TFM Midday Update 02-06-2026

CORN

Corn futures turned lower by midday as weather concerns in Argentina eased. March corn was down at 4.34 ½.
Light rains fell this week across southern Argentina, with additional precipitation possible next week, which could help stabilize the crop.
Argentine crop production fell 1% this week, less than expected, though the Buenos Aires Grain Exchange lowered its production estimate by 1 million tons to 57 million, up from 49 million last season.
Markets met resistance this morning following a UN FAO report projecting the global grain stocks-to-use ratio at a 25-year high of 31.8%.

Soybeans continued to trade higher, drawing strength from potential additional demand from China. The entire soy complex was higher at midday, with March soybeans at 11.32 ½.
With President Trump and President Xi expected to meet in Beijing in April, China may wait to make additional purchases until just ahead of the meeting as a sign of goodwill.
Argentina is seeing light rainfall in its drier areas this week, with additional chances forecast over the next week.
Good-to-excellent crop conditions in Argentina declined 7% this week, now at 40%.

Wheat was mixed at midday as a lack of fresh news limited any early-week rally. Chicago March wheat was down at 5.35 ¼, with Kansas City March wheat higher at 5.39.
U.S. wheat is currently overpriced relative to global competition, with Argentine wheat priced even below U.S. FOB corn.
Cold risks are expected to move into central Europe in the 6–15 day outlook, raising concerns over potential winterkill.
Well-above-normal temperatures are expected to dominate the U.S. Plains over the next two weeks, raising concerns that crops could emerge from dormancy too early.

Lauren VandenLangenberg