TFM Morning Update 07-31-2026

CORN

Corn futures are trading modestly lower Friday morning. September corn is down 1-1/2 cents at $4.44-1/4, while December corn is also 1-1/2 cents lower at $4.67.
In Thursday morning’s weekly Export Sales report, the USDA reported 362,900 metric tons, or 14.3 million bushels, of old-crop corn sales for the week ending July 23. Exporters also booked 1.062 million metric tons, or 41.8 million bushels, of new-crop corn sales.
Weather models continue to forecast a cooler and wetter pattern into mid-August, providing favorable conditions for crop development and kernel fill as much of the U.S. corn crop has moved beyond the critical pollination stage.

Soybean futures are trading modestly lower Friday morning as the market continues to search for support following this week’s weakness. September soybeans are down 1-1/4 cents at $11.71, while November soybeans are 1 cent lower at $11.87-3/4.
Thursday’s weekly Export Sales report was supportive for soybeans, with China listed as the top buyer. The USDA reported 11.1 million bushels of 2025-26 soybean sales and 49.0 million bushels of 2026-27 sales, with both totals coming in above the previous week and the four-week average.
The U.S. military launched fresh strikes on Iranian targets in response to Tehran’s attacks on U.S. assets across the region, reducing hopes for a near-term diplomatic breakthrough. Despite the renewed tensions, tanker traffic through the Strait of Hormuz has picked up following a recent slowdown, allowing millions of barrels of crude oil to continue moving through the key shipping lane.

The wheat complex is trading lower across the board Friday morning as the market continues to search for stability following recent volatility. Looking at the September contracts, Chicago wheat is down 6-3/4 cents at $6.56-3/4, Kansas City wheat is 7 cents lower at $7.23-3/4, and Minneapolis spring wheat is down 3-3/4 cents at $7.07-3/4.
The USDA reported 10.5 million bushels of wheat export sales for the 2026-27 marketing year. Weekly export shipments totaled 11.7 million bushels, below the 14.4 million bushels per week needed to reach the USDA’s 775 million bushel export forecast.
According to the USDA, 42% of U.S. spring wheat acres were experiencing drought conditions as of July 28, up 17 percentage points from the previous week. Meanwhile, 48% of winter wheat acres were affected by drought, an increase of 1 percentage point over the same period.

Matthew Lucas