TFM Midday Update 02-02-2026

CORN

Corn futures are lower to start the week, extending the downside momentum from late last week. March corn futures are currently 3-1/2 cents lower at 424-3/4 while July corn is 3 cents lower trading at 439.
The Buenos Aires Grain Exchange once again lowered Argentina’s corn crop ratings following continued dry weather across the southern half of the country. The good-to-excellent rating has now fallen to 46%, down sharply from a peak of 82% in late December, with more than 97% of the crop planted.
IMEA reported that second-crop corn planting in Brazil’s top-producing state of Mato Grosso has reached 16% complete, well ahead of the 6% pace at the same time last year.

Soybean futures are down slightly to start the first week of February. March soybeans are currently down 3-3/4 cents at 1060-1/2 while July soybeans are down 4-1/2 cents at 1086.
AgRural reports Brazil’s soybean harvest has advanced to 10% complete, while IMEA estimates Mato Grosso—the country’s top-producing state—is already 25% harvested. Early yield reports point to record production, and several private analysts are expected to raise Brazilian output estimates in the weeks ahead.
With U.S. soybeans carrying a freight-adjusted price disadvantage of more than $1.00 per bushel, China is unlikely to pursue additional U.S. purchases in the weeks ahead. While the gap in export sales commitments has narrowed significantly in recent weeks, total U.S. soybean commitments remain 22% below last year’s pace.

March CBOT wheat futures are down 8-3/4 cents currently, trading at 529. March KCBOT wheat futures are down 10 cents currently, trading at 534-1/2. March spring wheat futures are down 7 cents now, trading at 582.
A stronger U.S. Dollar Index pressured wheat futures to start the week. The Fed’s decision to leave interest rates unchanged last week, along with a sharp drop in gold futures, has helped support the dollar’s move higher.
U.S. temperatures are moderating, prompting traders to unwind weather premium added on winterkill concerns last week. While managed money has covered some wheat shorts, funds remained net short roughly 94,000 contracts as of last Tuesday.

Keegan Madigan