TFM Midday Update 7-17-2026

CORN

Corn is trading slightly higher supported by strength in wheat. December corn is up ½ cent at 4.64-1/2.
Rain is expected across the Lower Midwest and Delta through mid-next week, with the 6–10 day outlook calling for above-normal precipitation in the western Corn Belt and near-normal rainfall elsewhere. Temperatures are expected to be cooler in the east and warmer in the west, creating an overall non-bullish weather forecast for grain markets.
U.S. corn acreage under drought remained unchanged at 19%, compared to 12% at the same time last year.
French corn conditions deteriorated again last week, with just 41% of the crop rated good to excellent — down 43 percentage points over the past four weeks.

Soybeans are trading higher at midday with continued demand providing support. September soybeans are up 5-1/4 cents at 11.90-1/2. Soybeans and soybean oil are trading higher at midday, while soybean meal is under pressure.
USDA confirmed 2026/27 soybean export sales of 340,000 metric tons to China, 256,634 tons to Mexico, and 110,000 tons to unknown destinations.
U.S. soybean acreage under drought declined 1% this week to 18%, compared to just 7% at the same time last year.
Argentine farmers have sold 43.3% of this season’s soybean crop, compared to 51.3% a year ago. Slower farmer selling, due to the lack of an export tax holiday, has forced crushers to supplement supplies with imported soybeans from Paraguay.

Wheat is trading higher at midday as continued retaliatory attacks between Russia and Ukraine keep geopolitical risk and Black Sea supply concerns in focus. December Chicago wheat is 5-1/2 cents higher at 6.96-1/2 while December Kansas City wheat is 11 cents higher at 7.42-1/4.
The escalating situation in the Black Sea region remains supportive for wheat prices, with the potential to shift nearby export demand to the EU — particularly Bulgaria and Poland — and could also provide a boost to U.S. wheat export sales.
Russia’s wheat harvest is ongoing, with the government prioritizing fuel supplies to support harvest operations.
The Western Australian Grain Industry is forecasting a 25–30% decline in wheat production this season as hot, dry El Niño conditions are expected to persist over the coming months.
Argentina’s wheat planting is 92% complete, with 70% of the crop rated good to excellent, up from 51% at the same time last year.

Lauren VandenLangenberg