TFM Midday Update 9-24-2026

CORN

Corn futures are mixed at midday as the market awaits details from the meeting between President Trump and Chinese President Xi Jinping. December corn is 1 cent higher at $5.30, while March corn is unchanged at $5.43-1/2.
USDA reported 2026/27 net export sales of 838,300 MT in this morning’s Export Sales report, along with an additional 2,500 MT of sales for the 2027/28 marketing year.
Rising U.S. Treasury yields continue to support the U.S. Dollar Index, which has climbed to its highest level since late July and remains a headwind for corn and other commodities

Soybean futures are trading slightly lower at midday. November soybeans are 1-1/2 cents lower at $13.16-1/2, while January soybeans are 2-1/2 cents lower at $13.31-1/4.
USDA reported 2026/27 soybean export sales of 582,400 MT for the week ending September 17 in Thursday’s Export Sales report. Sales were near the lower end of analyst expectations ranging from 500,000 MT to 2.0 MMT, according to a Wall Street Journal survey.
Traders continued to square positions ahead of the meeting between President Trump and Chinese President Xi Jinping. Expectations are that discussions could focus on extending the current trade truce and making progress on existing tariffs.

The wheat complex is facing another round of pressure today as additional Black Sea risk premium is removed from the market. Looking at December contracts, Chicago wheat is 5-1/2 cents lower at $7.03, Kansas City wheat is 5-3/4 cents lower at $7.66, and Minneapolis spring wheat is 6-1/4 cents lower at $7.22-1/2.
Renewed diplomatic efforts to end the war in Ukraine are pressuring wheat futures by reducing some of the Black Sea risk premium. Ukraine and Russia, both major grain suppliers, have expressed interest in a limited ceasefire covering grain and energy-related targets, raising hopes for improved export flows from the region.
Russia’s wheat export customer base has narrowed sharply, with only eight countries purchasing Russian wheat in September, down from 26 a year earlier, according to the Russian Grain Union. August showed a similar decline, with 16 buyers compared with 43 in the same month last year.

Matthew Lucas