TFM Morning Update 04-28-2026

CORN

Corn futures are trading higher with support from significantly higher wheat prices. Yesterday’s corn inspections were strong. May corn is up 3-1/4 cents to $4.64 while December is up 4-1/2 cents to $4.73-1/2.
Yesterday afternoon’s Crop Progress report saw that 25% of the corn crop has been planted, which compares to 11% last week and 22% a year ago. The 5-year average is 19% for this time. 7% of the crop is emerged, which is also ahead of schedule.
Yesterday’s export inspections for corn were 1,644k tons, which compared to 1,743k the previous week and 1,666k a year ago. Inspections are up 31% from last year. Top destinations were to Mexico, Colombia, and the Korean Republic.

Soybean futures are trading higher this morning coming off overnight lows. May soybeans are up 1/4 cent to $11.77-1/2 while November is up 2-1/4 cents to $11.68. Soybeans remain rangebound. May soybean meal is up $1.50 to $335.40 and May soybean oil is up 0.21 cents to 72.47 cents.
The Crop Progress report saw that 23% of the soybean crop has been planted which compares to 12% a week ago, 17% last year, and the 5-year average of 12%. This puts planting well ahead of schedule. 8% of the soybean crop is now emerged which is ahead of schedule as well.
Yesterday’s export inspections report saw soybean inspections at 629k tons which compared to 757k last week and 459k a year ago. Top destinations were to China, Mexico, and Indonesia.

All three wheat classes are trading higher this morning as a result of poor crop conditions. May Chicago wheat is up 13-3/4 cents to $6.35-1/4, KC wheat is up 18-1/4 cents to $6.85-1/2, and Minn wheat is up 10 cents to $6.86.
According to the USDA, 30% of the winter wheat crop is rated good to excellent, which is unchanged from last week but is down 19% from this time a year ago. 19% of the spring wheat crop is planted, which compares to the 5-year average of 22% and 5% of the crop is emerged, which is ahead of the 5-year average of 4% at this time.
Yesterday’s export inspections report saw wheat sales just 365k tons, which compared to 518k last week and 650k tons a year ago. Top destinations were to the Philippines, Japan, and the Korean Republic.

Amanda Brill