TFM Morning Update 01-07-2026

CORN

Corn futures are trading slightly higher this morning with March futures now testing the 200-day moving average. March is up 1-1/4 cents to $4.45-1/4 while December is up 1 cent to $4.75-3/4.
Next week on Monday, the USDA will release it’s January WASDE report. Some traders are looking for yield to be reduced in corn which would be bullish. export demand should remain unchanged.
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.

Soybean futures are sharply higher following yesterday’s reversal that saw prices start up but finish lower. March soybeans are up 10-3/4 cents to $10.67, while November is up 7-1/2 cents to $10.75-1/4. March soybean meal is up $2.00 to $301.50 and March soybean oil is up 0.56 cents to 49.96 cents.
Yesterday, private exporters reported a sale of 136,000 metric tons of soybeans for delivery to China during the 25/26 marketing year.
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.

All three wheat classes are higher to start the day with March Chicago wheat up 4-3/4 cents to $5.15-1/4, KC wheat up 5-1/2 cents to $5.27, and Minn wheat up 1 cent to $5.68-1/4.
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.

Amanda Brill