TFM Morning Update 08-11-2026

CORN

Corn futures are trading slightly higher this morning as traders position ahead of Wednesday’s WASDE report. September corn is up 1-1/2 cents at $4.39-3/4, while December corn is also 1-1/2 cents higher at $4.63-1/4.
Monday’s Crop Progress report showed 94% of the U.S. corn crop silking as of August 9, with 61% in the dough stage, 6 percentage points ahead of the five-year average. The crop was also 16% dented, while condition ratings held steady at 61% good to excellent.
Ahead of Wednesday’s August Crop Production report, a Reuters survey of analysts shows the market expects the USDA to estimate the U.S. corn yield at 182.4 bushels per acre, with estimates ranging from 180.5 to 184.8 bushels per acre.

Soybean futures are trading slightly higher this morning as the market finds support from the decline in crop condition ratings. September soybeans are up 1-1/4 cents at $11.63, while November soybeans are unchanged at $11.79-1/2.
Monday’s Crop Progress report showed 93% of the U.S. soybean crop blooming as of August 9, with 74% setting pods, 5 percentage points ahead of the five-year average. Soybean condition ratings declined 1 percentage point to 62% good to excellent.
A Reuters survey of traders shows the market expects the USDA to estimate the U.S. soybean yield at 52.9 bushels per acre in Wednesday’s report. Harvested acreage is expected at 84.564 million acres, up 163,000 acres from the June estimate, with total soybean production projected at 4.472 billion bushels.

The wheat complex is trading higher across the board this morning. Looking at the September contracts, Chicago wheat is up 4-3/4 cents at $6.45-1/4, Kansas City wheat is 6-1/2 cents higher at $7.20, and Minneapolis spring wheat is up 2-1/2 cents at $6.72-1/2.
Weekly wheat export inspections totaled 15.5 million bushels, bringing cumulative 2026-27 inspections to 122 million bushels, down 25% from last year and currently running behind the pace needed to meet the USDA’s forecast.
A Reuters poll shows analysts expect U.S. all-wheat production to decline by 11 million bushels to 1.525 billion bushels in Wednesday’s WASDE report. U.S. wheat ending stocks are also expected to decline by 7 million bushels to 715 million bushels.

Matthew Lucas