TFM Morning Update 02-11-2026

CORN

Corn futures are trading steady to start the morning as the market continues to digest yesterday’s relatively uneventful WASDE report. March corn futures are unchanged at $4.28-3/4, while December futures are holding steady at $4.58-1/4.
In February’s WASDE report, USDA raised export demand by 100 mb to 3.30 bb for the marketing year, reducing ending stocks to 2.127 billion bushels, below trade expectations. Even so, the market response was limited, as ample overall supplies and indications of slowing demand momentum following a strong first quarter tempered the impact of the adjustment.
USDA is set to release its weekly export sales report Thursday morning. Ahead of the report, only one daily flash sale has been announced, with 130,480 metric tons of corn sold to unknown destinations during the reporting period.

Soybean futures are modestly lower to start the session. March soybean futures are down 3-1/2 cents at $11.19, while November soybeans are off 1-3/4 cents at $11.04-3/4.
Yesterday’s WASDE report delivered few surprises and had minimal market impact, with prices showing little volatility following the release. U.S. 25/26 soybean ending stocks were left unchanged at 350 million bushels. Brazilian soybean production was raised to 180 mmt from 178 mmt last month, a move that was largely anticipated by the trade.
Soybean oil futures pushed to new contract highs on Tuesday as the market continued to find support following last week’s announcement of the 45Z tax credit framework. The broader package was viewed as favorable for biodiesel production and supportive of domestic soybean oil demand.

The wheat complex is trading higher across the board to start the session. Chicago wheat futures are up 5-3/4 cents at $5.34, Kansas City wheat futures are higher by 6 cents at $5.36, and MGEX spring wheat futures are up 4-1/4 cents at $5.72-1/2.
In yesterday’s WASDE report, USDA raised 25/26 U.S. wheat ending stocks by 5 mb to 931 mb. Trade expectations had called for a 10 mb decline, and the unexpected increase added modest pressure to the market.
Globally, wheat carryout was lowered by 1 mmt to 277.5 mmt, lightly supportive relative to expectations for little to no change.

Matthew Lucas