Grain Market Commentary 1/2/2026
CBOT Pricing:
The grain and oilseed markets finished mostly higher today as heightened geopolitical tensions, notably involving Venezuela, supported prices.
Corn ended the day 4–7 cents higher after reaching multi-session lows in the previous session. The Mar26 contract closed 7 cents higher at $4.445. The May26 contract finished 6.5 cents higher at $4.52, while the Jul26 contract closed at $4.5025, up 6.25 cents.
Soybeans also posted gains, closing 12-17 cents higher. Mar26 soybeans closed at $10.62, 16.25 cents higher than the prior close. The May26 ended 15.75 cents higher at $10.7425.
Market Headlines:
Venezuelan President Nicolas Maduro and his wife were captured by the US:
US officials have indicted President Nicolas Maduro and his wife on several charges, including narco-terrorism conspiracy, cocaine trafficking, and weapons offenses. Authorities are holding Maduro in a federal prison in New York, where he made his first court appearance today in Manhattan federal court.
International reaction has been mixed. Russia and China have strongly condemned the capture of Nicolas Maduro, while Argentina has expressed support. President Trump stated the action was necessary to address drug trafficking and what he described as stolen oil.
Mexico reported several cases of New World screwworm:
Last week, Mexico reported new cases, including one involving a goat in central Mexico and another involving a calf in Tamaulipas, a state bordering the US As a result, the US-Mexico border will likely remain closed to Mexican feeder cattle imports for the foreseeable future. Since the first detection of New World screwworm in Mexico in November 2024, authorities have recorded a total of 13,106 cases, with 671 cases currently active.
Weekly Export Inspections:
(week ended 1.1.26)
US corn export inspections were 47.5 million bushels, within market expectations of 35.4-55.1 million bushels, but slightly below the previous week’s 52.6 million bushels. This is, unsurprisingly, a marketing year low, during the 2025/2026 marketing year, over the holiday week. Cumulative export inspections are now at 1.056 billion bushels, up 65% from last year’s same week of 640 million bushels. It is important to note that last year, corn exports picked up quickly in February and remain strong through the rest of the marketing year. Top export destinations this week were Japan and Mexico.
US soybean export inspections came in at 36 million bushels, within market expectations of 37.6-42.3 million bushels, and up from the previous week’s 13-week low of 28.4 million bushels. Cumulative export inspection bushels are now at 603 million bushels compared to last year’s same week of 1.101 billion bushels. Top soybean export destinations this week were 14.587 million bushels to China, 6.724 million bushels to Egypt, and 2.755 million to Taiwan.
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