CORN

• Corn futures remain higher at midday, supported by lower production estimates in South America. March futures are 2-3/4 cents higher to $4.28-1/2.
• Corn used for ethanol in December totaled 488.3 mb. This was up 1.8% from last year and 5.1% higher from November.
• Export demand remains a bright spot for the U.S. corn market as export shipments are up nearly 50% year-over-year. Japan, Colombia, and Mexico were the top destinations for U.S. corn last week.

SOYBEANS

• Soybeans remain firm at midday, led by strong crush data from yesterday and higher product pricing. March soybeans are up 7-3/4 cents to $10.68-00.
• Yesterday’s NOPA crush data for December showed members crushed 229.9 mb of soybeans, which was up 5.9% from December 2024.
• According to AgRural, Brazil’s 2025/26 soybean harvest has now reached 10% as of January 29. This is up 5% from last week and 1% higher than the same week last year.

WHEAT

• Wheat prices are mixed at midday but are finding some support from declining wheat conditions in many states. March Chicago is up 2-00 cents to $5.29-3/4, March KC is down 00-1/2 cent at $5.34-3/4, and March Minneapolis is 1-1/2 cents lower to $5.70-00.
• The USDA pegged Kansas winter wheat at 61% good-to-excellent, up 1% from January. Ratings also improved in Colorado, Illinois, Kentucky, and North Dakota. Montana, Nebraska, North Carolina, Ohio, Oklahoma, South Dakota, and Texas all saw ratings decline from January.
• Weather is expected to stay dry across the Plains states for much of the next two weeks, leading to some support in wheat prices.

Author

Tanner Wilson