CORN HIGHLIGHTS:

• Corn held on to its early-day strength, which slightly faded as the session progressed, but ultimately ended with gains, supported by continued demand and a strong weekly export report. March corn closed up at 4.22¼, May at 4.30 and July at 4.35 ¾.
• South Korean demand has been a strong driver in the market recently, and the country has stepped up its purchases once again. The USDA confirmed the sale of 136,000 tons of corn to South Korea for delivery in the 2025/26 marketing year.
• Ethanol production surged to 352 million gallons in the week ending Friday, January 9, well above expectations and marking a new all-time high. Production was up 9% compared with a year ago. A total of 119 million bushels of corn, or 16.9 million per day, was used in the production process — exceeding the 15.3 million bushels per day needed to meet the USDA forecast.
• Ongoing strikes on Ukraine’s infrastructure by Russia have slowed the country’s corn exports, leaving Argentina as the primary competitor for U.S. corn. It appears the USDA may have underestimated Argentina’s corn production at just 53 million metric tons, while estimates from other sources range from 58 to 62 million metric tons.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day higher, snapping a two-day losing streak in which March futures had fallen 24 cents following the WASDE report. Prices found some support at $10.37 in March. March soybeans gained 3-3/4 cents to $10.42-1/2 while November lost ¼ cent to $10.58. March soybean meal gained $0.30 cents to $291.90 and March soybean oil lost 0.22 cents to 50.98 cents.
• This morning, private exporters reported sales of 136,000 metric tons of soybeans for delivery to South Korea for the 25/26 marketing year and a sale of 334,000 mt of soybeans to China. This follows yesterday’s sales of 168,000 mt to China and 152,404 mt to Mexico. The recent decline in prices has made the U.S. more competitive with South America.
• NOPA soybean crush for the month of December is estimated at 224.81 million bushels. If realized, this would be the second-largest monthly crush on record and up 4.1% from November’s 216.04 mb. Strong crush margins combined with improving export demand provide underlying support.
• The Brazilian soybean harvest is now 0.6% complete as of January 8 which is slightly ahead of last year. Mato Grosso leads the way and much of that crop is considered made, limiting downside risk from near-term dryness. Argentina remains further behind, and any shift toward hotter, drier conditions there could begin to introduce yield risk.

WHEAT HIGHLIGHTS:

• Wheat closed higher across the board today, attempting to recover from recent weakness after Monday’s negative WASDE data. March Chicago gained 2 cents to 512-1/2, Kansas City was up 2-3/4 cents at 522-1/4, and MIAX closed 1/2 cent higher at 567.
• SovEcon is estimating Russia will export 3.0-3.4 mmt of wheat in January 2026, which would be up from the 2.3 mmt that was shipped in January 2025. Additionally, they increased their estimate of Russian 25/26 wheat exports to 44.6 mmt (now compared to IKAR at 46.5 and the USDA at 44.0).
• Weather remains a developing variable, as warm temperatures are expected across much of the U.S. Plains this week, followed by a sharp cooldown next week. Midwest temperatures could fall 9–18°F below normal. While winterkill risk is being monitored, any damage is likely limited to northern Midwest areas.
• Currency movement offered limited support, with the U.S. dollar softer early after PPI data showed November prices rising 0.2% versus expectations of 0.3%. The USD Index, however, finished the session near unchanged, tempering any sustained benefit to wheat prices.

DAIRY HIGHLIGHTS:

• February 2026 Class III milk dropped another 3 cents in today’s session, closing at $14.87 and marking a new contract low.
• Spot cheese remained unchanged at $1.3225/lb, while spot whey gained a penny, closing at $0.720/lb.
• Class IV milk moved lower, with March down 9 cents to close at $14.55.
• Spot butter gained 0.75 cents, closing at $1.3075/lb, while spot powder rose 0.25 cents to close at $1.2425/lb.

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Author

Brandon Doherty