TFM Morning Update 05-19-2026

CORN

Corn futures are slightly higher this morning as the market looks for stability, and with new-crop contracts once again testing the psychological $5 level. July corn is up 1-1/2 cents at $4.78-1/2, while December futures are 1/2 cent higher at $4.98-1/2.
NASS Crop Progress data showed the U.S. corn crop was 76% planted as of Sunday, 6 percentage points ahead of the five-year average pace of 70%. Corn emergence was reported at 39%, running 2 percentage points ahead of normal.
Monday morning’s Export Inspections report showed 1.379 mmt (54.28 mbu) of corn shipped during the week ending May 14. That was down 19.07% from the previous week and 21.68% below the same week last year.

Soybean futures are slightly higher this morning, with July soybeans up 3/4 of a cent at $12.13-3/4. November futures are 1/4 cent higher at $12.01-1/4.
Soybean planting progress improved from 49% to 67% over the past week, matching analysts’ expectations. Individual trade estimates ranged from 64% to 70%. That leaves this spring’s pace moderately ahead of last year’s 63% and well above the five-year average of 53%.
On Sunday, the White House released a fact sheet regarding last week’s U.S.-China trade talks, stating in part that “China will purchase at least $17 billion per year of U.S. agricultural products in 2026 (prorated), 2027, and 2028, in addition to the soybean purchase commitments made in October 2025.”

The wheat complex is higher across the board this morning as the market continues to monitor drought conditions across the U.S. Plains. Looking at July contracts, Chicago wheat is up 6-1/2 cents at $6.71, Kansas City is 5-3/4 cents higher at $7.09-1/2, and Minneapolis spring wheat is up 6 cents at $7.09-1/4.
Drought across the U.S. Plains wheat belt has severely reduced winter wheat production potential this season, with government data showing 71% of the crop under moderate drought or worse. At this point last year, only 23% of the crop was experiencing drought conditions.
Analysts also noted that forecasted rainfall across the Southern Plains is expected to arrive too late to provide meaningful improvement to the drought-stricken winter wheat crop.

Matthew Lucas