TFM Morning Update 05-01-2026

CORN

Corn futures are trading higher, and today is First Notice Day for all May grain contracts. July corn is up 2-3/4 cents to $4.77-1/2 while December is up 2-3/4 cents to $4.97. December corn has still not broken $5.00. There were 334 deliveries against May corn.
Yesterday’s Export Sales report was good for corn at 62.9 million bushels of corn exports for 25/26. The top buyer of corn was Colombia at 420k tons followed by Mexico and Venezuela.
According to the Buenos Aires Grain Exchange, 28% of the 25/26 corn crop is now harvested, which compares to 26.5% a week ago. Total corn production is estimated at 61.0 mmt which would be up from 49.0 mmt last year.

Soybean futures are trading higher to start the day despite losses in crude oil and are trading at the top of their 2-month long range. July soybeans are up 7 cents to $12.02-1/2 while November is up 6 cents to $11.79. July soybean meal is up $1.30 to $320.20 and July soybean oil is up 0.73 cents to 75.26 cents. There were 367 deliveries against May soybeans.
Yesterday’s export sales were sluggish for soybeans at 9.6 million bushels which was down from the previous week. China was the top buyer with 199k tons followed by Egypt and Indonesia.
In Argentina, the soybean crop is reportedly 18.3% planted which compares to 10.2% last week. Production is estimated at 48.6 mmt which would compare to 50.3 mmt last year and would be a 3-year low.

Wheat is slightly mixed this morning with May contracts trading lower as a result of first notice day but deferred contracts mostly higher. July Chicago wheat is up 3 cents to $6.40, KC is up 3-1/4 cents to $6.96-3/4, and Minn down 1 cent to $7.04-3/4. There were 712 deliveries against Chi wheat and 823 against May KC wheat.
Yesterday’s export sales report was decent for wheat sales at 14.1 million bushels. This was up 75% from the previous week. Top buyers were Taiwan, Indonesia, and unknown destinations.
SovEcon has increased its estimate for Russian wheat exports on an outlook for stronger demand. 25/26 estimates are seen at 47.4 mmt and 26/27 exports seen at 45.2 mmt up 1.4 from previous estimates.

Amanda Brill