TFM Morning Update 07-22-2026

CORN

Corn futures are trading higher this morning and continue to climb near the $5.00 mark. September corn is up 5-1/4 cents to $4.58 while December corn is up 6-1/4 cents to $4.81-1/4.
Estimates for the weekly EIA report for ethanol production see production higher than last week at 1.075 million barrels per day. The average estimate for stockpiles is at 24.271m bbl which would be down from 24.391m a week ago.
The US corn crop rating fell by 1 point to 67% good to excellent which was 1 point above the trade guess but compared to 74% at this time a year ago. 59% of the crop is silking and 13% is in dough stage.

Soybean futures are trading higher again today as they approach contract highs for November at $12.41 from back in 2022. August soybeans are up 7-1/4 cents to $12.26-3/4 while November is up 6 cents to $12.28-3/4. August soybean meal is up $3.00 to $329.70 while soybean oil is down 0.03 cents to 74.31 cents.
Since July 4 when China began purchasing new crop US soybeans in earnest, prices have rallied by 75 cents. Concerns over hot and dry weather and strong domestic crush demand have been supportive as well.
The Crop Progress report saw soybean ratings improve one point from last week to 66% good to excellent which was 2 points above the average trade guess. This compares to 68% a year ago but is above the 5-year average. 66% of the crop is blooming and 32% is setting pods.

All three wheat classes are trading sharply higher this morning with the crop tour in North Dakota showing falling yields. September Chicago wheat is up 17-3/4 cents to $6.95-3/4, KC is up 15 cents to $7.48, and Minn is up 9-1/4 cents to $7.13-1/2.
In North Dakota, the crop tour has found spring wheat yields estimated at just 46 bpa from data collected from 86 fields on Tuesday. This compares to 50 bpa a year ago, and comes after hot weather damages the crop.
The Crop Progress report saw spring wheat ratings fall by 5 points from last week to 53% good to excellent which compares to 52% a year ago. 86% of spring wheat is headed. The winter wheat harvest is 74% complete which compares to the 5-year average of 71% at this time of year.

Amanda Brill