TFM Morning Update 05-05-2026

CORN

Corn futures are slightly lower this morning as the market sees profit-taking and producer selling following the recent rally. July corn is down 1-3/4 cents at $4.84, while December futures are 1-1/2 cents lower at $5.03.
As of May 3, corn planting reached 38% across the top 18 producing states, ahead of the five-year average of 34%. Crop emergence was reported at 13% across 14 key states, also ahead of the five-year average of 9%.
Yesterday’s Export Inspections report showed corn shipments at 2.028 mmt (79.84 mbu) for the week ending April 30, up 22.41% from the prior week and 25.43% above last year. Mexico was the top destination at 437,165 mt, followed by Japan at 313,658 mt and Colombia at 302,990 mt. Marketing year shipments total 55.482 mmt (2.184 bbu), up 30.47% year-over-year.

Soybeans are slightly lower this morning following yesterday’s breakout above the recent consolidation range. July soybeans are down 4-3/4 cents at $12.18, while November futures are 4 cents lower at $11.92-3/4.
As of May 3, soybean planting reached 33% across the top 18 producing states, ahead of the five-year average of 23%. Crop emergence was reported at 13% across 14 key states, also well ahead of the five-year average of 5%.
In global news, Brazil’s 2025/26 soybean production is projected at 181.6 mmt, according to StoneX, up roughly 1% from its April estimate.

Wheat futures are lower across the board this morning as the market consolidates following the recent rally. July Chicago wheat is down 3-1/2 cents at $6.37-1/2, Kansas City is 9-1/4 cents lower at $6.85-1/4, and Minneapolis spring wheat is down 5-3/4 cents at $6.93-1/4.
USDA reported 31% of the U.S. winter wheat crop rated good-to-excellent, up from 30% last week but still the lowest for this point since 2023. Ongoing drought conditions continue to weigh on overall crop health.
Forecasts for rain across the drought-stricken U.S. wheat belt have limited upside in prices in recent sessions. However, precipitation may arrive too late for some areas where damage to the winter crop is already irreversible.

Matthew Lucas