soybeans.

Wheat is trading lower at midday, facing pressure from the Iran deadline extension and the resulting weakness in crude oil. May Chicago wheat is 15.2 cents lower at 5.82 ¾ while May Kansas City wheat is 8.4 cents lower at 5.99.
The wheat market continues to be weighed down by ample global supplies, while easing geopolitical tensions are contributing to ongoing price weakness.
Argus has raised its 2026/27 Russian wheat production estimate to 88.7 million tons, compared to 86.5 million previously forecast last fall, following insights from a crop tour conducted last month.
The USDA’s upcoming supply and demand report is expected to show a slight reduction in U.S. ending stocks to 923 million bushels from 931 million in March, while global ending stocks are anticipated to hold steady.

Lauren VandenLangenberg