TFM Midday Update 02-05-2026

CORN

Corn futures are modestly higher at midday as prices begin to test a resistance zone that has capped recent trade. March corn futures are up 3-1/4 cents at $4.32-3/4, May corn futures are also higher by 3-1/4 cents at $4.40-1/4, and new-crop December 2026 futures are up 1-3/4 cents at $4.59.
In the weekly export sales report released earlier today, USDA reported corn sales of 1.04 million metric tons for the 25/26 marketing year, along with an additional 16,400 metric tons booked for the 26/27 marketing year.
Brazil is reportedly on track to increase ethanol production in 2026, building on its position as the world’s second-largest producer. Expanded capacity from new ethanol plants, combined with favorable margins, continues to support production growth and investment across the sector.

Soybean futures are pressing higher again today as the market continues to digest the prospect of additional demand from China. March soybean futures are up 13-3/4 cents at $11.06, May soybean futures are higher by 15 cents at $11.19-3/4, and new-crop November soybean futures are up 6-1/2 cents at $10.94.
Soybean futures continue to weigh the prospects for additional Chinese demand for U.S. soybeans. Analysts note that the additional purchases referenced earlier this week may represent a political gesture by China, even at higher cost, ahead of a planned April visit by President Donald Trump.
U.S. soybean export sales came in at the lower end of analyst expectations, with China listed as the top buyer on the week. In its weekly export sales report, USDA reported soybean sales of 436,900 metric tons for the 25/26 marketing year, along with an additional 400 metric tons booked for 26/27 delivery.

Wheat futures are trading higher across the board, with the winter wheat classes leading the complex. March Chicago wheat futures are up 6-1/2 cents at $5.33-1/4, Kansas City wheat futures are higher by 4-3/4 cents at $5.35, and MIAX spring wheat futures are up 2-1/4 cents at $5.68-1/4.
In its weekly export sales report, USDA reported net wheat sales of 373,900 metric tons for the 25/26 marketing year, along with an additional 41,000 metric tons booked for 26/27 delivery.
USDA released updated winter wheat crop conditions as of February 1, showing mixed results across key production areas. Kansas ratings improved modestly, up 1 percentage point to 61% good-to-excellent, while Oklahoma conditions deteriorated sharply, falling 8 points to 23% good-to-excellent. Several other winter wheat states also reported declining conditions.

Matthew Lucas