TFM Morning Update 11-06-2026

CORN

Corn futures are trading slightly higher this morning. December corn is 1/2 cent higher at $4.40-1/2, while March corn is also 1/2 cent higher at $4.55.
The USDA released its Weekly Export Sales Report on Thursday morning. For the week ending October 29, U.S. corn export sales totaled 1.290 MMT, or 51 mb, within the range of analyst expectations. Total corn sales remain soft, trailing last year by nearly 500 mb, or 34%.
The USDA will release its November WASDE report on Tuesday, November 10. Traders will be watching for any adjustments to U.S. corn yield and production estimates, as well as any changes that could tighten the broader corn supply outlook.

Soybean futures are trading mixed to slightly lower this morning. January soybeans are unchanged at $11.88-1/4, while March soybeans are 1/4 cent lower at $11.96.
Thursday’s Export Sales report was strong for soybeans, with sales totaling 54 mb, in line with expectations. China was the largest buyer at 894,000 MT, bringing its total U.S. soybean commitments to 15.95 MMT.
StoneX raised its 2026 U.S. soybean yield estimate to 55.0 bpa from 54.1 bpa in October, while increasing its production estimate to 4.725 bb from 4.648 bb. USDA will release updated estimates on Tuesday, November 10, with most analysts expecting any yield adjustment to be higher.

The wheat complex is trading lower across the board this morning. Looking at December contracts, Chicago wheat is 8-1/4 cents lower at $5.91, Kansas City wheat is 9 cents lower at $6.26-3/4, and Minneapolis spring wheat is 5 cents lower at $6.15.
The USDA reported wheat export sales of 19.8 mb for the 2026/27 marketing year. Shipments totaled just 5.5 mb last week, well below the roughly 15.2 mb weekly pace needed to reach USDA’s 750 mb export target. Total wheat export commitments now stand at 443 mb, down 28% from last year.
China said Thursday it remains open to increasing purchases of U.S. agricultural products, but only if both sides implement proposed reciprocal tariff reductions. The two countries outlined roughly $60 billion in tariff cuts following their September summit, including about $17 billion in U.S. agricultural goods, though the agreement has not yet been finalized.

Matthew Lucas