Monday, February 2, 2026, 7:25 am

Friday was a negative day for our markets.  Spot corn closed down 2 1/2, spot soybeans closed down 8, spot winter wheat closed down 3 1/2 and spot spring wheat closed down 3 1/4.  In the overnight trade all of our markets remain on the negative side.  Oil closed down $0.21 on Friday at $65.21 per barrel.  It is weaker in trading again this morning with it now valued at $62.05 per barrel.  Our dollar had a high Friday morning of $0.741 US and then went lower.  It closed out the day at $0.734 US.  It is down just a bit more this morning with it currently valued at $0.733 US.

Last week was a mixed week for our markets between some basis adjustments and volatility on the CBOT.  Spot corn closed down $5 per tonne with harvest 2026 down $1 per tonne.  Soybeans were down $5 per tonne across the board with spring wheat up $5 per tonne across the board.  Winter wheat was the strongest with it up $7 per tonne on the spot market and $2 per tonne for harvest 2026.

Our markets are in a selloff mode this morning as they are following what is occurring in the outside markets.  Reports of reduced tension between the US and Iran over the weekend helped to pull some risk out of the crude oil market.  Also the OPEC+ nations agreed to keep production at current levels which should continue to result in a global surplus of oil production.  With the large selloff on Friday of gold and silver maybe today the markets in general can calm down and get back to more fact based trading instead of out and out speculation. More talks between Russia and Ukraine to end their war is a negative bearish factor for our markets.  The last outside factor is that the US Government shutdown may end early this week with minimal affects.  Finally for our commodities the two week weather forecast in Brazil and Argentina are projecting some much needed rains which will aid crop production.

Will our markets get back to trading on supply and demand fundamentals?  If and when they do just remember that the supply side is currently dominating and we really need to see some major production hiccups for the demand side to take over.