TFM Morning Update 05-07-2026

CORN

Corn futures are slightly lower this morning as the market searches for support following yesterday’s losses. July corn is down 1 cent at $4.67-1/2, while December futures are also 1 cent lower at $4.89.
Weather across the U.S. Corn Belt has recently improved, with drier forecasts easing earlier concerns about planting delays following Midwest storms. However, soil moisture remains uneven across portions of the region.
A faster-than-average U.S. planting pace has weighed on prices in recent sessions, with USDA reporting nationwide planting at 38% complete versus the five-year average of 34%.

Soybeans are mixed this morning, with nearby contracts slightly firmer while deferred months remain under pressure. July soybeans are up 1/4 cent at $11.95, while November futures are 3/4 cent lower at $11.74-3/4.
Reports that the U.S. and Iran were nearing an agreement to end the conflict sent oil prices sharply lower, pressuring the soy complex given soybeans’ role as a key biodiesel feedstock. Weakness in crude oil spilled into soybean oil futures, reducing support across the broader soybean market.
Meanwhile, U.S. planting progress has remained strong, with soybean seeding reaching 33% complete, 10 points ahead of the five-year average. Drier forecasts across the Midwest have eased concerns that recent storms would significantly delay fieldwork.

Wheat futures are lower this morning. July Chicago wheat is down 2 cents at $6.15-1/4, Kansas City is 7-1/4 cents lower at $6.79-3/4, and Minneapolis spring wheat is down 3-1/4 cents at $6.88-3/4.
USDA reported 31% of the U.S. winter wheat crop rated good-to-excellent, up from 30% the previous week but still the lowest rating for this point in the season since 2023. Rain is forecast across portions of the dry U.S. wheat belt this week, though traders remain concerned that moisture may arrive too late to reverse drought damage in some areas.
In global news, Algeria’s state grains agency OAIC reportedly purchased between 390,000 and 420,000 metric tons of milling wheat in an international tender that closed Wednesday.

Matthew Lucas