TFM Morning Update 05-13-2026

CORN

Corn futures are trading higher again this morning and is nearing the top of its recent range of $4.85 for July. July corn is up 3/4 cent to $4.80-3/4 while December is up 3/4 cent to $5.02-3/4.
Yesterday’s WASDE report was bearish for corn with ending stocks for 25/26 increased from last month at 2.142 bb and 26/27 ending stocks slightly above expectations at 1.957 bb. Argentinian corn production was raised to 59.0 mmt from 52.0 mmt last month. Brazilian corn was increased as well by 3 mmt.
Estimates for the weekly EIA report for the week ending May 8 see ethanol production higher than the previous week at 1.042 m b/d. Stockpiles are estimated lower at 25.843 bbl vs 26.02 m a week ago.

Soybeans are trading higher again in positive follow through from yesterday’s friendly report. July soybeans are up 3 cents to $12.29-1/2 while November is up 3 cents to $12.08. July soybean meal is up $4.00 to $332.40 and soybean oil is down 0.22 cents to 75.14 cents.
Yesterday’s WASDE report was friendly for soybeans as crush demand was increased. 25/26 ending stocks decreased to 340 mb from 350 mb last month and 26/27 ending stocks just 310 mb, well bel0w the average estimate. South American soybean production was unchanged.
Today, President Trump and China’s Xi will meet to discuss a trade deal that could include soybeans and corn. China has previously pledged to buy 25 mmt of US soybeans this year.

All three wheat classes are trading higher as the USDA projects the smallest US wheat harvest since 1972 due to the drought. July Chicago wheat is up 1 cent to $6.80, KC up 14-3/4 cents to $7.46, and Minn up 7-3/4 cents to $7.31-3/4.
Yesterday’s WASDE report was very friendly for wheat causing a limit up move yesterday. 25/26 ending stocks were slightly lower at 935 mb while 26/27 stocks were projected at just 762 mb which compares to the average guess of 845 mb. World ending stocks are down sharply as well.
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