TFM Morning Update 01-05-2026

CORN

Corn futures are trading higher to start the week after losses were seen throughout the grain complex last Friday. Corn looks to be rebounding from the bottom of its range. March corn is up 2-1/2 cents to $4.40 while May is up 2 cents to $4.47-1/2.
US corn used for ethanol in November was strong at 471.9 million bushels. This was slightly below October but was 0.03% higher than the previous year. Both domestic and export demand have been firm.
CFTC data was released for the week ending December 23 and is nearly caught up. Funds were buyers of corn by 55,431 contracts which left them with a net long position of 2,759 contracts.

Soybean futures are leading the way higher this morning after sharp losses last week. On Friday, prices sold off but rebounded nearly to even which could point to a bottom. March is up 6-3/4 cents to $10.36-1/4 while May is up 7-3/4 cents to $10.53-1/2. March bean meal is up $1.60 to $297.60 while March bean oil is up 0.21 cents to 49.51 cents.
US soybean crushings for the month of November were seen at 220.5 million bushels according to the USDA which was down slightly from October but was up 5% from the same period last year.
CFTC data saw funds as net sellers of soybeans as of December 23. They sold 37,375 contracts of soybeans leaving them with a net long position of 110,4o3 contracts. They are short 67,118 contracts of bean oil and 6,633 contracts of meal.

All three classes of wheat are trading higher to start the week with March Chicago wheat up 2 cents to $5.08-1/2, KC up 2 cents to $5.17, and Minn wheat up 1 cent to $5.71-3/4. Futures are oversold and may be forming a bottom.
The Buenos Aires Grain Exchange raised its estimate for Argentina’s 2025/26 wheat crop to 27.8 million metric tons, up 0.7 million tons from its previous forecast. The increase was attributed to continued strong yields, with the harvest now nearly 93% complete. If realized, the crop would exceed the prior production record of 22.4 million metric tons.
CFTC data for wheat ending December 23 saw funds as sellers of Chicago wheat by 24,747 contracts which left them short 91,665 contracts.

Amanda Brill