TFM Midday Update 01-20-2026

CORN

Corn prices are backing off at midday, pressured by weakness in wheat and soybeans. March futures are down 1-3/4 cents to $4.23-00.
Early strength was led by increased demand and a sharp decline in the U.S. dollar. The USDA reported a private export sale of 120,000 mt of corn to Japan for 2025/26 delivery. There was also a sale of 298,000 mt of corn sold to unknown destinations for delivery in 2025/26.
AgRural reported that Brazil’s summer corn harvest for 2025/26 is 1.6% done, up 1.1% from the previous week, but down 2.5% from the same week last year.

Soybeans continue to trend lower at midday, pressured by weakness in the stock market. March soybeans are down 2-00 cents to $10.55-3/4.
China has reportedly now hit the 12 mmt agreed upon amount of U.S. soybeans as of last week. This agreement is still being met with some concerns on whether China will continue to purchase US soybeans moving forward or not.
According to AgRural, Brazil’s soybean harvest now sits at 2% complete. This is up from just 0.6% a week ago and up 0.3% from the same week last year.
Safras now sees Brazil’s total soybean production at 179.28 mmt, up from the previous forecast of 178.76 mmt. If Brazil’s total output comes to fruition, it could limit upside potential in soybean prices.

Despite a sharp drop in the dollar today, all three wheat classes are trending lower as snowfall is expected in the Plains States this weekend. March Chicago is down 7-1/4 cents to $5.10-3/4, March KC is 3-3/4 cents lower to $5.23-1/2, and March Minneapolis is down 2-3/4 cents to $5.62-1/4.
SovEcon sees Russian wheat exports for January reaching 3 mmt. This compares to 4.2 mmt exported during December.
Chinese demand for wheat is seemingly non-existent after China’s Stats Bureau released wheat imports are down 64.4% from the previous year.
On a positive demand note, the USDA purchased 183,700 mt of HRW for Africa under the Food for Progress program. This could lead to some upside potential if purchases continue. South Korea is also believed to have purchased 92,300 mt of U.S. wheat last week.

Tanner Wilson