TFM Morning Update 08-27-2026

CORN

Corn futures are trading lower this morning as the market faces profit-taking following the recent rally into overbought territory. September corn is trading 4-1/4 cents lower at $5.09-3/4, while December corn is 4 cents lower at $5.32-1/2.
Ahead of this morning’s USDA Export Sales report, analysts expect 2025/26 corn sales to range from net cancellations of 200,000 MT to net sales of 400,000 MT for the week ending August 20. New-crop sales are expected between 600,000 MT and 1.6 MMT. The report is scheduled for release at 8:30 a.m. ET.
Wednesday’s EIA report showed U.S. ethanol production increased by 23,000 barrels per day to 1.112 million barrels per day. Ethanol stocks posted a modest build of 85,000 barrels to 25.2 million, while refiner and blender inputs slipped slightly to 923,000 barrels per day. Ethanol exports increased by 33,000 barrels per day to 162,000 barrels per day.

Soybean futures are trading lower this morning as the market faces profit-taking following the recent advance. September soybeans are trading 8-1/2 cents lower at $12.45-3/4, while November soybeans are 8 cents lower at $12.58.
U.S. new-crop soybean export demand remains strong, with 2026/27 sales reaching 1.723 MMT in the latest reporting week. China accounted for 1.131 MMT, or nearly two-thirds of total sales. Meanwhile, China’s Sinograin sold nearly 223,000 MT of imported soybeans at a recent auction, providing another indication of firm domestic demand.
Yesterday, the USDA reported a private sale of 333,000 metric tons of new-crop U.S. soybeans to China, adding to the recent wave of Chinese buying and providing further support to the soybean demand outlook.

The wheat complex is trading mixed this morning following yesterday’s rally. Looking at September contracts, Chicago wheat is trading 1-3/4 cents lower at $7.28-3/4, Kansas City wheat is 2-1/2 cents lower at $7.89-1/2, while Minneapolis spring wheat is 3/4 cent higher at $7.22-1/4.
Russian and Ukrainian wheat exports have slowed sharply following a series of attacks on grain vessels and export infrastructure, providing support to global wheat prices. The disruption remains significant for the market, as Russia and Ukraine together account for nearly 30% of global wheat exports.
Both Russia and Ukraine are seeking alternative export routes for wheat, but available options are unlikely to fully replace the port capacity lost at Odesa and Novorossiysk, keeping concerns over Black Sea grain supplies elevated.

Matthew Lucas