TFM Morning Update 05-26-2026

CORN

Corn futures are trading lower following the holiday weekend as lower crude oil pressures all grains. July corn is down 4-3/4 cents while December is down 3-1/2 cents. Planting progress last week is expected to have progressed significantly.
Corn exports picked up last week with the USDA announcing sales of 493,700 metric tons of corn to Mexico and another 110,000 mt were sold for delivery to unknown destinations. Despite good sales, analysts still expect a large US crop which could limit gains.
Friday’s CFTC report saw funds as net sellers of corn as of May 19. They sold 6,129 contracts of corn which reduced their large net long position to 293,354 contracts.

Soybean futures are trading lower with crude oil down $4.00 a barrel despite attacks on Iran by the US on Monday. Good rain forecasts may be pressuring the market as well. July soybeans are down 6-1/4 cents to $11.90-1/4 while November is down 5 cents to $11.82-3/4. July soybean meal is down $2.30 to $329.60 and July bean oil is down 0.16 cents to 73.82 cents.
Argentina will reportedly cut its export taxes on soy and other grains starting on January 2027 by 0.25% per quarter, and then after January 2028 this will increase to 0.50% per quarter. This will likely bring more export competition.
Friday’s CFTC report saw funds as sellers of soybeans as of May 19. They sold 7,011 contracts of soybeans reducing their net short position to 207,804 contracts. They sold 5,853 contracts of bean oil and bought 14,472 contracts of bean meal.

All three classes of wheat are trading lower this morning along with the rest of the grain complex. July Chicago wheat is down 7-1/4 cents to $6.39, KC wheat is down 3-1/4 cents to $6.78-3/4, and Minn wheat is down 2-3/4 cents to $6.86-3/4.
The Illinois Wheat Association’s crop tour estimated day-one wheat yields at 102.8 bpa, down slightly from last year’s 106 bpa estimate. However, USDA projections remain well below those figures, with 2026 Illinois wheat yields forecast at 84 bpa. For reference, last year’s state crop set a record at 88 bpa.
Friday’s CFTC report saw funds as buyers of Chicago wheat. They bought 14,224 contracts reducing their net short position to 4,799 contracts. They were sellers of KC wheat by 7,715 contracts leaving them long 30,075 contracts.

Amanda Brill