TFM Midday Update 5-20-2026

CORN

Corn prices were lower at midday, pressured by weakness in crude oil and limited details surrounding potential Chinese purchases. July corn is down 10-1/2 cents at 4.65.
Traders continue to wait for official confirmation that China and the U.S. will reduce or eliminate the 10% tariff, with any such announcement expected to provide support to the corn market.
The U.S. corn crop is approximately 75% planted, with overall weather conditions remaining favorable outside of the Delta region, where heavy rainfall could raise flooding concerns.
Ethanol production jumped to 327 million gallons in the week ended May 15^th up from 318 million the previous week and up 7% year over year.

Soybeans are lower in midday trade across the entire soy complex. July soybeans are 7-1/2 cents lower at 12.02.
Traders continue to await official confirmation that the U.S. and China will cut their 10% tariffs after China’s Ministry of Commerce said yesterday that both countries had agreed to the reduction. Lower tariffs would improve the competitiveness of U.S. soybeans for private Chinese crushers.
For 2026 year-to-date, U.S. soybean exports to China are down 48% from a year ago, while Brazil’s exports to China have increased 39.6%.
In the U.S., the far lower Midwest and Delta regions are expected to receive heavy rainfall, while forecasts for most of the Midwest remain generally favorable.

Wheat prices moved lower by midday after posting gains during overnight trading. July Chicago wheat is 8-1/2 cents lower at 6.58-3/4 while July Kansas City wheat is 6 cents lower at 6.97-3/4.
Wheat prices moved lower despite otherwise supportive conditions, as heavy rainfall across the lower Midwest and Delta heightened risks of crop damage and quality deterioration.
Wheat planting progress in northern Russia continues to lag normal pace amid ongoing cool and wet weather conditions.
Ongoing concerns stem from yesterday’s reports of reduced planted acres in Argentina and Australia, coupled with Monday’s 30-year low in good-to-excellent crop ratings.

Lauren VandenLangenberg