TFM Morning Update 01-08-2026

CORN

Corn futures are trading slightly lower following higher trade yesterday and are sitting near the middle of their range. March is down 1/2 cent to $4.46-1/4 while December is down 1/4 cent to $4.76-1/2.
Estimates for Monday’s WASDE report see corn yield falling by 2 bpa to 184.0 bpa. Ending stocks are expected to be slightly lower from last month, but South American production may be slightly higher.
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.

Soybean futures are slightly lower this morning following gains of 10+ cents yesterday. Prices are struggling to break above the 200-day moving average. March beans are down 1 cent to $10.66 and November is down 1/4 cents. March soybean meal is down $0.80 to $304.60 and bean oil is up 0.26 cents to 49.56 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.
Estimates for next week’s WASDE report see soybean yield called lower by 0.3 bpa to 52.7 bpa. Ending stocks are expected to be unchanged, but Brazilian production is expected to increase.

All three wheat classes are higher to start the day with March Chicago wheat up 2-1/2 cents to $5.20-1/2, KC is up 1-1/4 cents to $5.32-3/4, and Minn wheat is up 3-3/4 cents to $5.74-1/4.
Estimates for the WASDE report see few changes to wheat stocks from 901 mb last month. Seedings for 2026 are expected to be lower for all wheat classes. US grain stocks are seen slighting higher
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.

Amanda Brill