1-17 Midday: Grain Market Firms at Midday

The CME and Total Farm Marketing offices will be closed Monday, January 20, in observance of Martin Luther King Jr Day.

 

All prices as of 10:30 am Central Time

• Corn continues to trade higher at midday after finding some support from yesterday’s drop in prices. March futures are trading at their highest level since June 16, 2024.
• The International Grains Council lowered their global corn stocks forecast from 275 mmt to 272 mmt.
• Buenos Aires Grain Exchange reported that corn crop conditions in Argentina have fallen from 42% good-to-excellent last week to 39% good-to-excellent this week.

• Soybeans are bouncing back after yesterday’s sharp pullback. March futures are back above the 100-day moving average. Bean oil and meal are also higher at midday.
• President Trump’s Treasury Secretary nominee has mentioned he will push China to adhere to the Phase 1 purchase agreements that were signed during Trump’s first term. This has kept some level of support in the market in hopes the reported tariffs won’t be as bearish for US agriculture as originally thought.
• The Buenos Aires Grain Exchange reported that soybean crop conditions have deteriorated in Argentina. Conditions have fallen from 49% good-to-excellent last week to 32% good-to-excellent this week. This also compares to 40% good-to-excellent last year.

• Wheat futures are following the rest of the grain complex higher. March Chicago futures have gained back almost half of what was lost yesterday.
• SovEcon estimates that Russia’s December 1 wheat stocks are at 18.7 mmt, which is down from 24.8 mmt from a year ago.
• The International Grains Council lowered their global grain stocks estimate by 3 mmt to 573 mmt.

Grain Market Insider is provided by Stewart-Peterson Inc., a publishing company.

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