TFM Midday Update 01-21-2026

CORN

Corn futures have traded quietly into midday, with the March contract testing resistance near $4.27 but failing to mount a convincing breakout. At mid-session, March 2026 corn is up 1/4 cent at $4.24, while December 2026 futures are trading 1/2 cent higher at $4.51.
USDA reported two flash corn sales this morning. A total of 150,000 metric tons was sold to Colombia for delivery during the 2025/26 marketing year, along with an additional 195,000 metric tons sold to unknown destinations for the same marketing year.
Export Inspections data showed U.S. corn shipments at 1.484 million metric tons (58.4 million bushels) for the week ending January 15. That volume was down 1.35% from the prior week and 3.81% below the same week last year. Mexico was the top destination at 401,809 metric tons, followed by Colombia at 252,324 metric tons and Japan at 243,588 metric tons.

Soybeans are trading higher at midday amid reports of supportive trade rhetoric. March 2026 soybean futures are up 10-1/4 cents at $10.63-1/4, while November 2026 futures are 9 cents higher at $10.73.
Treasury Secretary Scott Bessent is reported to have met with Chinese Vice Premier He Lifeng in Davos, Switzerland, and U.S. Trade Representative Jamieson Greer floated the possibility of the two sides meeting again before a scheduled sit-down.
China recently completed its promise of purchasing 12 million metric tons of U.S. soybeans, but analysts say the world’s biggest agricultural buyer is likely to turn to South America for its future needs. Early harvesting has started in Brazil for soybeans.

Despite recent weakness in the U.S. dollar index, the wheat futures complex is mixed at midday. March 2026 Chicago wheat is down 3/4 of a cent at $5.09-1/2, while Kansas City wheat futures are lower by 2-3/4 cents at $5.20-1/4. MGEX spring wheat futures are bucking the trend, up 2 cents at $5.64.
The wheat complex continues to receive macro support from the recent decline in the U.S. Dollar Index. As the dollar weakens, U.S. export prices become more competitive on a global basis, improving relative export attractiveness.
Yesterday’s wheat export inspections totaled 393,000 metric tons, up from 318,000 tons the previous week and 262,000 tons during the same week last year. Top destinations included Mexico, Japan, and Taiwan.

Matthew Lucas