TFM Morning Update 06-12-2026

CORN

Corn is trading lower this morning but has not taken out its low from Monday. July corn is down 2-1/2 cents to $4.16-1/2 while December is down 2-1/4 cents to $4.44-1/2.
USDA’s June WASDE report pegged 2025/26 U.S. corn ending stocks at 2.145 billion bushels, up 3 million bushels from last month. Corn used for ethanol was reduced by 25 million bushels, but that change was fully offset by a 25 million bushel increase in export demand. USDA also raised corn imports by 3 million bushels.
On the global side of the balance sheet, USDA raised Brazilian corn production by 3 mmt to 138 mmt and increased Argentine production by 2 mmt to 61 mmt.

Soybean futures are continuing to trade slightly lower this morning. July soybeans are down 1-3/4 cents at $11.13-1/4, while November futures are trading 2-1/2 cents lower at $11.31-1/2.
Yesterday’s WASDE report contained very few changes for soybeans. U.S. ending stocks for the 2025/26 marketing year were left unchanged at 340 million bushels, while 2026/27 ending stocks also remained unchanged at 310 million bushels.
Globally, ending stocks increased slightly to 124.88 mmt from 124.78 mmt in May. USDA left Brazilian soybean production unchanged at 180.0 mmt but raised Argentine production to 50.0 mmt from 48.0 mmt last month.

The wheat complex is lower across the board this morning. Looking at July contracts, Chicago wheat is down 2-3/4 cents at $5.84, Kansas City wheat is down 1-3/4 cents at $6.33, and Minneapolis spring wheat is 2 cents lower at $6.17-1/2.
In yesterday’s WASDE report, USDA pegged 2026/27 U.S. all-wheat production at 1.543 billion bushels, below the average trade estimate of 1.554 billion and down from 1.561 billion in last month’s report.
Winter wheat production was reduced by 18 million bushels to 1.030 billion bushels. By class, hard red winter wheat production was lowered 18 million bushels to 497 million, while soft red winter wheat production was trimmed 1 million bushel to 300 million.

Matthew Lucas