Corn
Price action: March corn futures fell 2 cents to $4.21 3/4, nearer the daily low.
Fundamental analysis: The corn futures market saw some technical selling pressure today and lost decent overnight gains.
USDA today reported daily U.S. corn sales of 150,000 MT to Colombia and 195,000 MT unknown destinations during 2025-26.
On January 27, President Trump is expected to deliver an economic and energy-focused speech and plans in Iowa, according to White House Chief of Staff Susie Wiles.
World Weather Inc. today said that in Brazil rain during the next week will be focused on northern regions, where the drier areas in Minas Gerais, Bahia, and Espirito Santo benefit from the moisture while fieldwork is slowed across the region. Little rain will fall from Mato Grosso do Sul and Sao Paulo southward into Paraguay and southern Brazil and fieldwork should advance swiftly. By early next week a larger part of the region will be short of soil moisture and in need of rain to improve conditions for crops. In Argentina, the driest areas in southern Argentina will see little rain into Thursday and stress to crops should increase in many areas, while losses of soil moisture elsewhere in southern as well as central Argentina leave many areas in need of rain to prevent quick increases in crop stress.
Technical analysis: Corn bears have the solid overall near-term technical advantage. A bear flag pattern has formed on the daily bar chart. The next upside price objective for the bulls is to close March prices above solid chart resistance at $4.35. 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 $4.27 3/4 and then at $4.30. First support is seen at $4.20 and then at last week’s low of $4.17 1/4.
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 11 1/2 cents to $10.64 1/2, nearer the daily high. March soybean meal fell 20 cents to $291.40, near the daily low. March soybean oil gained 145 points to 54.01 cents, nearer the daily high and hit a four-month high.
Fundamental analysis: The soybean market saw good short covering and some perceived bargain buying. Spreaders were featured buying bean oil and selling meal futures today. Technical buying was also featured in bean oil today as prices are trending up. The meal futures market will have to start performing better in order for the bean bulls to gain any significant upside traction.
World Weather Inc. today said drying in southern Brazil, Paraguay, Uruguay and eastern Argentina for the next 8-9 days will raise some concern for soybeans, corn and other crops because some of those areas are already drying down. Timely rain is advertised after this period; though confidence is not high and the situation will need to be closely monitored. Good crop weather will prevail elsewhere, said the forecaster.
Technical analysis: The soybean bears still have the overall near-term technical advantage. However, a price downtrend on the daily bar chart has been negated. The next near-term upside technical objective for the soybean bulls is closing March prices above solid resistance at $10.82 1/2. The next downside price objective for the bears is closing prices below solid technical support at the October low of $10.28 1/2. First resistance is seen at last week’s high of $10.71 1/4 and then at $10.82 1/2. First support is seen at this week’s low of $10.52 and then at last week’s low of $10.37 3/4.
Soybean meal bears have the firm 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 today’s high of $295.50 and then at $298.20. First support is seen at last week’s low of $288.40 and then at $285.00.
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 54.50 cents and then at 55.00 cents. First support is seen at 53.00 cents and then at today’s low of 52.37 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 fell 2 1/2 cents to $5.07 3/4, near the session low and closed at a two-week low close. March HRW lost 3 1/4 cents to $5.19 3/4 and near the daily low. March Spring wheat futures gained 1 3/4 cents to $5.63 3/4, nearer the daily low.
Fundamental analysis: The HRW futures markets saw more technical selling pressure today. Selling interest was somewhat limited by some concern about winterkill in the U.S. and Asia/Europe due to extreme cold expected in those regions. Weaker corn prices today also limited buying interest in wheat.
World Weather Inc. today said a close watch on U.S. temperatures and snowfall this week is warranted. Bitter cold during the middle to latter part of this week may not come with much snow leaving some crops vulnerable to near-zero or possibly some subzero degree Fahrenheit temperatures. The impact on crops is expected to be low unless the cold becomes more intense. Bitter cold in western Russia and northeastern Europe recent 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 10 days.
Technical analysis: Winter wheat bears have the firm overall near-term technical advantage but trading has turned choppy and sideways at lower levels. SRW bulls’ next upside price objective is closing March prices above solid chart resistance at the December high of $5.44 1/2. The bears’ next downside objective is closing prices below solid technical support at $5.00. First resistance is seen at $5.21 and then at last week’s high of $5.28. First support is seen at last week’s low of $5.07 and then at the contract low of $5.01 1/2.
The next upside price objective for the HRW bulls is closing March prices above solid chart resistance at last week’s high of $5.44 3/4. The bears’ next downside objective is closing prices below solid technical support at the contract low of $4.98 3/4. First resistance is seen at this week’s high of $5.31 and then at $5.36. First support is seen at last week’s low of $5.16 and then at $5.08 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 4 points to 64.30 cents, near mid-range.
Fundamental analysis: The cotton futures market paused today but the bears still have some momentum on their side. Traders will get the weekly USDA export sales report on Friday—delayed one day by the federal holiday on Monday.
World Weather Inc. today said precipitation is needed in most of Texas and from Florida and southeastern Alabama to the Carolinas and Virginia. Some of these areas may get moisture from a snow, ice and rain storm possible late this week and into the early weekend. The storm will be closely monitored for relief to dryness in Texas and the southeastern states. Late-season cotton in southern India continues to fill, mature and be harvested. Any showers that occur in the next ten days will fail to produce enough rain to threaten unharvested crop quality. Meantime, Australia’s cotton crop would benefit greatly from rain especially in western unirrigated areas where dryness is still a concern. Irrigated crops should be performing well as are some of the dryland crops produced in the east, said the forecaster.
Technical analysis: The cotton bulls and bears are on a level overall near-term technical playing field. However, a price uptrend on the daily bar chart has been negated. The next upside price objective for the cotton bulls is to produce a close in March futures above technical resistance at last week’s high of 65.76 cents. The next downside price objective for the cotton bears is to close prices below solid technical support at the December low of 62.97 cents. First resistance is seen at 65.00 cents and then at 65.50 cents. First support is seen at 64.00 cents and then at 63.68 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.