TFM Morning Update 07-13-2026

CORN

Corn futures are trading higher this morning on momentum from Friday’s friendly WASDE report, but heat and dry weather are supportive as well. September corn is up 5-1/4 cents to $4.44-3/4 while December is up 6 cents to $4.67. Corn gapped higher overnight.
Friday’s report saw ending stocks for both 25/26 and 26/27 crops being lowered. It is likely that old crop stocks were initially overstated and are being corrected. For new crop, it is possible that the 183 bpa estimate may be difficult to achieve if weather remains hot and dry.
Friday’s CFTC report saw funds as buyers of corn as of July 7. They bought 58,868 contracts which flipped them from a net short position to a net long position of 12,659 contracts.

Soybean futures are trading higher to start the week and took out their recent high overnight as the Strait of Hormuz remains closed and new crop ending stocks are tight. August soybeans are up 7-3/4 cents to $11.99-1/2 while November is up 6-3/4 cents to $11.97-1/2. August soybean meal is up $0.40 to $320.80 and bean oil is up 1.24 cents to 71.70 cents as it follows crude oil.
Friday’s USDA report showed new crop ending stocks of just 310 mb which will not leave much wiggle room if yield expectations of 53.0 bpa are not hit. Export demand remains sluggish while domestic crush demand is high.
Friday’s CFTC report saw funds as buyers of soybeans by 37,479 contracts which increased their long position to 68,769 contracts. They sold 3,004 contracts of soybean oil and bought 17,184 contracts of bean meal.

Wheat is trading quietly compared to the rest of the grain complex with September Chicago wheat down 1-3/4 cents to $6.38-1/2, KC wheat down 1-1/2 cents to $6.74-3/4, and Minn up 3-3/4 cents to $6.56-1/4.
Over the weekend, Russia said that Ukraine attacked four vessels in the Azov Sea overnight. This comes after news on Friday that Ukraine attacked vessels in a key canal for shipping wheat which may cause the route to be closed. This was bullish for wheat prices.
Friday’s CFTC report saw funds as buyers of Chicago wheat by 6,705 contracts which reduced their net short position to 62,325 contracts. They bought 4,854 contracts of KC wheat which increased their long position to 11,764 contracts.

Amanda Brill