CORN HIGHLIGHTS:

• The corn market struggled from the start on Friday, and prices finished with moderate losses as the heavy supply picture pressured the market. March corn lost 4 ¾ cents to 430 ¼, and May lost 4 ½ cents to 438 ¾. For the week, March corn futures finished with a gain of 2 cents.
• Corn remains rangebound, with large supplies capping rallies while steady demand continues to provide underlying support. Since the January 12 USDA report, March corn has traded between 435 on the upside and 420 on the downside.
• The USDA will release its next WASDE report on Tuesday, February 10. Expectations are for minimal changes, as the USDA may defer more meaningful balance-sheet adjustments until the March report. Consensus looks for a slight increase in corn carryout.
• The Buenos Aires Grain Exchange reduced its forecast for Argentina’s corn crop by 1 mmt to 57 mmt. Despite the reduction, the crop is still expected to be historically large. The current USDA estimate for Argentina corn is lower at 53 MMT.
• The Buenos Aires Grain Exchange also lowered corn crop ratings, trimming good-to-excellent conditions 2 points to 44% due to ongoing hot and dry weather. Even so, current ratings remain well above last year’s levels.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day slightly higher giving back large gains from earlier in the day, where they were up as much as 25 cents for March. The lack of Chinese purchases following President Trump’s tweet are likely causing uncertainty, and if there are not some Chinese flash sales by the end of the month, prices could retreat. Funds also hold a net long position and may lighten it up ahead of next week’s WASDE report.
• March soybeans gained 3 cents to $11.15-1/4 while November lost 4-1/2 cents. The front months have rallied more than deferred because if China does purchase an additional 8 mmt it will be before the end of the marketing year and come out of old crop stock. March soybean meal was up $0.40 to $303.60, while March soybean oil lost 0.32 cents to 55.33 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.
• For the week, March soybeans gained 51 cents while November gained just 14-1/4 cents. March soybean meal gained $10.00 while March soybean oil gained 1.82 cents.

WHEAT HIGHLIGHTS:

• Wheat halted the recent slide and closed higher across all three classes. With little fresh supportive news, the move appeared to be a technical bounce influenced by strength in soybeans. March Chicago gained 8-1/2 cents to 535-1/4, Kansas City was up 8-1/4 cents at 538-1/2, and MIAX closed 5-1/2 cents higher at 571-1/2.
• The USDA reported an increase of 13.7 mb of wheat export sales for 25/26 and 1.5 mb to 26/27. Shipments last week reached 14.8 mb, but that is below the 17.1 mb pace needed per week to reach their 900 mb export goal. Total 25/26 export commitments have reached 802 mb, which is up 18% versus last year.
• According to the USDA, as of February 3, an estimated 43% of U.S. winter wheat acres are experiencing drought conditions – this is up 2% from the previous week. During the same timeframe, spring wheat areas in drought increased 1% to 11%.
• The Indian government is reported to have removed limits on the amount of wheat that traders, wholesalers, and retailers can hold, though weekly stock declarations will remain in place. The restrictions, first implemented in May 2025 to curb hoarding and rising prices, were lifted amid signs of improving domestic supplies and easing prices.
• A vessel carrying 65,000 mt of Argentine wheat is expected to soon arrive in China and represents the first bulk commercial shipment of wheat from the South American nation to China since 1997. Both countries are hoping this could be the start of a new, expanding trade route as China attempts to diversify their suppliers.

DAIRY HIGHLIGHTS:

• Class III contracts were lower, pulled down by the Class IV market and a stagnant session for cheese and whey. April futures were down 45 cents to $17.26
• Spot cheese was slightly higher to end the week at $1.45625/lb while whey prices were unchanged at $0.73/lb.
• Class IV milk futures were weaker on the day due to some profit taking. April and May futures were down 65 cents to $18.70 and $18.60 respectively.
• Spot butter was unchanged on the day at $1.71/lb. Powder continues to climb, reaching another 3 1/2 year high today of $1.64/lb.

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Author

Amanda Brill