TFM Midday Update 2-11-2026

CORN

Corn turned lower during midday trade, as rallies continue to face pressure from weaker demand and improving moisture conditions in Brazil. March corn is down at 4.26 ½.
USDA confirmed the sale of 230,560 metric tons of U.S. corn for delivery to unknown destinations during the 2025/26 marketing year.
CONAB is set to release its latest Brazilian production estimate tomorrow morning, with expectations at 140.1 million metric tons, up from 138.9 million last month.
Ukraine’s Grain Union reports that the remaining 7% of the corn harvest is expected to be completed in March following significant delays over the past several months. However, crop quality is anticipated to decline due to the extended harvest window.
Ethanol production rebounded to 326 million gallons in the week ended Friday February 6, up from 281 million the previous week.

Soybeans continue to trade lower at midday, pressured by the ongoing Brazilian harvest, which is nearing 20% complete. The broader soy complex is also under pressure, with March soybeans down at 11.15.
CONAB will release its monthly update tomorrow morning, with Brazilian soybean production expected at 179.5 million metric tons, up from 176.1 million last month but slightly below USDA’s estimate of 180 million metric tons released yesterday.
Reports indicate soybean quality in northern Mato Grosso has been poor, as heavy rainfall during harvest has negatively impacted the crop.
Total soybean exports from Brazil to China account for 64% of Brazil’s total shipments so far this season, down from 77% at the same time last year.

Wheat is trading mixed at midday as the market continues to react to USDA’s latest Supply and Demand report. March Chicago wheat is higher at 5.31, while March Kansas City wheat is up at 5.32½.
Temperatures across the United States are expected to warm over the next 10 days, which could prompt wheat crops to begin emerging from dormancy. In the Southern Plains, widespread rainfall is forecast from Texas through the Panhandle, extending into Oklahoma and southeast Kansas. These conditions may provide beneficial moisture as the crop transitions into active growth.
Ukraine’s wheat exports in February have reached just 27,000 metric tons so far, as ongoing logistics challenges and power blackouts at ports continue to restrict export volumes.

Lauren VandenLangenberg