TFM Midday Update 1-29-2026

CORN

Corn futures are trading mixed at midday as the market continues to probe higher in search of structural resistance. March corn futures are down 1-1/2 cents at $4.29-1/2, while December corn futures are steady at $4.57-3/4.
USDA reported export sales for the week ending January 22, 2026, earlier today. Corn export sales totaled 1.65 million metric tons, landing near the midpoint of pre-report trade expectations.
EIA data released Wednesday showed ethanol production edging lower by 5,000 barrels per day to 1.114 million bpd for the week ending January 23. Ethanol stocks declined by 339,000 barrels to 25.4 million barrels. Exports slipped 61,000 bpd to 157,000 bpd on the week, while refiner ethanol inputs increased by 31,000 bpd to 883,000 bpd.

Soybean futures are trading lower on the day despite once again testing resistance near 1083 earlier in the session. March soybean futures are down 4-3/4 cents at $10.70-1/4, while November soybean futures are off 4 cents at $10.86.
USDA reported net soybean export sales of 819,000 metric tons for the week ending January 22. Sales fell within the range of trade expectations, landing toward the middle-to-lower end of pre-report estimates.
Ongoing weakness in the U.S. dollar index, combined with recent strength in the Brazilian real, continues to provide underlying support to the soybean market, though this has yet to translate into a meaningful pickup in export demand.

The wheat complex is trading mixed at midday. March Chicago wheat futures are up 1/4 cent at $5.36, Kansas City wheat futures are down 1/4 cent at $5.42, and MIAX spring wheat futures are higher by 2-3/4 cents at $5.76-3/4.
USDA released net wheat export sales this morning for the week ending January 22, 2026. Sales totaled 558,000 metric tons, coming in near the upper end of pre-report trade expectations.
It will likely take several weeks before the full extent of any damage to the U.S. winter wheat crop from the recent frigid temperatures becomes clear. While potential crop injury could prove supportive for prices, the same winter storm also delivered precipitation across much of the central U.S. That moisture may help ease drought conditions in the southeastern Plains and southern Midwest.

Matthew Lucas