TFM Morning Update 08-07-2026

CORN

Corn futures are trading higher this morning as funds may be taking profits on shorts before the weekend. September corn is up 3 cents to $4.42 while December is up 2-1/2 cents to $4.64-1/2. Prices may also have found support at the 50-day moving average.
The Buenos Aires Grain Exchange released its estimates for 25/26 corn production and kept it unchanged at 64.0 mmt. 73.7% of the crop is now harvested, but excess rains have delayed the harvest with some corn waterlogged.
Yesterday’s export sales report was a marketing year low for corn with an increase of 4.6 mb for 25/26 and an increase of 40.4 mb for 26/27. Top buyers were the South Korea, unknown destinations, and Mexico.

Soybean futures are trading higher as we head into the weekend as China has been an extremely active buyer this week. September soybeans are up 2-1/2 cents to $11.62-1/2 while November is up 2-1/2 cents to $11.80. September soybean meal is down $0.40 to $311.20 and soybean oil is down 0.02 cents to 67.72 cents.
Another 122,000 metric tons of soybeans have reportedly been sold to China for the 26/27 marketing year, and China has reportedly bought another 10 cargoes of US soybeans. China has purchased around 25% of its committed 25 mmt.
Yesterday’s export sales report was marketing year low for soybeans with an increase of 1.2 mb for 25/26 and an increase of 33.2 mb for 26/27. Top buyers were China, unknown, and Indonesia.

Wheat is trading higher this morning along with the rest of the grain complex. September Chicago wheat is up 3-1/4 cents to $6.34-1/2, KC is up 3-3/4 cents to $7.03-1/2, and Minn wheat is up 1 cent to $6.72.
Ukrainian wheat exports could potentially drop to 8.3 mmt as a result of the war with Russia and strikes on the Black Sea ports. This would be down from an earlier estimated 17.6 mmt in exports, and overall ag exports could fall to 29.6 mmt from 64.4 mmt. Russia’s exports have been impacted as well.
Yesterday’s export sales report saw wheat exports increase by 10.9 million bushels for 26/27 and no sales reported for 27/28. Top buyers were the Philippines, Mexico, and Vietnam.

Amanda Brill