TFM Midday Update 6-29-2026

CORN

Corn futures are lower at midday as rainfall in some of the driest areas of the Corn Belt, combined with upcoming heat, is viewed as beneficial for crop development and limits weather concerns. July corn futures are 10-3/4 cents lower at 402 while December futures are 10-1/2 lower at 431.
Analysts expect USDA’s Tuesday Planted Acreage Report to show 94.94 million corn acres, down roughly 400,000 acres from the March Prospective Plantings estimate as some acreage likely shifted to soybeans.
Northwest Iowa, one of the driest areas of the Corn Belt this growing season, is forecast to receive 1–4 inches of rain over the next seven days. If realized, the rainfall would significantly improve soil moisture and further support crop conditions heading into the critical pollination period.

Soybeans are lower at midday following the lower trend across grains. August soybeans are 15 cents lower at 1121-1/4 while November futures are also 15 lower at 1141.
Tuesday’s USDA Planted Acreage Report is expected to show 85.37 million soybean acres, reflecting a modest increase from the March estimate. Analysts also expect June 1 soybean stocks to total 1.051 billion bushels, which, if realized, would be the largest June 1 inventory since 2020 and reinforce the market’s comfortable supply outlook.
Rumors of additional Chinese purchases of U.S. soybeans circulated throughout last week, but few have been confirmed. Instead, reports indicate China purchased up to 20 cargoes of Brazilian soybeans, underscoring that Brazil remains its primary supplier despite recent interest in U.S. offers.

Wheat futures are mixed to start the week. September CBOT wheat is down 6 currently at 583 while September KCBOT is up 1-1/2 cents at 621. September Spring wheat is up 3 currently at 585-3/4.
Analysts expect Tuesday’s USDA Acreage Report to show 9.44 million acres of spring wheat and 1.97 million acres of durum, both slightly above March intentions. If winter wheat acreage is left unchanged at 32.41 million acres, total U.S. wheat planted area would reach 43.83 million acres — still the smallest wheat acreage on record.
U.S. soft red wheat has become more competitive, now priced below French soft wheat. However, a weaker Russian ruble has pushed Russian export values lower, with FOB prices near $230/MT — roughly $50/MT below U.S. hard red winter wheat—keeping Russia as the dominant low-cost supplier in the global market.

Keegan Madigan