TFM Morning Update 09-09-2026

CORN

Corn futures are trading slightly higher this morning as market participants square positions ahead of Friday’s WASDE report. December corn is 1/4 cent higher at $5.33-3/4, while March corn is also 1/4 cent higher at $5.49-1/4.
Grain markets are also turning their attention to Friday’s monthly USDA supply-and-demand forecasts, as expectations for weaker yields across the U.S. Corn Belt have continued to provide underlying support for corn futures.
On Tuesday, commodity brokerage StoneX lowered its estimate for the average 2026 U.S. corn yield to 182.9 bushels per acre, down from 184.8 bushels per acre in its August 4 estimate.

Soybean futures have moved higher this morning, with the November contract once again testing resistance near $13.20. November soybeans are 3-1/4 cents higher at $13.19-1/2, while January soybeans are also 3-1/4 cents higher at $13.35-1/4.
President Xi’s upcoming meeting with President Trump is expected to be largely symbolic, with limited expectations for new trade agreements. The primary focus is expected to be maintaining existing trade agreements and keeping current trade flows intact.
China’s soybean imports totaled 74.11 MMT from January through August, up 1.1% from the same period last year. August imports reached 12.14 MMT, down 1.1% from a year earlier but up 5.7% from July, as Chinese soybean demand remained relatively strong.

The wheat complex has moved higher across the board this morning. Looking at December contracts, Chicago wheat is 7 cents higher at $7.54, Kansas City wheat is also 7 cents higher at $8.26, and Minneapolis spring wheat is 8 cents higher at $7.62.
U.S. peace envoys Jared Kushner and Steve Witkoff met with Russian President Vladimir Putin in Moscow and Ukrainian President Volodymyr Zelenskiy in Kyiv over the weekend, but the talks did not appear to produce a breakthrough toward ending the war.
According to Friday’s Commitments of Traders report, managed funds held a net long position of nearly 14,700 Chicago wheat contracts, the largest since June 2022. Meanwhile, their combined net long across the wheat complex reached nearly 86,000 contracts, the largest since May 2022.

Matthew Lucas