TFM Morning Update 09-28-2026

CORN

Corn futures are trading lower to start the day and have broken technically to the downside of their recent range. December corn is down 7-1/4 cents to $5.21 while March is down 7-3/4 cents to $5.34-1/4.
Friday’s CFTC report saw funds as sellers of corn as of September 22. They sold 12,405 contracts which reduced their net long position which was at a record high to 414,437 contracts.
Wet conditions and rainfall across parts of the Midwest have limited harvest activity, providing some support to corn futures. Cooler-than-average temperatures and above-normal rainfall are expected across portions of the Corn Belt over the next two weeks.

Soybean futures are trading sharply lower as traders are unhappy with the results of the meeting with Presidents Trump and Xi. November soybeans are down 23-1/4 cents to $12.95-1/2 while March is down 21-3/4 cents to $13.17-3/4. December soybean meal is down $8.90 to $362.10 and December soybean oil is down 0.09 cents to 67.75 cents.
After Friday’s meeting between President Trump and China’s Xi, few details were revealed, but over the weekend it was announced that they agreed to a 30 billion dollar reciprocal tariff reduction and would begin discussions on AI. This was disappointing because soybeans were not discussed.
Friday’s CFTC report saw funds as buyers of soybeans by 20,331 contracts leaving them long 265,041 contracts. They sold 14,272 contracts of bean oil leaving them long 96,622 contracts, and bought 6,822 contracts of meal increasing their net long position to 192,368 contracts.

All three wheat classes are trading lower this morning , but Chicago wheat has not yet broken its long term uptrend line. December Chicago wheat is down 8 cents to $6.95-1/4, KC is down 12-1/2 cents to $7.49-1/2, and Minn is down 7-1/2 cents to $7.06.
Traders remain focused on renewed diplomatic efforts to end the war in Ukraine and restore the Black Sea grain export corridor, with Turkey saying it is stepping up efforts toward an agreement. So far, disruptions to Russian and Ukrainian exports have not translated into increased export business for the U.S.
Friday’s CFTC report saw funds as net sellers of both wheat classes. They sold 8,438 contracts of Chicago wheat increasing their net short position to 13,144 contracts and sold 4,015 contracts of KC wheat leaving them long 41,743 contracts.

Amanda Brill