CORN

• Corn futures have found positive territory at midday. March 2026 futures are 2-½ cents higher at $4.38-¾. December 2026 futures are ¼ cent higher at $4.59-¾.
• The USDA reported a flash sale this morning, with 177,055 metric tons of corn sold to Mexico for delivery in the 2025/26 marketing year.
• As 2026 approaches, South American weather will come into sharper focus. With January a key weather-risk window, markets may begin to add premium if conditions deteriorate.

SOYBEANS

• Soybean futures have continued lower at midday. January 2026 futures are 5-¾ cents lower at $10.57-½. March 2026 futures are 3-½ cents lower at $10.68-¼.
• The USDA reported fresh export activity, confirming a flash sale of 198,000 tons of soybeans to China for the 2025/26 marketing year, along with an additional 125,000 tons sold to unknown destinations.
• China’s Sinograin sold 323,000 metric tons, 63% of its offered soybeans, at Tuesday’s auction for about $547/mt, clearing inventory and potentially making room for additional U.S. purchases.

WHEAT

• Wheat futures are mixed at midday. Chicago futures have shed 4-¼ cents to $5.05-½. Kansas City futures are 2-¼ cents higher at $5.07-¼. MIAX wheat is 1 cent lower at $5.64.
• The USDA reported this morning that China canceled 132,000 tons of white wheat exports for the 2025/26 marketing year.
• A recent cold wave has moved through the U.S., and current weather in wheat-growing regions appears supportive. Upcoming warmth should benefit winter wheat, though attention turns to the potential for an early January cold snap.

Author

Matthew Lucas