TFM Morning Update 07-09-2026

CORN

Corn futures are trading lower this morning as the Midwest is forecast to receive sufficient rains ahead of a potentially 1 week long dry spell. September corn is down 4-1/4 cents to $4.30-3/4 while December is down 5-1/4 cents to $4.51.
Estimates for today’s export sales report see corn sales in a range between 600 and 2,000k with an average guess of 1,288k tons. This would compare to 1,500k a week ago and 2,151k tons a year ago at this time.
According the to the Department of Energy weekly petroleum report, US ethanol stocks fell by 3.1% to 23.928m bbl which was below the trade guess of 24.64m bbl. Plant production of 1.093m b/d was below the trade guess of 1.103m.

Soybean futures are trading lower to start the day despite higher crude oil prices. August soybeans are down 5 cents to $11.88-1/4 while November is down 3-3/4 cents to $11.88-1/2. August soybean meal is down $1.00 to $311.30 and bean oil is up 0.29 cents to 71.14 cents.
Estimates for today’s export sales report see soybean sales between 300 and 800k with the average guess at 563k tons. This would compare to 224k last week and 751k a year ago at this time.
For tomorrow’s WASDE report, soybean ending stocks for 26/27 are seen 22 mb higher at 332 mb, yield is expected to be 0.5 bpa higher at 53.0 bpa, and both Argentinian and Brazilian production are expected to be slightly higher.

Wheat is mixed to start the day as poor crop conditions and falling world stocks outweigh good weather in the US. September Chicago wheat is down 1-1/2 cents to $6.06-1/4, KC is down 2 cents to $6.43-1/4, and Minn is up 1-1/2 cents to $6.32-1/4.
Estimates for the export sales report see wheat sales between 300 and 600k with an average guess of 392k tons. This would compare to 300k last week and 577k tons a year ago at this time.
Tomorrow’s WASDE report expects 26/27 wheat ending stocks to fall by 26 mb to 718 mb. The US all wheat production number is expected to be lower, and world ending stocks are forecast to be lower for wheat as well by 2.3 mmt.

Amanda Brill