TFM Morning Update 09-03-2026

The CME and Total Farm Marketing Offices will be closed Monday, September 7, in Observance of Labor Day

CORN

Corn futures are trading sharply lower this morning as they follow the wheat market lower. December corn is down 13-1/4 cents to $5.30-1/4 while March is down 13-1/4 cents to $5.45. There have been 594 deliveries against September corn.
A farmer survey conducted by Allendale has estimated the US 2026 corn yield at 178.7 bushels per acre which would lead to total production of 15.833 bb. This estimate falls in between the lower Pro Farmer number and higher USDA guess.
Estimates for today’s export sales report see corn sales between 800k and 1,600k tons with an average guess of 1,117k. This would compare to 1,098k tons a week ago and 1,836k a year ago.

Soybean futures are trading lower along with corn and wheat as technical selling kicks in. November soybeans are down 12-1/4 cents to $12.92 while March is down 12 cents to $13.18-1/2. October soybean meal is down $2.90 to $340.00 and soybean oil is down 1.14 cents to 69.51 despite higher crude oil.
Allendale has estimated the US 2026 soybean yield at 52.6 bpa with production at 4.515 bb. This estimate is below both the USDA’s and Pro Farmer’s guesses. The USDA may lower yield in this month’s WASDE report.
Estimates for today’s export sales report see soybean sales between 1,200 and 2,200k tons with an average guess of 1,517k tons. This would compare to 2,552k a week ago and 795k tons a year ago at this time.

All three wheat classes are trading sharply lower on news that Putin is reportedly considering a chance at peace with Ukraine after the NATO chief warned that Russia is becoming “increasingly reckless”. December Chicago wheat is down 30-3/4 cents to $7.43-1/4, KC is down 26-1/4 cents to $8.07-3/4, and Minn is down 23-3/4 cents to $7.58-1/4.
Asian buyers have reportedly turned to Australian and Argentinian wheat as disruptions in the Black Sea due to the war delay shipments and drive global prices higher. Indonesia, the world’s second largest wheat importer, is paying for sharply more for alternatives.
Estimates for today’s export sales report see wheat sales in a range between 250 and 650k tons with an average guess of 500k. This would compare to 403k tons a week ago and 318k a year ago at this time.

Amanda Brill