TFM Morning Update 07-20-2026

CORN

Corn futures are trading higher following a new forecast that shows hotter and drier weather through August. September corn is up 6-1/4 cents to $4.51 while December is up 6-3/4 cents to $4.74-1/4.
All grains were lifted higher overnight as the rest of July now looks like it will be dry, and this weather pattern could lead into August as well. Crops received good rain recently and look good overall, but extended dryness could change this.
Friday’s CFTC report showed funds as buyers of corn as of July 14. They purchased 30,729 contracts of corn which increased their net long position to 43,391 contracts. This is above average for this time of year.

Soybean futures gapped higher overnight and remain higher on the new forecast and export sales to China and Mexico. August soybeans are up 15-1/2 cents to $12.20 while November is up 15-1/2 cents to $12.18-3/4. August bean meal is up $2.40 to $322.60 and bean oil is down 0.06 cents to 74.75 cents.
Global instability in both the Strait of Hormuz and the Russian and Ukrainian conflict have cause crude oil prices to begin rising again. This move has had a direct impact on soybean oil which has helped support soybean futures along with strong crush demand.
Friday’s CFTC report saw funds as buyers of soybeans last week. They bought 4,009 contracts of soybeans increasing their long position to 72,688 contracts. They bought 23,801 contracts of bean oil leaving them long 113,029 contracts and bought 28,827 contracts of meal increasing their long position to 113,029 contracts.

The wheat complex is trading quietly and mixed to start the day. September Chicago wheat is down 3/4 cent to $6.82, KC wheat is down 1/4 cent to $7.32, and Minn wheat is up 1-1/2 cents to $6.93-1/4.
USDA’s latest Drought Monitor showed 48% of U.S. winter wheat acres in drought as of July 14, up 1 percentage point from the previous week. Drought coverage across spring wheat acres increased 5 points to 24%, which could weigh on next week’s crop-condition ratings, although that remains 12 points below last year’s level.
Friday’s CFTC report saw funds as buyers of both Chicago and KC wheat. They bought 25,527 contracts of Chi wheat decreasing their net long position to 36,798 contracts and bought 5,730 contracts of KC wheat leaving them long 17,494 contracts.

Amanda Brill