Grain Market Commentary 1/23/26
CBOT Pricing:
Corn finished 3-7 cents higher after USDA reported strong weekly export sales. The Mar26 contract gained 6.5 cents to settle at $4.24. May26 rose 5.75 cents, and Jul26 settled at $4.385, up 5.25 cents.
Soybeans advanced 3-5 cents. Mar26 added 3.75 cents to close at $10.64, while May26 settled at $10.7625, up 3.25 cents.
Market Headlines:
Argentina’s early soybean and corn harvest is off to a slow start:
The Buenos Aires Grains Exchange reports that Argentina’s corn and soybean harvest has begun slowly due to above average rainfall in northern regions. At the same time, producers in southern areas continue to report insufficient moisture. Wet soils have slowed harvest, but record yields are still expected.
US House passed several FY 2026 funding bills:
January 30 marks another deadline that could trigger a government shutdown if lawmakers fail to pass all 12 spending bills needed to fund federal agencies. Congress has made some progress toward avoiding a shutdown, as the House passed a Department of Homeland Security (DHS) funding bill that also supports the Federal Emergency Management Agency and the Coast Guard. In addition, the House approved a package of several appropriations bills covering programs related to defense, health, housing, education, and transportation.
Democrats focused attention on the DHS bill, which funds Immigration and Customs Enforcement operations. Only seven Democrats voted in favor of the measure.
Last week, lawmakers discussed including up to $15 billion in farmer assistance in the legislative package; however, the final funding bills did not include farm aid. Senate Agriculture Appropriations Subcommittee Chairman John Hoeven stated, “We will continue looking for opportunities to advance this assistance, such as a potential supplemental appropriations bill.” The package also excluded year-round E15 legislation.
A funding bill that included year-round E15 sales legislation failed in congress this past week:
Instead of continuing to push for year-round E15 sales authorization through legislation, lawmakers formed a task force to study several energy-related issues, including E15 sales. Critics argue the move delays action on E15, as the task force must conduct research, hold discussions, develop proposals, and schedule a future vote.
US Weekly Export Sales:
(week ended 1.15.26)
US corn sales totaled 157.9 million bushels, well above market expectations of 74.79-122.04 million bushels. These sales lifted total commitments for the 2025/26 marketing year to 2.206 billion bushels, up 34% from 1.651 billion bushels at the same point last year. This marked the largest weekly corn sales volume since the week ending January 28, 2021, when sales reached 293 million bushels. Japan and South Korea led purchases, along with 53.93 million bushels sold to unknown destinations.
US soybean sales totaled 89.9 million bushels, near the top of market expectations ranging from 55.12-110.24 million bushels. This represents the highest weekly soybean sales reported so far for the 2025/26 marketing year. Total commitments now stand at 1.214 billion bushels, compared with 1.55 billion bushels at the same time last year. Major buyers during the week included China, unknown destinations, Egypt, and Mexico.
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