TFM Morning Update 01-06-2026

CORN

Corn futures are mixed to start the day following yesterday’s move higher. March corn is meeting some resistance at the 200-day moving average and is up 1/4 cent to $4.44-3/4 while December is down 1/4 cent to $4.63.
US corn used for ethanol in November was strong at 471.9 million bushels. This was slightly below October but was 0.03% higher than the previous year. Both domestic and export demand have been firm.
Yesterday’s export inspections were good for corn at 1,207k tons which compared to 1,335k last week and 877k a year ago. Top buyers were Japan, Mexico, and Guatemala.

Soybean futures are higher again this morning and seem to have carved a bottom. March soybeans are up 2-1/2 cents to $10.64-1/4 while November is up 3/4 cent to $10.76-1/4. March soybean meal is down $0.30 to $299.60 while soybean oil is up 0.01 cents to 49.88 cents.
US soybean crushings for the month of November were seen at 220.5 million bushels according to the USDA which was down slightly from October but was up 5% from the same period last year.
Yesterday’s export sales were good for soybeans at 981k tons which compared to 774k last week and 1,296k tons a year ago. Top buyers were China, Egypt, and Taiwan.

Wheat is mixed to start the day with March Chicago wheat down 1/4 cent to $5.12-1/2, KC wheat is up 1/2 cent to $5.21-1/4, and Minn wheat is down 1/4 cent to $5.70-3/4.
Yesterday’s export inspections report saw wheat inspections poor at 183k tons which compared to 319k last week and 413k tons a year ago. Top buyers were Mexico, the Philippines, and Japan.
The Buenos Aires Grain Exchange raised its estimate for Argentina’s 2025/26 wheat crop to 27.8 million metric tons, up 0.7 million tons from its previous forecast. The increase was attributed to continued strong yields, with the harvest now nearly 93% complete. If realized, the crop would exceed the prior production record of 22.4 million metric tons.

Keegan Madigan