Tuesday, January 13, 2026, 6:50 am

Monday was a negative day for our markets.  Spot corn closed down 24 1/4, spot soybeans closed down 13 1/2, spot winter wheat closed down 6 and spot spring wheat closed down 1 1/4.  In the overnight trade corn, soybeans and winter wheat remain on the negative side with spring wheat now positive.  Oil closed up $0.72 yesterday at $59.50 per barrel.  It is stronger again this morning with it now valued at $60.69 per barrel.  Our dollar has traded in a very narrow trading range over the last 24 hours.  It has varied between a low of $0.720 US and a high of $0.721 US.  This morning it is at the low end of the range with it currently valued at $0.720 US.

With the data release yesterday the USDA did give some negative surprises to our markets and the markets responded negatively with corn leading the way down.  It was widely anticipated that this report may have come out with some supportive data but this sure was not the case. Let’s summarise some of the major points from the report.

Corn

• 2025 production was increased by 0.5 bushels per acre up to 66.5. The average pretrade estimate was for the production to decrease to 63.9 bushels per acres.
• They also increased harvested acres by 1.3 million acres which increased production.
• No increase to export business out of the US.
• No change to ethanol demand.
• Small increase in Feed and Residual usages.
• Projected year end stocks increased to 2.23 billion bushels which is the largest in seven years.

Soybeans

• No change in production per acre with the marketplace looking for a small decrease.
• Exports were decreased to the lowest level in thirteen years.
• Small increase in the domestic soybean crush.
• World supplies were increased with another record crop projected for Brazil (178 million tonnes) this year.
• Projected year end stocks increased to 350 million bushes which is the largest in six years.

Wheat

• Higher than anticipated winter wheat plantings for last fall in the US.
• US stocks increased with no increase in export demand.
• As expected the large crops around the world resulted in higher stock levels.

All in all this report was negative for our markets.  The only silver lining was that prices did not go lower than they did yesterday and that new crop prices were not as weak as old crop prices.  How our markets will respond going forward will be closely watched.  The question right now is really how low can they go with the current bearish fundamentals?  Hopefully our markets will find some price support going forward.