Weekly Ag Markets Update – 01/12/2026

Wheat:  Wheat closed higher last week on what appeared to be speculative buying.  The daily charts display the potential for significant bottoms.  USDA will issue its final 3035 crop reports today and the market anticipates neutral to negative price reactions.  There are still reports of big world production and weaker demand.  Demand ideas are under pressure from ideas and reports of big competition for sales.  The threat for additional bombings of freighters by either Russia or Ukraine kept futures supported to some extent.  World prices were steady due to reports of strong production in exporter countries and mostly the countries in the global south.  Production has been good in northern hemisphere countries.  Southern hemisphere crops appear to be very good.

Weekly Chicago Soft Red Winter Wheat Futures

Weekly Kansas City Hard Red Winter Wheat Futures

Weekly Minneapolis Hard Red Spring Wheat Futures

Unavailable today

 

Corn:  Corn was higher last week.  USDA will issue its production and supply and demand reports this morning.  The demand for export and for bio energy needs has held strong, but the amount of feed demand shown by USDA Has been questioned due to the reduced US cattle herds.  Trends are mixed.  Ideas are that export demand is less now due to increased competition in the world market and ethanol demand is less as well.  Feed demand inside the US should be less.  Reports indicate that many elevators are holding less Corn than expected.  Temperatures should average near to above normal next week.  Oats were higher.

Weekly Corn Futures

 Weekly Oats Futures

 

Soybeans and Soybean Meal:  Soybeans and the products were higher last week on Chinese buying interest.  There is a lot of concern about the USDA reports coming today and also the Supreme Court rulings that could have included rulings of the Trump tariffs but didn’t.  It seems that the market is now more concerned about big supplies coming soon from South America with the Soybeans harvest there just weeks away.  The Trump administration says that China is on pace to buy the 12 million tons of US Soybeans it announced a few weeks ago by the end of February, and China has already bought at least 10 million tons.  US prices are currently too high to complete many new sales anywhere in the world market except Canada and Mexico.  Temperatures will average near to above normal in the Midwest this week.

Weekly Chicago Soybeans Futures

Weekly Chicago Soybean Meal Futures

 

Rice:  Rice was higher last week and might have finished a bottom formation on the daily and weekly charts.  The recent selling appears tied to the weaker prices in Asia and especially India.  Weaker world prices are expected by the FAO in the coming year.  Trends are mixed in the market.  Yields and quality in the US are mixed, but quality appears better than a year ago.  The cash market has been slow with low bids from buyers in domestic markets and average or less export demand.

Weekly Chicago Rice Futures

 

Palm Oil and Vegetable Oils:  Palm Oil futures were slightly lower last week.  There are still ideas of increasing supplies available to the market along with weaker demand.  There are still ideas of increasing production.  Demand ideas are in a state of flux right now with some looking for weaker demand and other looking for improved demand.   Canola was higher on reports of stronger demand.

Weekly Malaysian Palm Oil Futures

Weekly Chicago Soybean Oil Futures

Weekly Canola Futures

 

Cotton:  Cotton was a little higher in trading before the USDA reports that will be released on Monday.  .  The market expects production near 14.20 million bales and ending stocks near 4.56 million bales.  World production is estimated at 119.46 million bales and ending stocks are estimated at 75.62 million bales.  The markets had waited for the US Supreme Court to rule on the Trump tariffs on Friday but the court did not make a decision yet.  Commercials have been buying futures in recent weeks.  Farmers are not selling too much due to price, but buyers are hard to find.  The weekly export sales report was poor.  The lack of demand seems to be part of the price for now.

Weekly US Cotton Futures

 

Frozen Concentrated Orange Juice and Citrus:  Futures were higher last week as the rally continued.  Chart trends are still up.  There is no freeze in the forecast, but areas north of the state have been very cold.  Florida has also been dry and irrigation is needed.  Traders are worried about demand even with overall lower prices.  The weather is considered good for production in Brazil and Mexico.  Scattered showers are reported in Brazil.

Weekly FCOJ Futures

 

Coffee:  New York was a little higher and London was a little lower last week, and trends are still up in New York on the daily charts and are still mixed on the daily report in London.  There are still ideas and reports of increasing harvest sales from Vietnam.  There are reports of very good conditions in Brazil that has caused some farm selling in recent days, but most are holding for better prices.  Scattered showers are being reported now to improve tree condition in Brazil.  Mexico is in good condition, as is Central America.  Vietnam has scattered showers lately and conditions there are called good.  Vietnamese producers are selling

Weekly New York Arabica Coffee Futures

Weekly London Robusta Coffee Futures

 

Sugar:  New York was lower and London was higher last week.  New York turned down after trading violently between 1500 and 1600 March and London has maintained trading range in the weekly charts.  There are still ideas of good supplies for the market from good growing conditions for cane and beets around the world continue.  The prospect of a big global surplus in the 2025/26 season was keeping the market on the defensive with a rise in production in India and Thailand set to increase supplies while global consumption is expected to remain steady.  The FAO said that Sugar prices rebounded last month, rising 2.4% after three straight months of declines, due to a sharp drop in production across Brazil’s key growing regions. However, expectations of ample global sugar supplies this season, bolstered by solid harvest progress and favorable production prospects in India, helped cap gains in world prices. Sugar prices for the year fell 17%, with the index recording its lowest annual value since 2020, amid strong export availability.

Weekly New York World Raw Sugar Futures

Weekly London White Sugar Futures

 

Cocoa:  New York and London closed lower last week.  Short term trends are down after a sharp move lower on Friday.  A big main crop harvest is anticipated in West Africa and rains have been positive for crops lately.  Light rains mixed with heat in Ivory Coast’s cocoa-growing regions last week signaled a positive outlook for the main crop.  There are still reports of increased production potential in other countries outside of West Africa, including Asia and Central America.  The market feels that there is less demand and the lack of demand is expected to continue.  Cocoa bean arrivals at ports in Ivory Coast fell 3.4% between Oct 1 and January 4 versus the same period last season. This might be partly down to unusual rain in December.

Weekly New York Cocoa Futures

Weekly London Cocoa Futures

 

 

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