Overview
- USDA’s mid-January releases raised 2025/26 U.S. ending stocks to about 2.227 billion bushels for corn, 350 million bushels for soybeans, and 926 million bushels for wheat, with winter wheat seedings at 32.99 million acres.
- EIA reported U.S. ethanol production at a record 1.196 million barrels per day, with inventories building, a development supportive for corn demand.
- USDA confirmed fresh export business, including 334,000 metric tons of U.S. soybeans sold to China and 136,000 metric tons of corn to South Korea, alongside additional international tenders.
- Futures were mixed by Wednesday midday: corn edged higher after steep Monday losses, soybeans rebounded from USDA-driven declines, wheat was little changed to slightly firmer, and cotton held gains on a smaller U.S. crop and lower ending stocks of 4.2 million bales.
- Global updates included USDA’s 3 MMT upward revision to Brazil’s soybean crop to 178 MMT, Russia’s wheat export outlook at 46.5 MMT, and a 1.1 MMT Sinograin soybean reserve sale in China, with weekly U.S. export sales and NOPA crush due Thursday.