Corn
Price action: March corn futures rose 3 1/2 cents to $4.30, near mid-range and hit a three-week high.
Fundamental analysis: The corn futures market saw short covering and fresh speculative buying today, as a price uptrend is in place on the daily bar chart.
President Trump said in a speech in Iowa Tuesday afternoon that year-round E15 gasoline sales in the U.S. will happen. Trump said in his speech he is trusting House Speaker Mike Johnson and Senate Majority Leader John Thune to broker a deal in Congress.
Traders are awaiting Thursday morning’s weekly USDA export sales report.
World Weather Inc. today said much of Brazil and Paraguay will see regular rounds of rain and favorable conditions for crop development through the next two weeks and the driest areas from Mato Grosso do Sul to Sao Paulo as well as western into central Bahia will benefit from the rain while fieldwork is slowed at times. A close watch will be made on rain advertised for Feb. 9-11 in far southern Brazil where enough rain may fall to ease stress to crops and induce increases in soil moisture with confidence low for this event. In Argentina, additional rain will fall into Monday in west-central and northwestern regions, where the drier areas will benefit from further increases in soil moisture and improvements in crop conditions while central and eastern Argentina see little rain and rising levels of crop stress in the drier areas. Topsoil moisture is short in much of Argentina while subsoil moisture is marginal to short from central Santa Fe to central and eastern Buenos Aires and Entre Rios where stress to crops will steadily increase until rain returns. Buenos Aires will benefit from rain Tuesday into Friday into Friday of next week while little rain falls on the drier areas to the north.
Technical analysis: Corn bulls and bears are back on a level overall near-term technical playing field as prices are starting to trend up. Recent price action suggests a market bottom is in place. The next upside price objective for the bulls is to close March prices above solid chart resistance at $4.40. The next downside target for the bears is closing prices below chart support at the contract low of $4.10. First resistance is seen at today’s high of $4.33 1/4 and then at $4.35. First support is seen at this week’s low of $4.26 and then at $4.22 1/2.
What to do: Wait to get current with advised sales.
Hedgers: You should have 25% of expected 2025-crop production sold. You should also have 10% of expected 2026-crop production sold for harvest delivery.
Cash-only marketers: You should have 25% of expected 2025-crop production sold. You should also have 10% of expected 2026-crop production sold for harvest delivery.
Soybeans
Price action: March soybeans rose 7 3/4 cents to $10.75, near mid-range and hit a six-week high. March soybean meal rose $3.80 to $297.80, nearer the daily high. March soybean oil fell 10 points to 54.31 cents, nearer the daily low and hit a four-month high early on.
Fundamental analysis: The soybean and meal markets today saw short covering and perceived bargain hunting. Soybean bulls are becoming more confident as price uptrends are in place on the daily bar charts.
Soybean traders are awaiting Thursday morning’s weekly USDA export sales report.
World Weather Inc. today said drying in far southern Brazil, Paraguay, Uruguay and eastern Argentina for the next week will raise some concern for soybeans, corn and other crops because some of those areas are already drying down. Some welcome showers are advertised for western and interior southern Brazil later this week into next week easing dryness there. Western Argentina will also experience some timely rain.
Technical analysis: The soybean bulls and bears are back on a level overall near-term technical playing field, as prices are now trending up on the daily bar chart. The next near-term upside technical objective for the soybean bulls is closing March prices above solid resistance at $11.00. The next downside price objective for the bears is closing prices below solid technical support at the January low of $10.37 3/4. First resistance is seen at today’s high of $10.84 3/4 and then at $11.00. First support is seen at today’s low of $10.67 and then at this week’s low of $10.58 1/2.
Soybean meal bears have the overall near-term technical advantage. Prices are trending down on the daily bar chart. The next upside price objective for the meal bulls is to produce a close in March futures above solid technical resistance at $306.90. The next downside price objective for the bears is closing prices below solid technical support at the October low of $282.10. First resistance comes in at $300.00 and then at this week’s high of $302.30. First support is seen at this week’s low of $292.70 and then at $290.00.
Bean oil bulls have the overall near-term technical advantage as prices are trending up on the daily bar chart. The next upside price objective for the bean oil bulls is closing March prices above solid technical resistance at the August 2025 high of 56.11 cents. Bean oil bears’ next downside technical price objective is closing prices below solid technical support at 50.00 cents. First resistance is seen at today’s high of 54.95 cents and then at 55.50 cents. First support is seen at 54.00 cents and then at this week’s low of 53.35 cents.
What to do: Get current with advised sales.
Hedgers: You should be 30% priced in the cash market on 2025-crop. You should also have 10% of expected 2026-crop production sold for harvest delivery.
Cash-only marketers: You should be 30% priced in the cash market on 2025-crop. You should also have 10% of expected 2026-crop production sold for harvest delivery.
Wheat
Price action: March SRW gained 12 3/4 cents to $5.36, nearer the session high and hit a seven-week high. March HRW rose 9 1/2 cents to $5.42 1/4, nearer the daily high and hit a nine-week high. March spring wheat futures rose 2 1/4 cents to $5.74, near mid-range.
Fundamental analysis: The winter wheat futures markets today saw short covering and perceived bargain hunting today. The bulls today also gained technical momentum to suggest the chart-based speculators may be more willing to play the long side in winter wheat futures in the near term.
Traders are awaiting Thursday morning’s weekly USDA export sales report.
World Weather Inc. today said too much cold without snow on the ground may have been detrimental to wheat from Montana through South Dakota and Nebraska to the lower Midwest during the weekend. No crop damage assessment will be possible before spring and some of the impact will not be fully understood until the harvest. New tillering in the spring could reduce some of the potential loss, though. Bitter cold in western Russia and northeastern Europe recently has had no negative impact on winter crops because of significant snow cover and no changes in the situation are warranted for the coming week to ten days. Additional snow of significance is expected over the next 10 days.
Technical analysis: Winter wheat bulls now have the overall near-term technical advantage amid price uptrends in place on the daily bar charts. SRW bulls’ next upside price objective is closing March prices above solid chart resistance at the November high of $5.68. The bears’ next downside objective is closing prices below solid technical support at $5.07. First resistance is seen at today’s high of $5.41 1/4 and then at $5.50. First support is seen at today’s low of $5.23 and then at this week’s low of $5.19 1/4.
The next upside price objective for the HRW bulls is closing March prices above solid chart resistance at $5.75. The bears’ next downside objective is closing prices below solid technical support at $5.16. First resistance is seen at today’s high of $5.48 1/2 and then at $5.60. First support is seen at today’s low of $5.31 1/4 and then at this week’s low of $5.25 1/4.
What to Do: Get current with advised sales.
Hedgers: You are 50% sold in the cash market on 2025-crop production. You have 20% of expected 2026-crop production sold for harvest delivery next year.
Cash-only marketers: You are 50% sold in the cash market on 2025-crop production. You have 20% of expected 2026-crop production sold for harvest delivery next year.
Cotton
Price action: March cotton fell 10 points to 63.73 cents, near the daily low.
Fundamental analysis: The cotton futures market saw mild short covering early on today but could not hold those gains into the close. Rallies in the grain markets today did limit selling interest in cotton futures.
Cotton traders are awaiting Thursday morning’s weekly USDA export sales report.
World Weather Inc. today said many cotton areas from southeastern Arizona through Texas and the Delta to portions of the southeastern states were impacted by a weekend snow, rain and ice storm. The moisture will be good for crops in the spring although South Texas received little to no rain and West Texas moisture was also limited. Drought continues from northern Florida and southeastern Alabama into the eastern Carolinas, despite the precipitation. Meantime, late-season cotton in southern India continues to mature and be harvested. Any showers that occur in the next 10 days will fail to produce enough rain to threaten unharvested crop quality.
Technical analysis: The cotton bears have the solid overall near-term technical advantage as prices are trending lower on the daily bar chart. The next upside price objective for the cotton bulls is to produce a close in March futures above technical resistance at the January high of 65.76 cents. The next downside price objective for the cotton bears is to close prices below solid technical support at 60.00 cents. First resistance is seen at today’s high of 64.40 cents and then at 65.00 cents. First support is seen at 63.50 cents and then at 63.00 cents.
What to do: Get current with advised sales.
Hedgers: You are 20% sold in the cash market on the 2025 crop. No 2026-crop sales are advised at this time.
Cash-only marketers: You are 20% sold on 2025-crop. No 2026-crop sales are advised at this time.