Grain Market Commentary 1/21/26
CBOT Pricing:
Corn traded higher early in the session but finished the day 0–2 cents lower. The Mar26 contract declined 2 cents to close at $4.2175. The May26 and Jul26 contracts both ended the session down 1.5 cents, closing at $4.2975 and $4.3625, respectively. Previous support levels have now turned into resistance, with $4.27 and $4.30 acting as nearby resistance.
Soybeans posted gains of 9–12 cents across the curve, supported by buying interest in soybean oil. The Mar26 contract advanced 11.5 cents to close at $10.645. The May26, Jul26, and Aug26 contracts each settled 11 cents higher at $10.75, $10.8725, and $10.84, respectively.
Market Headlines:
US Trade Representative Greer and US Treasury Secretary Bessent expect to meet with Chinese counterparts:
Greer said he and Bessent expect to meet with their Chinese counterparts ahead of a planned meeting between President Trump and Chinese President Xi. The discussions aim to identify potential areas of disagreement as well as opportunities for progress. The two presidents are expected to meet in April.
EU lawmakers refer the Mercosur trade deal to the EU Court of Justice:
The European Parliament voted 334 to 324 in favor of referring the trade agreement to the EU Court of Justice. The court will determine whether the deal can be provisionally applied before full ratification by all member states and whether any provisions limit the EU’s authority to set consumer health and environmental standards. Referring the deal to the court could delay the agreement by at least two years.
While awaiting the court’s ruling, the EU could still move forward with provisional implementation of the agreement, pending parliamentary approval. However, this remains unlikely due to the potential for political backlash.
The US Supreme court is hearing arguments today over the Trump administration’s effort to remove Federal Reserve Governor Lisa Cook from her position:
For the first time in the Federal Reserve’s 112-year history, a president is attempting to remove a sitting Federal Reserve governor. The Trump administration alleges that Cook committed mortgage fraud. Cook has filed a lawsuit to block her removal. Critics warn the move could represent an effort to exert greater control over the Federal Reserve and pressure interest rates lower. The court is expected to issue a ruling by this summer.
President Trump will refrain from imposing tariffs on goods from European countries that oppose his efforts to gain possession of Greenland:
Trump said following a meeting with NATO Secretary General Mark Rutte that the US and NATO have established a framework for a potential agreement involving Greenland. Based on this progress, Trump stated he will not impose the tariffs scheduled to take effect on February 1.
Trump added that, if finalized, the agreement would benefit both the US and NATO member countries. Discussions involving Greenland remain ongoing and will be led by Vice President JD Vance, Secretary of State Marco Rubio, and Special Envoy Steve Witkoff.
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