TFM Morning Update 05-29-2026

CORN

Corn futures are trading lower to start the day with futures sitting near support. July corn is down 2-1/4 cents to $4.53-1/2 while December is down 1-3/4 cents to $4.80-1/2. The forecasted 2 weeks of dry weather has not caused prices to rally yet.
The weekly US Department of Energy’s weekly petroleum report saw US ethanol stocks increase by 0.4% to 24.968m bbl while analysts expected 24.806m. Plant production was at 1.089m b/d which compared to the survey average of 1.108m.
Estimates for today’s export sales report see corn sales in a range between 800 and 1,900k tons with an average guess of 1,267k. This compared to 2,407k tons a week ago and 948k a year ago.

Soybean futures are trading higher this morning despite lower corn and wheat prices. Strength in soybean oil is carrying the contract. July soybeans are up 5-1/4 cents to $11.99-3/4 while November is up 4-1/4 cents to $11.98. July soybean meal is down $0.30 to $333.80 while soybean oil is up 0.59 cents to 77.29 cents.
Brazil has now replaced Argentina as the world’s leading export of soybean meal. Brazil has shipped 7.7 mmt during the first 4 months of the year while Argentina has shipped 7.5. Argentina’s growth has been a bit stagnant which has allowed Brazil to catch up.
Estimates for today’s export sales report see soybean sales between 150 and 800k tons with an average guess of 392k tons. This would compare to 524k tons a week ago and 179k a year ago at this time.

All three wheat classes are trading lower to start the day despite the lowest winter wheat crop ratings since the 80’s. July Chicago wheat is down 1/2 cent to $6.23-1/2, KC is down 2-1/2 cents to $6.62-3/4, and Minn is down 1/4 cent to $6.77.
In India, wheat output is expected to increase for the 25/26 season. Wheat production is estimated to rise by 2.3% to a record 120.66 million tons, and other food grains like rice and corn are expected to hit record production as well.
Estimates for today’s export sales report see wheat sales in a range between 200 and 500k tons with an average guess of 300k tons. This would compare to 297k last week and 583k tons a year ago at this time.

Amanda Brill