TFM Midday Update 1-27-2026

CORN

Corn futures turned lower at midday trade as the supply outlook capped rallies. March corn is down to 4.27 ½.
USDA confirms U.S. export sales to unknown destinations for delivery in 2025/26, totaling 110,000 tons of corn.
Yesterday’s weekly export inspections confirmed that the strong shipment pace may continue, running 12% above USDA projections compared to this time last year. The continued strong exports have been supportive for corn futures.
Argentina’s prices are now cheaper than the U.S. beyond March, which may worry bulls as demand will need to remain strong to move the record U.S. crop.

Soybeans are trading higher at midday after reports that China has met its pledge to purchase 12 MMT of U.S. soybeans. However, there are currently no indications of additional forward buying commitments from China. The entire soy complex is trading higher at midday. March soybeans are higher at 10.68 ¼.
Reports that China has turned back to Brazil for soybean purchases have pressured the market, with indications that China bought up to 25 cargoes for March/April shipment over the past week.
Brazil is harvesting a record soybean crop, with FOB Brazil offers running 50 to 75 cents cheaper than U.S. offers for February and March.
The soybean market faced early-week resistance as forecasts for potential rains in South America in early February prompted selling. Rain potential in southern Brazil and southern Argentina has eased some weather concerns, though the coverage areas and precipitation amounts remain uncertain.

Wheat is trading mixed to mostly higher at midday as the market attempts to extend gains despite strong global supply pressure. March Chicago wheat is higher at 5.23 1/4, while March Kansas City wheat is higher at 5.30 1/4.
IKAR reports Russian export prices are up to $299 per ton, while disruptive weather at Russian ports is slowing shipments.
The UAE is hosting peace talks between Russia, Ukraine, and the U.S. this week, though no breakthroughs have been reported so far.
Follow-up precipitation after recent snows across the Southern Plains appears limited in the 6–15 day outlook as conditions shift back to below-normal precipitation. Temperatures are also expected to warm from west to east across the Plains into next week.

Lauren VandenLangenberg