TFM Midday Update 5-29-2026

CORN

Corn is trading lower at midday, with modest pressure tied to weakness in crude oil as traders await clarity on whether President Trump will approve the proposed 60-day ceasefire agreement. July corn futures are down 7-1/2 cents at 4.48-3/4.
Favorable U.S. weather conditions continue to limit the need for additional weather premium in the corn market. U.S. corn acreage under drought conditions was unchanged this week at 25%, compared to 23% at the same time last year.
Above-normal temperatures are expected to move into the northern half of the Corn Belt before expanding eastward during week two. Most of the precipitation over the next 10 days is forecast for the Central Plains and southeastern U.S., as a dominant high-pressure ridge builds across the Great Lakes region.
India is warning that the June-to-September monsoon season could reach just 90% of normal rainfall, which would mark the lowest level in 11 years and could negatively impact corn production.
Argentina’s corn harvest is estimated to be 35% complete.

Soybeans are trading lower at midday, pressured in part by weakness in the crude oil market. July soybeans are 8 cents lower at 11.86-3/4.
U.S. soybean acreage under drought conditions was unchanged this week at 27%, compared to 17% a year ago. Forecasts call for heat to build across the Northern Plains and Upper Midwest over the next week before expanding into the eastern Corn Belt during week two.
Argentina’s soybean harvest is now estimated to be 85% complete, with favorable weather conditions expected to support harvest progress over the next two weeks.
USDA confirms the sale of 192,000 metric tons of U.S. soybeans for delivery to unknown destinations. 60,000 tons is for 2025/26 and 132,000 tons is for 2026/27.

Wheat remains under pressure again in midday trade, with the market continuing to struggle to generate any meaningful upside momentum. July Chicago wheat is down 10-1/2 cents to 6.13-1/2 and July Kansas City wheat down 12 cents to 6.53-1/4.
The major news surrounding the wheat complex remains whether President Trump will approve the proposed 60-day Iran ceasefire agreement, keeping traders cautious and limiting conviction in today’s trade.
The ongoing conflict between Russia and Ukraine appears to be escalating, as Russian drones reportedly struck a Turkish cargo ship in the port of Odesa and also hit a residential building in Romania.
Several global weather concerns are also drawing attention, with the EU heat wave contributing to a 3% decline in France’s wheat crop rated good-to-excellent. Argentina’s wheat production is projected to fall 23.4% year over-year, while China is racing to harvest nearly 20 million ha of wheat that remain at risk of damage from heavy rainfall.

Lauren VandenLangenberg