TFM Morning Update 02-03-2026

CORN

Corn futures are trading slightly higher this morning with support from good ethanol demand and decent export demand. March corn is up 1 cent to $4.26-3/4 while December corn is up 1-1/4 cents to $4.56.
Corn used for ethanol in December was seen at 488.3 million bushels which was up 1.84% from December 2024, and mills consumed 534 mb of corn which was a 1.3% increase over last year.
Yesterday’s export inspections report saw corn inspections at 1,136k tons for the week ending January 29. This compared to 1,547k last week and 1,261k tons a year ago. Top destinations were Japan, Mexico, and Colombia.

Soybeans are trading higher this morning with primary support coming from soybean oil after President Trump proposed a trade deal with India which could open up US soybean oil as exports to the country. March soybeans are up 9-1.4 cents to $10.69-1/2 while November is up 7-1/2 cents to $10.83. March soybean meal is down $1.60 to $292.90 and bean oil is up 1.47 cents to 54.68 cents.
US soybean crushing for the month of December came in better than expected at 229.9 million bushels which was up 5.6% from this time last year. Crude oil production was up 3.3% from last year.
Yesterday’s export inspections were solid for soybeans at 1,311k tons which compared to 1,336k the pervious week and 1,140k tons a year ago at this time. Top destinations were to China, Mexico, and Egypt.

Wheat is mixed to start the day, but some support is coming from falling crop conditions in the US. March Chicago wheat is up 2-1/4 cents to $5.30, KC is up 1-1/4 to $5.36-1/2, and Minn wheat is down 1/2 cent to $5.71.
US winter wheat crop conditions were released for February 1, and Kansas ratings improved slightly by 1 point to 61% good to excellent. Oklahoma ratings fell by 8 points to 23% good to excellent, and other states saw conditions drop as well.
Yesterday’s export inspections was mild for wheat at 327k tons inspected which compared to 379k last week and 253k tons a year ago. Top destinations were to Mexico, Malaysia, and Taiwan.

Amanda Brill