CORN

• March corn is showing some weakness this morning but is making a comeback after dipping nearly four cents to its overnight low.
• JFK Jr. has proposed a ban on high fructose corn syrup (HFCS) for human consumption—a move that could impact the U.S. corn market, which uses approximately 1.3–1.4 billion bushels of corn annually for HFCS production.
• So far this year, March corn has climbed about 25 cents. If the rally continues and hits 514.25, it would wipe out all the losses from the 2024 sell-off on the front-month continuous chart.

SOYBEANS

• March soybeans are rebounding from their overnight low of 1047.75, where they traded down about 8 cents.
• Brazil has halted soy shipments from five firms to China due to contamination concerns. According to Brazil’s agriculture ministry, China’s General Administration of Customs flagged instances of “non-conformity.”
• March soybeans lost one-third of Tuesday’s gains yesterday after reports surfaced that President Trump is eyeing February 1 to impose a 10% tariff on Chinese imports. The commodities market is bracing for a rollercoaster ride as headlines flip between optimism and tension on the tariff front.

WHEAT

• Wheat is trading slightly lower this morning, with overnight price fluctuations ranging from four to six cents. Today’s dip follows yesterday’s selling pressure, which knocked Chicago and Kansas City wheat prices well off their intraday Tuesday highs.
• Japan purchased 15,663 metric tons of Western White wheat and 15,130 metric tons of Hard Red Winter wheat from the U.S. in a regular tender. The total tender of 126,893 metric tons also included wheat sourced from Canada and Australia.
• While wheat continues to lag behind corn and soybeans, bulls point to the near-record gap between managed money’s net short position in wheat and its net long position in corn.

Author

Matt Mattke