TFM Morning Update 05-12-2026

CORN

Corn futures are trading higher to start the day and are likely boosted by big gains in wheat and higher crude oil. July corn is up 3 cents to $4.78-1/4 while December is up 2-3/4 cents to $5.00-1/2.
Estimates for today’s WASDE report see corn production lower than last year’s at 15.99 bb with 25/26 ending stocks at 2.13 bb and 26/27 ending stocks at 1.942 bb. World ending stocks are expected to increase.
Yesterday’s Crop Progress report saw that 57% of the corn crop is now planted which is a big jump from 38% last week and is ahead of the 5-year average. 23% of the crop is emerged which is also ahead of the average pace.

Soybeans are trading higher this morning with higher crude oil and ahead of Trump’s meeting with China’s Xi tomorrow. July soybeans are up 5-1/2 cents to $12.18-3/4 while November is up 3-3/4 cents to $11.98-1/2. July soybean meal is up $1.70 to $326.50 and July bean oil is up 0.80 cents to 74.54 cents.
Estimates for today’s WASDE report see soybean production up from last year, 25/26 ending stocks unchanged at 350 mb, and 26/27 ending stocks at 366 mb. World ending stocks are expected to increase slightly.
Yesterday’s Crop Progress report saw that 49% of the soybean crop has been planted which is up from 33% last week and is ahead of the 5-year average of 36% this time of year. 20% of the crop is emerged.

All three wheat classes are trading higher this morning as wheat seems to have a correlation with moves in crude oil, although weather is a large factor too. July Chicago wheat is up 13-1/2 cents to $6.47-1/4, KC is up 17-1/2 cents to $7.03-3/4, and Minn is up 10-3/4 cents to $6.97-1/4.
Estimates for today’s WASDE report see wheat production lower than last year likely due to poor crop conditions. 26/27 ending stocks are estimated at 845 million bushels. World ending stocks are expected to be unchanged.
The Crop Progress report saw winter wheat good to excellent conditions down 3% from last week at just 28% comparing to 54% last year. 61% of the crop is headed. Spring wheat is 53% planted and 23% emerged, both on par with yearly averages.

Amanda Brill