TFM Morning Update 07-01-2026

The CME and Total Farm Marketing Offices will be closed Friday, July 3, in Observance of Independence Day

CORN

Corn futures are trading modestly higher this morning as the market continues to digest Tuesday’s USDA report data. September corn is up 1-3/4 cents at $4.18-1/2, while December corn is 2-1/4 cents higher at $4.38-1/4.
The USDA estimated 2026 corn planted acreage at 95.343 million acres in Tuesday’s report. That was just 5,000 acres above the March Prospective Plantings estimate but exceeded the average pre-report trade estimate of 95.1 million acres.
With USDA’s Grain Stocks and Planted Acreage reports now behind the market, traders will shift their focus back to weather forecasts. July is the critical month for corn yield development, and current forecast models continue to point toward generally favorable growing conditions.

Soybean futures are mixed this morning as the market shifts its focus from Tuesday’s USDA reports to weather forecasts and export demand. August soybeans are unchanged at $11.24-1/4, while November soybeans are up 1/2 cent at $11.44-1/4.
In Tuesday’s report, USDA estimated June 1 soybean stocks at 1.061 billion bushels, above market expectations, while pegging planted acreage at 85.365 million acres, largely in line with trade estimates. Together, the figures reinforced expectations for ample soybean supplies.
Traders are likely to remain focused on Chinese demand, watching for signs of additional soybean purchases following the May summit between Presidents Donald Trump and Xi Jinping.

The wheat complex is trading modestly higher across the board this morning as the market balances updated USDA acreage data against expectations for ample global supplies. Looking at the September contracts, Chicago wheat is up 2-1/2 cents at $5.91-3/4, Kansas City wheat is 4 cents higher at $6.29-1/4, and Minneapolis spring wheat is up 4-3/4 cents at $6.11-1/4.
USDA estimated June 1 wheat stocks at 920 million bushels, below trade expectations. The agency also pegged U.S. all-wheat planted acreage at 42.740 million acres, undershooting pre-report estimates. Together, the reports reinforced expectations for tighter wheat supplies.
However, gains remained limited as the U.S. wheat harvest continued at a solid pace, while expectations for another large Black Sea crop reinforced the outlook for ample global wheat supplies.

Matthew Lucas