TFM Morning Update 02-17-2026

CORN

Corn futures are trading lower to start the week but have come off their overnight lows slightly. Lower wheat is likely dragging corn down. March corn is down 2-1/2 cents at $4.29-1/4 while December is down 3 cents to $4.61-1/2.
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.
Friday’s CFTC report saw funds as buyers of corn as of February 10. They bought 20,576 contracts which decreased their net short position to 48,210 contracts.

Soybean futures are trading slightly lower this morning after last week’s higher trade. Technicals may be indicating a sell signal. March soybeans are down 3/4 cent to $11.32-1/4 while November is down 1/2 cent to $11.13. March soybean meal is down $2.80 to $306.40 and bean oil is up 0.39 cents to 57.46 cents.
US NOPA crush for January is estimated at 218.52 million bushels which would be the largest ever January crush and third largest for any month. It may have been even higher had it not been for winter weather disruptions.
Friday’s CFTC report saw funds as buyers of soybeans by 94,316 contracts which increased their net long position to 123,148 contracts. They bought 23,252 contracts of bean oil holding a long position and bought 7,412 contracts of meal holding a net short position.

All three wheat classes are trading lower this morning likely due to a rally in the US Dollar. March Chicago wheat is down 9-3/4 cents to $5.39-1/4, KC is down 5-3/4 to $5.36-3/4, and Minn is down 1-1/2 cents to $5.70-1/4.
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.
Friday’s CFTC report saw funds as sellers of Chicago wheat by 3,900 contracts leaving them with a net short position of 85,655 contracts. They sold 10,652 contracts of KC wheat leaving them short 19,496 contracts.

Amanda Brill