TFM Midday Update 4-10-2026

CORN

Corn remains lower at midday trade, as a lack of supportive news continues to weigh on momentum. May corn is down 3.4 cents at 4.40 ½.
Traffic through the Strait of Hormuz remains disrupted, with Iran reportedly imposing tolls on vessels, prompting warnings from the White House. The U.S. and Iran are scheduled to meet in Pakistan this weekend for continued talks on a broader peace framework.
U.S. weather remains active, with increased rain chances across the central Plains into early next week. A cold front is expected to bring showers and storms from Kansas and Oklahoma into the Ohio Valley, while early Friday rains are moving through parts of Kansas, Missouri, and Illinois—providing timely moisture ahead of planting.
The USDA confirmed a sale of 125,640 tons of U.S. corn for delivery in the 2025/26 marketing year to unknown destinations.

Soybeans are higher this morning, supported by strength in soybean meal; both are posting gains while soybean oil is trending lower. May soybeans are up 9 cents at 11.74. May soybean meal is up $13.1 at $330.7.
The Buenos Aires Exchange reported that recent rains have benefited late-planted soybeans, with 80% of the crop rated normal to excellent. Private analysts see Argentina’s soybean crop above 50 MMT, while the Exchange maintained its estimate at 48.5 MMT.
The U.S. Drought Monitor showed the share of soybeans impacted by drought fell to 31%, down 13% from last week.
The USDA confirmed a sale of 100,000 tons of U.S. soybean meal for delivery to Italy in the 2025/26 marketing year.

Wheat is under pressure as easing weather and geopolitical risks weigh on market premiums heading into the weekend. May Chicago wheat is down 4.2 cents at 5.70 ½ and May Kansas City wheat is down 1.4 cents at 5.89.
Rain is expected to move into parts of the southern Plains this weekend and into next week, bringing improved moisture conditions to central and northern Texas, as well as much of Oklahoma outside of the Panhandle. These improving soil moisture levels are helping to ease some of the weather-related premiums in the markets.
The U.S. is set to meet with Iran over the weekend to continue cease-fire negotiations, helping ease geopolitical risk premiums in the markets as tensions show signs of de-escalation.
SovEcon lowered Ukraine’s wheat production estimate by 1 million tons to 23.6 million, as fuel shortages and high input costs continue to pose significant headwinds for farmers.

Lauren VandenLangenberg