TFM Morning Update 02-24-2026

CORN

Corn futures are mixed to start the morning, with nearby contracts steady and deferred months slightly lower. May corn is unchanged at $4.40-1/4, while December futures are down 1/2 cent at $4.64.
With Brazil’s soybean harvest running slower than normal, planting of the country’s second-crop corn is also lagging. According to agricultural consultancy AgRural, Brazil’s safrinha corn planting has reached 50% of the expected area, compared to 64% at the same time last year.
If delays persist, the crop risks missing key weather windows later in the growing season, which could ultimately impact production potential.

Soybean futures are modestly lower this morning as trade continues within a broader consolidation pattern. May soybeans are down 3 cents at $11.46, while November futures are 1 cent lower at $11.16-1/4.
The soybean market is closely watching to see whether importers of U.S. agricultural goods, including China, step back from existing trade arrangements following the Supreme Court’s ruling or respond after President Trump on Saturday raised a temporary duty to 15% on U.S. imports from all countries.
In other developments, Brazilian farmers had harvested 30% of their 2025/26 soybean crop as of last Thursday, according to agribusiness consultancy AgRural. That marks a 9-percentage-point increase from the prior week but remains behind the 39% pace recorded a year ago. The harvest is now progressing at its slowest rate since the 2020/21 season.

The wheat complex is mixed with a lower bias this morning. Chicago May wheat is up 1/4 cent at $5.74, while Kansas City May futures are down 3-1/2 cents at $5.68-3/4. Minneapolis spring wheat is 1-1/2 cents lower at $5.95-3/4.
An improving weather outlook for key crop-growing regions next month added pressure to wheat futures. “Temperatures are now trending above normal, and some rainfall is expected across portions of the Great Plains and Midwest,” said Jack Scoville of Price Futures Group in a note.
As a result, concerns about winterkill in the U.S. appear to be easing, while recent cold in Russia has yet to produce any meaningful downgrade to that country’s crop outlook.

Matthew Lucas