Prices Surge In Corn And Soybean Spot Prices And Across The Boards
DR. CHARLEY MARTINEZ
KNOXVILLE, TENNESSEE
This week brought some much welcomed weather across Tennessee. Prices surged in corn and soybean spot prices and across the boards for both commodities. Given where the boards are for November soybeans and December corn, I think some thought into some price protection and locking in some floors would be beneficial. The flip side of the upside movement occurred with wheat and cotton tumbled this week, with both trending downwards.
Next week brings the WASDE report and pre-report estimates for wheat have an average of 918 mbu for US wheat stocks, down 8 mbu from January if realized. For corn, pre-report estimates expect no major changes to the US ending stocks number, with an average trade guess of 2.215 bbu. For soybeans, pre-reports expect no major changes to the US soybean stocks number, at 348 mbu, vs. the 380 mbu estimate in January. I will cover the WASDE report next week.
Random fact of the day for this week’s comments, is that the Dow reached 50,000 for the first time ever.
Corn
Across Tennessee, average corn basis (cash price-nearby futures price) strengthened from last week at West, Northwest, West-Central, North-Central, and Mississippi River elevators and barge points. Overall, basis for the week ranged from 15 cents under to 35 cents over, with an average of 14 cents over with the March futures at elevators and barge points. Ethanol production for the week ending January 30th was .956 million barrels, down 158,000 barrels compared to the previous week. Ethanol stocks were 25.136 million barrels, down 264,000 barrels compared to the previous week. Cash prices ranged from $4.11 to $4.82 at elevators and barge points. On Friday, March 2026 corn futures closed at $4.30, which is up 2 cents compared to last week. For the week, March 2026 corn futures traded between $4.24 and $4.36.
For the week January 23-29, 2026, there were net sales of 1,041,200 MT for 2025/2026, down 37% from the previous week, and 42% from the prior 4-week average. Exports of 1,147,000 MT down 31% from the previous week, and 24% from the prior 4-week average. This week new crop cash contracts ranged from $4.16 to $4.77 at elevators and barge points. September 2026 corn futures closed at $4.43, up 2 cent compared to last week.
Soybeans
Across Tennessee average soybean basis weakened compared to last week at West, Northwest, North-Central, West-Central, and Mississippi River elevators and barge points. Average basis ranged from 31 under to 33 over the March futures contract, with an average basis at the end of the week of 7 cents over. Cash soybean prices at elevators and barge points ranged from $10.35 to $11.61. September 2026 soybean futures closed at $10.96, up 24 cents compared to last week. For the week, September 2026 soybean futures traded between $10.62 and $11.05.
For the week January 23-29, 2026, there were net sales of 436,900 MT for 2025/2026 (a marketing-year low), down 47% from the previous week and 72% from the prior 4-week average. There was another week of activity increases by China. Exports of 1,387,700 MT, up 9% from the previous and 4% from the prior 4-week average. The destinations were primarily to China (809,000 MT), Mexico (148,900 MT), Egypt (104,700 MT), Vietnam (69,800 MT), and Pakistan (69,800 MT). November 2026 soybean futures closed at $10.94, up 15 cents compared to last week.
Cotton
North Delta upland cotton spot price quotes for February 6th were down compared to last week. Prices were down to 59.76 cents/lb (41-4-34), and 64.51 cents/lb (31-3-35), which made both down 1.16 cents compared to last week prices.
For the week January 23-29, 2026, there was a total net sales of Upland totaling 249,800 RB for 2025/2026, up 23% from the previous week, but down 5% from the prior 4-week average. Exports of 235,300 RB, down 9% from the previous week, but up 25% from the prior 4-week average. For the week, March 2026 cotton futures closed at 61.06 on Friday, which is down 2.11 cents compared to last week. It traded between 60.90 to 63.21 cents. May 2026 cotton futures closed at 63.04 cents, down 1.89 cents compared to last week. December 2026 cotton futures closed at 67.6 cents, down 1.15 cents compared to last week.
Wheat
Wheat cash prices at elevators and barge points ranged from $5.07 to $5.15.
For the week January 23-29, 2026, there was a total net sales of 373,900 metric tons (MT) for 2025/2026, down 33% from the previous week, but up 3% from the prior 4-week average. Exports of 403,800 MT, up 7% from the previous week and 32% from the prior 4-week average. July 2026 wheat futures closed at $5.49, down 6 cents compared to last week. July 2026 wheat futures traded between $5.43 and $5.58 this week. September 2026 wheat futures closed at $5.67, up 2 cents compared to last week. ∆
DR. CHARLEY MARTINEZ
UNIVERSITY OF TENNESSEE