TFM Morning Update 06-23-2026

CORN

Corn futures are trading higher to start the day, but prices remain in a downward trend. July corn is up 1-3/4 cents to $4.13-1/4 while December is up 1-3/4 cents to $4.41-1/4. First notice day for July futures is June 30th.
Yesterday’s Crop Progress report held corn ratings unchanged at 68% good to excellent which compares to 70% a year ago. 97% of the crop is emerged and 5% is silking. This is on par with the 5-year average.
The weekly export inspections report saw corn within trade estimates at 1,454k tons which compared to 1,650k last week and 1,504k tons a year ago. Top buyers were Mexico, Japan, and Korean Republic.

Soybean futures are trading higher this morning and November been trading either side of the 100-day moving average for the past week. July soybeans are up 3-1/4 cents to $11.19 while November is up 4-1/2 cents to $11.46. July soybean meal is up $2.50 to $302.30 and July soybean oil is down 0.34 cents to 70.81 cents.
Crop ratings for soybeans were also unchanged from last week at 66% good to excellent, and this is exactly on par with ratings from a year ago at this time. 93% of the crop is emerged and 9% is blooming, both slightly ahead of the 5-year average.
Export inspections were well below analyst estimates yesterday at 241k tons for soybeans which compared to 533k tons the previous week and 202k tons a year ago at this time. Top destinations were to Mexico, China, and Indonesia.

Wheat is mixed to start the day with July Chicago wheat up 1/2 cent to $5.98, KC wheat down 2-1/2 cents to $6.31, and Minn wheat down 1-1/2 cents to $6.11-1/4. If a peace agreement with Iran is successful, wheat prices could fall further as they likely still hold some war premium.
Winter wheat crop conditions are abysmal at 26% good to excellent, down another point from last week. 40% of the winter wheat is harvested which is up from 25% last week. Spring wheat conditions are better at 54% good to excellent, down 1 point from last week. 16% of the spring wheat crop is headed.
Yesterday’s export inspections saw wheat inspections at 393k tons which compared to 358k a week ago and 255k tons a year ago at this time. Top destinations were to the Philippines, Japan, and Korean Republic.

Amanda Brill