TFM Morning Update 10-14-2026

CORN

Corn futures have edged slightly lower as the market continues to consolidate following the October WASDE report. December corn is 1/2 cent lower at $4.82-1/4, while March corn is 1/4 cent lower at $4.96-1/4.
Mostly dry weather across the Midwest over the past week has allowed harvest activity to accelerate following earlier rain delays. Some rainfall is expected across the western Midwest later this week, although drier conditions afterward should allow fieldwork to resume quickly.
The U.S. Environmental Protection Agency proposed Tuesday that larger refiners blend more biofuels into their fuel supplies over the next two years, a move that could support demand for corn and soybean oil used in ethanol and biomass-based diesel production.

Soybean futures are trading slightly higher while remaining within their recent trading range. November soybeans are 7-1/2 cents higher at $12.91-1/4, while January soybeans are 7 cents higher at $13.07.
China imported 11.88 MMT of soybeans in September, down 7.7% from a year earlier and 2.1% from August, according to data from the General Administration of Customs of China.
The 7.7% year-over-year decline largely reflected a high comparison base, as Chinese buyers increased purchases of South American soybeans a year earlier amid heightened trade tensions between Beijing and Washington, according to analysts.

The wheat complex is trading lower across the board. Looking at December contracts, Chicago wheat is 3-1/4 cents lower at $6.66, Kansas City wheat is 4-1/2 cents lower at $7.07-3/4, and Minneapolis spring wheat is 2-1/2 cents lower at $6.91-1/2.
In yesterday’s Crop Progress report, USDA reported U.S. winter wheat planting at 51% complete, compared with the five-year average of 58%. Emergence reached 27%, trailing the five-year average of 32%.
IKAR lowered its 2026 Russian wheat production estimate by 0.5 MMT to 88.0 MMT, bringing it in line with USDA’s forecast. IKAR also cut its 2026/27 Russian wheat export forecast by 1.5 MMT to 42.0 MMT, also matching USDA’s current estimate.

Matthew Lucas