TFM Morning Update 01-21-2026

CORN

Corn futures are trading higher this morning along with the rest of the grains following bullish comments by Trade Secretary Bessent to China. March corn is up 3 cents to $4.26-3/4 while December is up 2 cents to $4.52-1/2.
Yesterday’s export inspections report saw corn inspections at a strong 1,484k tons which compared to 1,504k last week and 1,542k tons a year ago. Top destinations were to Mexico, Colombia, and Japan.
U.S. corn remains highly competitive on the global export market following the recent price break as seen by the seven flash corn sales this past week. That pricing advantage is expected to persist into late spring, before increased harvest pressure from South America begins to heighten global competition.

Soybean futures are trading higher and once again have taken out the previous days high and will look to take out the 200-day moving average which for March is $10.68 and has been resistance. March soybeans are up 10-3/4 cents to $10.63-3/4 while November is up 7-3/4 cents to $10.71-3/4. March soybean meal is up $3.70 to $295.30 and bean oil is up 0.27 cents to 52.83 cents.
On Monday, Trade Secretary Bessent held an informal meeting with the Chinese Vice Premier, and following that, US Rep Greer brought up another potential round of trade negotiations with China ahead of President Trump’s planned meeting with Xi in April.
Yesterday’s export inspections saw soybean inspections at 1,337k tons which compared to 1,593k last week and 989k tons last year. Top destinations are China, Germany, and Mexico.

All three wheat classes are trading higher this morning with support from trade optimism with China. March Chicago wheat is up 4 cents to $5.14-1/4 while KC is up 3-3/4 to $5.26-3/4 and Minn up 3-1/4 to $5.65-1/4.
Yesterday’s export inspections for wheat were seen at 393k tons which compared to 318k last week and 262k tons a year ago. Top destinations were to Mexico, Japan, and Taiwan.
U.S. winter wheat crops across the central Plains are entering their typical dormancy period with little protective snow cover in place. With temperatures expected to turn bitterly cold in the coming weeks, the lack of insulation raises the risk of freeze damage.

Amanda Brill