CORN HIGHLIGHTS:

• The corn market was supported by buying strength in the wheat market and continued export demand to help move prices slightly higher on the session. March corn gained ¾ cents to 430 ¾, and the May contract added 1 cent to 439.
• USDA announced weekly exports sales on Thursday morning. For the week ending January 22, the USDA reported new sales of 1.649 MMT for the current marketing year. This was towards the bottom end of market expectations and well off last week’s total. Total corn export sales are still at a record pace and up 18% over last year.
• Forecasts call for hot and dry conditions across key corn-growing areas in Argentina. While the country had been projected to produce a record crop, recent weather has lowered expectations as crop ratings have slipped. Potentially beneficial rainfall could arrive in early February.
• The Rosario Grain Exchange lowered its ratings for Argentina’s corn crop as hot and dry weather persists, cutting good-to-excellent conditions by 6% to 46%.
• Despite the recent rally in corn futures, the National Corn Index has trended lower over the past several sessions. The NCI reflects movements in basis levels and cash corn prices, with ample supplies and producer selling limiting gains in the cash market.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day lower after giving up earlier gains and reversing lower. Initial support came from a weaker U.S. dollar, but the dollar recovered later, pressuring grains. March soybeans lost 2-3/4 cents to $10.72-1/4 while November lost ¼ cent to $10.89-3/4. March soybean meal lost $1.80 to $296 and March soybean oil lost 0.28 cents to 54.03 cents.
• Today’s export sales report was middle of the road for soybeans at 30.1 million bushels, which was within trade estimates but toward the lower end of the range. Top buyers included China, unknown destinations, and Egypt. Last week’s export shipments totaled 46.6 mb, exceeding the weekly pace needed to meet USDA expectations.
• Soybean crush for the month of December is estimated at 230.4 million bushels according to Reuters. If realized, this would be up 4.5% from the 220.5 mb crushed in November and up 5.9% from the 217.7 mb crushed in December 2024. The estimates range between 227 and 234.5 mb.
• South American weather likely supported soybeans today as southern Brazil remains dry, potentially stressing the crop. Argentina is also experiencing dryness, and key growing areas have missed recent spotty showers. Soil moisture and crop conditions have declined and are expected to continue falling.

WHEAT HIGHLIGHTS:

• The wheat complex closed higher again today, with MIAX spring wheat futures leading the advance. Ongoing weakness in the U.S. dollar continued to provide underlying support across the wheat markets. March Chicago wheat futures settled 5-1/2 cents higher at $5.41-1/2, Kansas City wheat futures closed up 4-3/4 cents at $5.47, and MGEX spring wheat futures finished 7-1/2 cents higher at $5.81-1/2.
• USDA released net wheat export sales this morning for the week ending January 22, 2026. Sales totaled 558,000 metric tons, coming in near the upper end of pre-report trade expectations.
• China has auctioned 564,000 metric tons of wheat so far in January, with domestic prices continuing to trend higher. In response, authorities are set to increase weekly auction volumes to 300,000 metric tons beginning next week. Wheat prices had been depressed following the 2025 harvest, prompting the Chinese government to step in and purchase wheat for the first time since 2020. The move marks a notable reversal in China’s domestic wheat balance.
• Ongoing weakness in the U.S. dollar continues to provide underlying support to the wheat markets by improving the competitiveness of U.S. exports on the global stage. A softer dollar makes U.S. wheat more attractively priced relative to key exporters such as Russia, the EU, and Australia, helping keep U.S. offers in the conversation even as global supplies remain ample. While this currency tailwind alone has not driven a sustained rally, it has helped limit downside pressure and reinforce nearby support levels across the wheat complex.

DAIRY HIGHLIGHTS:

• Class III futures were mixed with front month contracts leaning lower after Monday’s rally. February futures closed 24 cents lower to $15.34 on the day.
• Spot cheese traded in the red for a third straight day, losing 0.375 cents to close at $1.3925/lb. Whey lost half a cent to $0.7450/lb.
• Class IV milk was steady on the day with light volume trading. The February contract improved 3 cents to $15.08.
• Spot butter was also down for a third day in a row to $1.4850/lb while powder continues to rise, gaining 3.75 cents to go home at $1.4175/lb.

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Author

Amanda Brill