CORN

• Corn prices are still trading higher at midday but are down from early session highs. Pressure from wheat and a rise in the U.S. dollar are contributing to some weaker action. May corn futures are down 00-1/4 cents to $4.45-1/2.
• StoneX slightly increases their total corn output estimate for Brazil to 136 mmt, up from the group’s previous forecast of 135.5 mmt.
• Corn used for ethanol in January totaled 461 mb, down 1.45% from January 2025. Total corn consumed by mills was 505 mb, down 1.8% year-over-year.

SOYBEANS

• Soybean prices have backed off from the highs seen earlier, as expected rainfall moves across the Midwest this week. May soybeans are trading 2-3/4 cents higher to $11.66-3/4.
• NOPA crush for the month of January came in at a record for the month at 227.8 mb. This was up 7.2% year-over-year. Soybean oil stocks were up 34% year-over-year at 2.433 billion pounds.
• StoneX has lowered their soybean production estimate in Brazil to 177.8 mmt, down from the group’s previous estimate of 181.6 mmt.

WHEAT

• Wheat is being pressured at midday on some follow through weakness after yesterday’s poor finish. May Chicago is down 7-1/2 cents to $5.69-3/4, May KC is down 1-1/2 cents to $5.73-1/4, while May Minneapolis is 1-00 cent lower to $6.09-00.
• Weakness in the wheat complex at midday is also contributed to a two-day rally in the U.S. dollar and expected rainfall in the Plains this week.
• Loading operations at the Russian port of Novorossiysk are shut down after a heavy drone attack by Ukraine caused damage.

Author

Tanner Wilson