TFM Morning Update 02-02-2026

CORN

Corn futures are trading lower to start the week following Friday’s losses as gains in the dollar index make commodities more expensive to importers which may pressure demand. March corn is down 2 cents to $4.26-1/4 while December is down 3/4 cent to $4.55-1/4.
Friday’s CFTC report saw funds as buyers of corn as of January 27. They bought 9,274 contracts which decreased their net short position to 72,050 contracts.
Despite the recent rally in corn futures, the National Corn Index has moved lower over the past several sessions. The index, which reflects changes in cash prices and basis levels, has been pressured by ample supplies and continued producer selling, limiting upside in the cash market.

Soybean futures are lower this morning with pressure from soybean oil and seem to have reversed after failing at the 100-day moving average last week. March soybeans are down 4-1/2 cents to $10.59-3/4 while November is down 4-1/4 cents to $10.75-1/2. March soybean meal is up $0.70 to $294.30 and bean oil is down 0.36 cents to 53.15 cents.
Surveys ahead of the USDA report see soybean crush for December at 230.5 million bushels which would be a 5.% increase from a year ago. We already know crush was strong with data from the last NOPA crush report.
Friday’s CFTC report saw funds as buyers of soybeans by 7,261 contracts which increased their long position to 17,321 contracts. They bought 38,604 contracts of bean oil and bought 6,401 contracts of meal.

All three wheat classes are trading lower along with the rest of the grain complex this morning. March Chicago wheat is down 4-1/2 cents to $5.33-1/2, KC wheat is down 5-1/4 cents to $5.39-1/2, and Minn wheat is down 2-3/4 cents to $5.75-1/2.
In India, February is expected to be hotter and drier which will threaten the countries winter crops which includes wheat. The countries main wheat growing region is expected to receive only 78% of its average rainfall. US wheat yields are also threatened by the cold weather.
Friday’s CFTC report saw funds as buyers of Chicago wheat by 15,957 contracts which decreased their net short position to 94,743 contracts. They bought 2,689 contracts of KC wheat leaving them short 10,329 contracts.

Amanda Brill