TFM Morning Update 02-13-2026

The CME and Total Farm Marketing offices will be closed Monday, February 16, in observance of Presidents Day

CORN

Corn futures are modestly lower to start the session. March corn futures are down 1 cent at $4.30-1/4, while new-crop December futures are off 1-1/4 cents at $4.62-3/4.
According to AgRural, Brazil’s safrinha corn crop was 22% planted as of late last week, ahead of 20% at the same time last year and reflecting a 9-percentage-point advance on the week. Meanwhile, Brazil’s first corn crop was 15% harvested, compared to 9% at this point a year ago.
The Mato Grosso Institute of Agricultural Economics (Imea) estimates that roughly 77% of the state’s safrinha corn crop will be planted within the ideal window, below the historical average of 85%. The preferred planting window typically closes around the third week of February, with the latest practical planting date extending into March 10–15. Beyond that timeframe, producers are more likely to shift acreage to alternative crops such as grain sorghum, sunflowers, or sesame.

Soybean futures are easing lower this morning as the market consolidates following its recent sharp rally. March soybean futures are down 6 cents at $11.31-1/4, while November futures are off 3/4 cent at $11.15-1/2.
According to AgRural, Brazil’s soybean harvest was 16% complete as of late last week, slightly ahead of 15% at the same time last year and marking a 6-percentage-point advance on the week. Harvest activity is now underway across nearly all major producing states, with Mato Grosso at 39% complete, Paraná at 14%, and Goiás at 3%.
By the end of January, an estimated 20–30% of Paraguay’s soybean crop had been harvested, with yields running above historical averages. Early reports place yields in the range of 3,400 to 3,600 kg/ha (50.6 to 53.6 bu/ac), raising the possibility that Paraguay could achieve a record yield in 2025/26.

Wheat futures are modestly lower this morning following their recent surge in prices. March Chicago wheat futures are down 3-1/2 cents at $5.49, Kansas City wheat futures are off 5-1/4 cents at $5.48, and MGEX spring wheat futures are lower by 1-1/2 cents at $5.76.
Wheat futures have shown renewed strength over the past several sessions, with short-covering that began midweek still providing support. Managed money funds have been gradually reducing their sizable net short position over the past week, with activity appearing to accelerate as traders grow increasingly cautious about maintaining bearish exposure amid persistent sideways price action.
Additional support for the wheat complex continues to stem from a softer U.S. dollar. The U.S. Dollar Index has been testing a key technical support level, and a decisive break below that area could open the door to a retest of the early-2021 lows.

Matthew Lucas