TFM Morning Update 08-04-2026

CORN

Corn futures are trading lower this morning despite worsening crop conditions as weather has been beneficial in the past few days. September corn is down 2-1/2 cents to $4.46-3/4 while December is down 3 cents to $4.69-1/2.
Yesterday’s Crop Progress report saw corn ratings fall by 2 points good to excellent to 61%, and the poor to very poor rating increased to 14% which is up 5% in the past 2 weeks and double that of last year. 90% of the crop is silking, 43% is in dough stage, and 6% is dented.
Yesterday’s export inspections were good for corn with a total of 74.2 million bushels for the week ending July 30. This put total inspections for 25/26 at 3.042 bb which is up 25% from last year.

Soybean futures are trading lower to start the day as weather improves. September soybeans are down 9-1/4 cents to $11.64-1/2 while November is down 10 cents to $11.82-1/4. September soybean oil is down $2.00 to $313.40 while soybean oil is down 0.55 cents to 68.24 cents following a drop in crude oil.
The Crop Progress report saw soybean ratings unchanged at 63% good to excellent which compares to 69% last year at this time. 88% of the crop is blooming and 62% are setting pods.
The USDA released US soybean crushings for the month of June which saw 217.8 million bushels crushed which was up 10.6% from the same period last year. This was up from 213.1 mb in May.

All three wheat classes are trading lower following sharp gains yesterday. September Chicago wheat is down 10-1/4 cents to $6.40-3/4, KC is down 8-3/4 cents to $7.08-1/2, and Minn wheat is down 3-1/4 cents to $6.91-3/4.
The Crop Progress report saw spring wheat ratings improve by 2 points good to excellent to 55% while the harvest is now at 5% complete. The winter wheat harvest is 86% complete which compared to 81% last week. 98% of the spring wheat crop is headed.
Wheat export inspections were on the lower side yesterday at 344k tons which compared to 366k a week ago and 628k tons a year ago at this time. Top destinations were to Korean Rep, Thailand, and the Philippines.

Amanda Brill