TFM Midday Update 6-1-2026

CORN

Corn futures are lower at midday with July futures down 6-3/4 cents at 440 while December futures are 6 lower at 469.
After a rather dry stretch of recent weather for much of the northern Corn Belt, especially in northern Illinois and southern Wisconsin, the pattern is expected to flip to better chances for moisture into early June. This pattern flip, along with mostly benign weather for the rest of the Corn Belt as of late has brought recent pressure to the corn market.
Managed money traders continued trimming their net-long corn position last week. What was once a bullish position approaching 350,000 contracts long has now been reduced to approximately 211,000 contracts as of Tuesday, signaling a notable shift in sentiment as favorable weather and expanding global supplies weigh on the market.

Soybean futures are down slightly to start the week, pressured by weakness in corn. July soybean futures are down 4 cents at 1182-1/2 while November soybeans are down ¾ of a cent at 1189-1/4.
Soybean futures are starting the week on a supportive tone, led by strength in soybean oil. Higher crude oil prices are providing support after renewed military exchanges in the Strait of Hormuz reduced optimism that the critical shipping corridor could reopen anytime soon.
USDA reported weekly soybean export sales of 11 million bushels, bringing total sales and shipments to 1.46 billion bushels, down 18% from a year ago. Actual export shipments now stand at 1.29 billion bushels, trailing last year’s pace by 21%. USDA currently projects 2025/26 soybean exports at 1.53 billion bushels, which would be 19% below the previous year.

Wheat futures are trading mostly steady in early action. July Chicago wheat is up 2 to $6.12, July Kansas City wheat is unchanged at $6.49¾, and July spring wheat is leading the complex higher, gaining 4¾ to $6.77.
While overall wheat export commitments continue to run ahead of expectations, last week’s export report showed a net reduction of nearly 30 million bushels in old crop sales, with most of those bushels rolled into new crop commitments. Even with the adjustment, total wheat export sales commitments remain more than 100 million bushels ahead of last year’s pace.
While wheat futures are trading modestly higher to begin the week, U.S. wheat remains among the highest-priced export origins in the world. The premium relative to competing suppliers continues to limit export competitiveness and could make it difficult for U.S. wheat to capture additional global demand in the near term.

Keegan Madigan