TFM Morning Update 07-29-2026

CORN

Corn futures are trading lower Wednesday morning, with September corn down 3-3/4 cents to $4.54-3/4 and December corn off 4 cents at $4.76-1/2.
Monday’s Crop Progress report showed 78% of the U.S. corn crop had reached the silking stage as of July 26, 4 percentage points ahead of the five-year average, while 25% of the crop had reached the dough stage. Meanwhile, good-to-excellent ratings fell 4 percentage points to 63%.
Brazil’s ANEC lowered its estimate for July corn exports to 3.3 million metric tons (MMT), down 0.4 MMT from last week’s forecast. Even with the reduction, exports are still projected to come in well above last July’s 2.43 MMT, highlighting the continued strength of Brazilian corn shipments.

Soybean futures are under additional pressure Wednesday morning as the market continues searching for support. August soybeans are down 14-1/2 cents at $11.97-1/2, while November soybeans are trading 14-3/4 cents lower at $12.05-1/4.
China’s state-owned grain reserve manager, Sinograin, announced it will auction 500,000 metric tons of imported soybeans on Friday, marking its largest soybean auction since January. Traders said the sale could help free up storage capacity ahead of the arrival of new U.S. soybean shipments later this year.
Brazilian oilseed group Abiove raised its 2026 soybean export forecast to a record 115.4 million metric tons, an increase of 1.1% from its June projection. Abiove also increased its outlook for domestic soybean crushing, reflecting expectations for continued strong demand from both export and processing sectors.

The wheat complex is mostly lower Wednesday morning, with Minneapolis spring wheat the lone exception posting modest gains. Looking at the September contracts, Chicago wheat is down 3 cents at $6.59, Kansas City wheat is 2-1/4 cents lower at $7.24, and Minneapolis spring wheat is up 1/2 cent at $7.03.
Concerns over Black Sea grain exports intensified after reports that three major Russian grain terminals restricted truck deliveries, citing heightened security concerns and logistical disruptions following recent attacks in the Sea of Azov.
Russia and Ukraine continued targeting vessels and port infrastructure, raising concerns over the security of one of the world’s most important grain export corridors. The renewed escalation increased fears of disruptions to global grain shipments, providing underlying support to wheat prices.

Matthew Lucas