TFM Midday Update 1-28-2026

CORN

Corn is trading modestly higher into midday trade as markets react to recent currency moves, with the U.S. dollar nearing four-year lows this week. March corn is up at 4.30 ¾.
Corn may continue to be the primary beneficiary of a weaker dollar, as U.S. corn exports are already highly competitive and stand to become even more so.
CONAB pegged Brazil’s safrinha planting at 6% complete, with Mato Grosso at 12%. In Argentina, crop conditions remain a market-friendly factor as heat and dryness persist across south-central and southern regions, with reports of crop damage emerging.
Ethanol production slipped to 327.5 million gallons for the week ended Friday, January 23, down from 329 million gallons the previous week. Production was below expectations due to last week’s frigid outbreak across the U.S. Midwest.

Soybeans are higher into midday trade, finding support from U.S. dollar weakness and deteriorating crop conditions in Argentina. The entire soy complex is posting gains, with March soybeans up at 10.76 ¼.
New contract highs in Brazilian currency, combined with the U.S. dollar near a four-year low, are boosting U.S. competitiveness this week. The lack of supportive currency commentary from the White House may indicate tolerance for a weaker dollar to help support U.S. exports.
Deral reports Paraná’s soybean harvest is 5% complete, compared with 19% at this time last year.
Argentina’s south-central and southern regions have seen temperatures as high as 104°F in recent days, with dryness continuing and only spotty showers expected over the next week. Deteriorating conditions remain a concern for the current crop.

Wheat is trading higher at midday alongside corn and soybeans, supported by a weaker U.S. dollar. Chicago March wheat is up at 5.39, while Kansas City March is up at 5.44 ¾.
Russia’s wheat exports remain at zero, but heavy global competition — especially from Argentina — means Russian exports are likely to stay low in the near term.
Cold temperatures will linger in the southern U.S. Plains through the weekend, but the colder air will shift into the eastern belt next week, allowing the Plains to warm up.

Lauren VandenLangenberg