Market Update: Corn and Soybean Trends on February 1st

As of 9 a.m. CT today, the agricultural markets are displaying mixed results. March corn has seen a slight uptick of 1 cent, trading at $4.47¾ per bushel, while March soybeans have dipped by 2¼ cents, now priced at $10.64¾ per bushel.

Wheat Market Trends

In the wheat markets, there are also fluctuations: March CBOT wheat is up by 1½ cents at $5.19½ per bushel, whereas March Kansas City wheat has seen a marginal decline, down by less than a penny at $5.31 per bushel. Conversely, March Minneapolis wheat has increased by 1½ cents, now trading at $5.72.

USDA Announcements and Export Sales

This morning, the USDA reported that China has made a notable purchase of 132,000 metric tons of soybeans slated for the 2025/2026 marketing year. This announcement has implications for future pricing and availability.

Additionally, the USDA released the latest Weekly U.S. Export Sales report, which included comments from the Brock Report revealing that:

• USDA has caught up on export sales reporting following the government shutdown. The current data indicates a decline in corn demand, with net sales for the week ending January 1 reported at 377,600 metric tons, a sharp drop from last week’s total of 736,616 metric tons.
• While there is a large supply of corn, demand remains record-high, creating a challenging tug-of-war in the market. Upcoming reports are expected to show a modest reduction in the crop size and U.S. corn carryout for 2025/2026, but it remains to be seen if these cuts will significantly affect prices.
• For soybeans, net export sales for the week were reported at 877,900 metric tons, down from 1.178 mmt the previous week, marking a continued trend of lackluster performance.
• Wheat export sales have also experienced a decline as competition increases, with a reported 118,700 metric tons in net sales for the same week, again failing to meet trade expectations.

Livestock Market Update

In livestock markets, March feeder cattle have risen by $1.35 to $356.85 per hundredweight (cwt). February live cattle have seen an increase of 55 cents, now priced at $235.08 per cwt, while February lean hogs are up by 43 cents, trading at $85.23 per cwt.

Crude Oil and Currency Markets

February crude oil is trending upwards with a gain of 95 cents, now priced at $56.94 per barrel. Meanwhile, the U.S. Dollar Index for March has increased to 98.62.

Stock Market Overview

In stock market news, just before 9 a.m. CT, the S&P 500 Index was down by 10.13 points, while the Dow Jones Industrial Average experienced an upturn, increasing by 89.18 points.

Published: 9:31 a.m. CT

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