TFM Midday Update 5-22-2026

The CME and Total Farm Marketing Offices will be closed Monday, May 25, in Observance of Memorial Day

CORN

At midday, corn futures are trading higher as the market continues consolidating within its recent trading range. July corn is up 3 cents at $4.65-1/4, while December futures are 3-1/2 cents higher at $4.88-1/2.
This morning, USDA announced a flash sale of 493,700 metric tons of corn to Mexico. Of the total, 225,000 metric tons is scheduled for delivery during the 2025/26 marketing year, with the remainder slated for 2026/27 delivery.
USDA also announced an additional flash sale of 110,000 metric tons of corn to unknown destinations. Of the total, 50,000 metric tons is for delivery during the 2025/26 marketing year, while 60,000 metric tons is slated for 2026/27 delivery.

Soybean futures are slightly higher at midday as the market continues searching for fresh news to provide directional conviction. July soybeans are up 2-3/4 cents at $11.97, while November futures are 2-1/2 cents higher at $11.89-1/4.
This morning, USDA announced a flash sale of 252,000 metric tons of soybean cake to unknown destinations. Of the total, 117,000 metric tons is scheduled for delivery during the 2025/26 marketing year, while 135,000 metric tons is slated for 2026/27 delivery.
Argentina’s 2025/26 soybean harvest is now expected to reach 50.1 mmt, up from the previous estimate of 48.6 mmt, according to the Buenos Aires Grain Exchange. The increase was attributed to stronger-than-expected yields as harvest activity continues to advance.

The wheat market is under pressure at midday with futures lower across all three classes. Looking at July contracts, Chicago wheat is down 1 cent at $6.46-1/2, Kansas City is 5 cents lower at $6.82, and Minneapolis spring wheat is down 4 cents at $6.86-1/4.
The wheat complex remains under pressure as the market continues to see profit-taking and consolidation following the recent rally. Given the magnitude of the recent move higher and the upcoming three-day weekend, traders are likely reducing or adjusting positions ahead of the extended market closure.
Some analysts are drawing attention to elevated climate risks for global grain production as an El Niño event becomes increasingly likely to develop by mid-2026. The wheat market has received particular attention due to heightened crop calendar overlap risks across major producing regions including India, Pakistan, Australia, mainland China, and Argentina.

Lauren VandenLangenberg