Grain Market Commentary 1/29/26
CBOT Pricing:
Corn ended the session 0–2 cents higher despite selling pressure. The Mar26 contract closed ¾ cent higher at $4.3075 after reaching an intraday high of $4.34, the highest level traded since the January USDA reports. The May26 contract settled 1 cent higher at $4.39.
Soybeans closed lower after trading higher overnight. The Mar26 contract fell 2.75 cents to close at $10.7225 after reaching a session high of $10.855 at the open. The May26 contract settled 2 cents lower at $10.8575.
Market Headlines:
Trump comments pressure the US dollar:
The US dollar index has trended lower, with losses accelerating after President Trump posted comments on social media regarding Fed Chair Jerome Powell and interest rates. The remarks renewed concerns about political pressure on the Federal Reserve, further weighing on the dollar. As the greenback weakened, commodity markets moved higher.
US and Mexico have agreed to begin talks on USMCA reform:
The Office of the US Trade Representative said Trade Representative Jamieson Greer and Mexican Secretary of Economy Marcelo Ebrard agreed to begin formal discussions on potential reforms to the USMCA trade agreement. Possible changes include tighter rules of origin for industrial goods, increased collaboration on critical minerals, and expanded efforts to support workers and producers. The US, Mexico, and Canada must complete a formal review by July 1 to determine whether the agreement will be renewed.
Weekly Export Sales:
(week ended 1.22.26)
US corn export sales this last week were 64.9 million bushels, within market expectations of 39.4-98.4 million bushels. While down 59% from the previous week’s unusually large sales of 157.8 million bushels, corn export sales continue to run at a solid pace, up 5% from the prior 4-week average. Cumulative bushels total 2.271 billion bushels, compared to last year’s same week of 1.704 billion bushels. Top buyers were Japan, Mexico, Colombia, Spain, and Taiwan.
US soybean export sales were 30.1 million bushels. Sales were with market expectations of 14.69-66.14 million bushels but were the lowest sales level in 5 weeks. Sales were down 67% from the prior week and down 50% from the prior 4-week average. However, the last 4 weeks have average 56.5 million bushels a week, well above last year’s same period average of 23.2 million bushels per week. Cumulative bushels are now 1.244 billion bushels compared to the USDA’s 2025/26 1.575 billion bushels export projection. Top buyers were China, Egypt, Mexico, Spain, and Turkey.
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