TFM Morning Update 02-27-2026

CORN

Corn futures are modestly higher this morning, with May pushing above recent structural resistance. May corn is up 1-3/4 cents at $4.45-1/4, while December futures are 1-1/2 cents higher at $4.68-1/2.
Export Sales data for the week ending February 19 showed total sales of 682,804 metric tons. That was down 29% from the previous week but still 1.1% above the same week last year. Mexico was the top destination at 373,600 metric tons, followed by Japan at 171,700 metric tons. New-crop sales accounted for 11,685 metric tons.
A South Korean importer bought 135,000 metric tons of corn in a recent tender, while another South Korean buyer issued a separate tender for 210,000 metric tons yesterday morning.

Soybean futures are modestly higher this morning. May soybeans are up 5 cents at $11.68, while November futures are 2 cents higher at $11.29-1/2.
According to three sources familiar with the discussions, the Trump administration has agreed on a plan that would require large oil refiners to account for at least half of the biofuel blending obligations that were previously waived under the Small Refinery Exemption program.
Brazil, which is harvesting a record soybean crop this year, could expand exports of the oilseed to China in 2026 amid reduced shipments from Argentina and despite increased competition from U.S. producers.

The wheat complex has resumed its recent upward momentum this morning. May Chicago wheat is up 8-1/4 cents at $5.82-3/4, Kansas City May futures are 10-1/2 cents higher at $5.72-3/4, and Minneapolis spring wheat is up 3 cents at $6.01-3/4.
India is expected to experience one of its warmest March periods on record, with above-average temperatures forecast across key wheat and rapeseed-producing states, according to two weather bureau sources on Thursday. The elevated temperatures could pose a risk to yields as crops move through critical development stages.
Ukraine’s grain shipments to Black Sea ports for export have increased 2% so far in February compared with January, according to state railway operator Ukrzaliznytsia on Thursday. However, volumes remain below the levels recorded in February 2025.

Matthew Lucas