CORN HIGHLIGHTS:

• The corn market finished with moderate losses as the heavy supply picture, along with selling pressure in the wheat and soybean markets limited gains during the session. March corn futures fell 2 ¼ cents to 428 ¼, while May lost 2 cents to 436.
• USDA announced weekly export inspections on Monday morning. For the week ending January 22, Corn inspected for export was 1.510 MMT (59.5 mb). This number was up slightly from last week. Current total inspections are at 1.238 bb, now trending 53% over last year’s totals.
• The private Bazil consultancy group, AgRural, increased its forecast for Brazil’s 2025-26 corn output to 136.6 MMT, up from its previous estimate of 136 MMT.
• Despite the US dollar breaking to its lowest levels since September, grain markets failed to find any traction. The heavy global supply picture for grains limits the buying enthusiasm in the corn and wheat markets.

SOYBEAN HIGHLIGHTS:

• Soybeans ended the day lower giving back gains from earlier in the day. Prices once again exceeded the 200-day moving average but could not hold and fell back below Friday’s low. March soybeans lost 6 cents to $10.61-3/4 while November lost 3 cents to $10.79. March soybean meal lost $5.60 to $294.30 and March soybean oil lost 0.10 cents to 53.89 cents.
• Today’s export inspections report was decent for soybeans but below last week’s numbers with inspections totaling 48.7 million bushels for the week ending January 22. Total inspections for 25/26 are now at 759 mb, which is down 39% from the previous year.
• Friday’s Commitment of Traders report saw funds as sellers of soybeans by 2,901 contracts which reduced their net long position to 10,060 contracts. Funds bought 27,750 contracts of soybean oil in a big move which reduced their net short position to 25,269 contracts. They sold 21,058 contracts of soybean meal leaving them short 38,198 contracts.
• The Buenos Aires Grain Exchange lowered Argentina’s soybean crop condition ratings by 8 points this week to 53% good-to-excellent, while Brazil — outside of southern areas of concern — remains largely on track for another record soybean crop in 2026.

WHEAT HIGHLIGHTS:

• Wheat gave back a good portion of Friday’s gains to close lower in all three classes today. This negativity comes despite a gap lower for the US Dollar Index, which gave early session strength to the grains. It is likely that a 2-3 inch blanket of snow across eastern Kansas on Friday lessened traders’ concerns over winterkill. Additionally, a firmly lower close for MATIF wheat futures offered no support to the US market. March Chicago lost 7 cents to 522-1/2, Kansas City was down 11 at 529-3/4, and MIAX fell 5-1/4 to 569-3/4.
• Weekly wheat inspections were pegged at 12.9 mb, which brings total 25/26 inspections to 600 mb, up 18% from last year. Inspections are currently running above the USDA’s estimated pace; total 25/26 exports are forecasted at 900 mb, up 9% from the year prior.
• The record wheat harvest in Argentina has created stiff competition in the global marketplace; their wheat is currently the cheapest in the world. This, in part, has recently caused consultancy Expana to reduce their estimate of EU 25/26 soft wheat exports by 4% to 28.8 mmt. This will likely weigh upon Black Sea and US exports as well.
• According to Friday’s CFTC data, managed funds sold around 4,500 contracts of Chicago wheat, around 1,400 Minneapolis, and just over 200 Kansas City. This brings their net short position across all three classes to more than 145,000 contracts.

DAIRY HIGHLIGHTS:

• Nearby Class III milk futures finished locked limit up (75c) on Monday as block cheese gained 9c and barrels added 10.50c.
• The return of demand to cheese follows a spot butter market that gained over 20c last week and added another 2.50c on Monday to $1.60/lb.
• Class IV milk traded on expanded limits today and took full advantage of that. Each contract March through July finished above the normal 75c limit.
• Several butter futures contract gained more than 10c on the day.
• Nearby cheese futures also finished Monday limit up.

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Author

Brandon Doherty