TFM Morning Update 01-23-2026

CORN

Corn futures are trading higher this morning and have consistently trended higher since the low made after the USDA report. March corn is up 1/4 cent to $4.24-1/4 while December is up 1/2 cent to $4.52-1/4.
Rules allowing year round sales of E15 gasoline across the country are now headed to the House included in a bipartisan budget bill. This would be a demand driver that could cause a rally in corn.
The weekly export sales report was delayed due to the holiday but will be released today, and analysts project that sales will fall between 1.9 and 3.8 mmt continuing strong export demand.

Soybean futures are trading higher to start the day and are once again testing the 200-day moving average. March soybeans are up 3-3/4 cents to $10.67-3/4 while November is up 3-1/4 cents to $10.80-1/2. March soybean meal is up $0.70 to $296.90 and soybean oil is up 0.45 cents to 54.23 cents.
Argentina’s good-to-excellent rating for their soybean crop fell from 96% last week to 87% this week due to the dry weather, and Brazil is currently underway with harvest, but wet weather could cause delays.
South American weather has been mostly positive for Brazil, while Argentina has been dry. Forecasts are now seeing increased rains throughout Argentina for the rest of January while conditions in Brazil are expected to turn drier.

Wheat is trading higher to start the day with support coming from cold temperatures and lack of snow cover threatening winter kill. March Chicago wheat is up 3-3/4 cents to $5.19-1/4, KC is up 5-3/4 cents to $5.31-1/2, and Minn is down 2 to $5.71-3/4.
Export sales for wheat have been poor with large global supply and cheaper options elsewhere. Estimates for today’s export sales report are between 150,000 and 500,000 mt.
The outlook for the US winter wheat crop remains steady with the seasonal weather patterns with production estimates for 26/27 at 36.6 mmt with 33.01 million acres planted. The extent of snow cover will be crucial as wheat heads into dormancy.

Amanda Brill