Grain Market Commentary 1/30/26
CBOT Pricing:
Corn closed 2-4 cents lower on the day, finishing the week down 1-3 cents. The market struggled to find support amid a stronger US dollar. The Mar26 contract traded 2.5 cents lower, settling at $4.2825, while May26 futures closed down 3.25 cents at $4.3575.
Soybeans ended the day 8-10 cents lower and finished the week down 2-4 cents. The market remained under pressure from continued strong yield reports out of Brazil and rising open interest. Mar26 futures fell 8 cents to close at $10.6425, while the May26 contract finished 8.75 cents lower at $10.77.
Market Headlines:
Kevin Warsh was nominated for Federal Reserve chairman by President Trump:
On Friday morning, President Trump confirmed via Truth Social that he is nominating Kevin Warsh to serve as Chair of the Federal Reserve. In the post, Trump said he had known Warsh for many years and expressed confidence that he could become “one of the GREAT Fed Chairmen, maybe the best.” Warsh, a former Wall Street executive and ex–Fed governor, is set to succeed Jerome Powell, whose term as chair ends in May, though the nomination still requires full Senate confirmation.
Market reaction to the news was muted, reflecting Warsh’s reputation as a relatively moderate choice. While he has signaled support for lower interest rates, he has also emphasized the need to substantially shrink the Fed’s balance sheet.
President Trump endorsed a deal aimed at avoiding a government shutdown:
Contention over Department of Homeland Security funding had threatened to shut down parts of the government. Instead, a bipartisan Senate spending deal has emerged that would separate immigration disputes from the broader funding package by removing DHS from the bill and extending its funding for two weeks.
Trump acknowledged that a shutdown could still occur as negotiations continue. With funding set to expire at midnight on January 30 and House members currently on recess, parts of the government could shut down over the weekend if a vote does not take place on Friday.
US Drought Monitor Data:
(map released 1.29.26)
The winter storm brought 1.5–3.0 inches of precipitation to much of Kentucky and to areas near the confluence of the Ohio and Mississippi rivers. Significantly less precipitation fell farther north. Southern portions of Illinois, Indiana, and Ohio received around one inch of precipitation, while northwest Illinois, Iowa, Wisconsin, Minnesota, and Michigan’s Upper Peninsula saw little to no precipitation.
Drought conditions improved in parts of Kentucky as a result of the storm. Elsewhere, persistently cold temperatures kept soils frozen, reducing both human and environmental moisture demands, and drought conditions remained unchanged.
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