TFM Morning Update 02-06-2026

CORN

Corn futures are mixed to start the day with slight losses in the front months but gains in the back months. Corn has moved higher consistently since the last WASDE report. March is down 3/4 cent to $4.34-1/2 while December is up 1/4 cent to $4.61-1/4.
Estimates for this Tuesday’s WASDE report see corn ending stocks 2.215 billion bushels which would be slightly below the USDA’s previous January estimate. World ending stocks are seen rising slightly, Argentinian production is expected to slip lower, while Brazil is expected to be increased.
The Buenos Aires Grain Exchange released its weekly crop progress report which showed that 99% of the corn crop is now planted over 7.8 million hectares, and production is estimated 1 mmt lower to 57.0 mmt.

Soybeans are trading higher again and are on track for their fourth consecutively higher close with continued optimism for increased Chinese demand, although there have been no new purchases. March soybeans are up 2-1/2 cents to $11.14-3/4, November is unchanged at $10.98-3/4. March soybean meal is up $2.50 to $305.80, and bean oil is down 0.13 cents to 55.52 cents.
Estimates for Tuesday’s WASDE report see soybean ending stocks falling slightly to 348 million bushels for 25/26. World ending stocks are expected to increase by 1.0 mmt, and Argentinian production expected to fall while Brazilian increases to 179.2 mmt.
Brazilian soy exports for the month of February are seen reaching 11.42 mmt which would compare to 9.73 mmt at this time last year. Soymeal exports are seen at 1.63 mmt which would compare to 9.73 mmt last year.

Wheat is trading higher to start the day and has finally seen some upward momentum. Commodities may have some money inflow as hedge funds and banks move out of silver and crypto. March Chicago wheat is up 2-1/2 cents to $5.37-3/4 while KC wheat is up 2 cents to $5.40-1/2.
Estimates for the WASDE report see wheat ending stocks slightly lower at 918 mb for 25/26. World ending stocks are seen slightly higher, but there may not be large changes by the USDA in this report.
Wheat export sales yesterday were mild and within the range of trade estimates at 374 mmt. Top buyers were the Philippines, Taiwan, and Mexico.

Amanda Brill