Grain Exports Push Corn, Soybeans, and Wheat to Weekly Highs on USDA Sales Surge
U.S. grain markets ended the week higher on Jan. 23 after USDA export data showed marketing-year highs for corn and soybeans.
On Friday, January 23, U.S. grain prices surged across the board as the USDA reported marketing-year highs in weekly corn and soybean export sales, triggering technical buying across futures markets. This comes just as a major winter storm is forecast to impact key agricultural states from the Southern Plains to the Northeast.
Corn prices saw the strongest momentum, supported by a surprise spike in export demand. March futures rose 6.5 cents to $4.3050/bu, while May futures climbed 5.75 cents to $4.38.
According to the USDA, corn export sales reached 157.9 million bushels for the week ending January 15 - a new high for the 2025/26 marketing year and well above trade expectations, which ranged between 74.8M and 122.0M bushels. Cumulative sales now total 1.197 billion bushels, significantly ahead of last year's pace.
Top Export Destinations for Corn:
| Country | Volume (Bushels) |
|---|---|
| Mexico | High |
| Japan | High |
| Colombia | Moderate |
| South Korea | Moderate |
| Taiwan | Moderate |
Corn Export Summary:
| Metric | Value |
|---|---|
| Weekly Export Sales | 157.9M bushels |
| Analyst Estimate Range | 74.8M - 122.0M |
| Weekly Export Shipments | 56.4M bushels |
| 2025/26 Cumulative Sales | 1.197B bushels, supported by export sales that reached - another marketing-year high. |
Soybean futures also rose modestly. March contracts added 3.75 cents to close at $10.6775/bu, supported by export sales that reached 89.9 million bushels - another marketing-year high.
The soybean export total was near the upper end of analyst estimates (55.1M - 110.2M), though cumulative soybean sales still trail last year, totaling 708.1 million bushels so far for 2025/26.
Top Export Destinations for Soybeans:
| Country | Volume (Bushels) |
|---|---|
| China | High |
| Japan | Moderate |
| Netherlands | Moderate |
| Mexico | Moderate |
| Spain | Moderate |
Soybean Export Summary:
| Metric | Value |
|---|---|
| Weekly Export Sales | 89.9M bushels |
| Analyst Estimate Range | 55.1M - 110.2M |
| Weekly Export Shipments | 49.1M bushels |
| 2025/26 Cumulative Sales | 708.1M bushels |
Winter wheat futures had the biggest percentage gain, with March Chicago SRW up 14 cents to $5.2950 and Kansas City HRW up 15 cents to $5.4075. USDA reported wheat export sales of 22.7 million bushels, significantly higher than the 5.5M-16.5M analyst range.
Top Export Destinations for Wheat:
| Country | Volume (Bushels) |
|---|---|
| Mexico | High |
| Japan | Moderate |
| Taiwan | Moderate |
| Colombia | Moderate |
| Venezuela | Low |
Wheat Export Summary:
| Metric | Value |
|---|---|
| Weekly Export Sales | 22.7M bushels |
| Analyst Estimate Range | 5.5M - 16.5M |
| Weekly Export Shipments | 13.7M bushels |
| 2025/26 Cumulative Sales | 578.3M bushels |
Despite these bullish export results, legislation to allow year-round E15 ethanol sales failed, raising concerns for future corn demand. Industry voices criticized Congress for favoring oil refiners, while analysts like Naomi Blohm emphasized that shifting from E10 to E15 could drive an additional 2.4B bushels of corn demand annually.
On the weather front, the NOAA 72-hour precipitation forecast shows heavy snow and ice sweeping key ag regions through January 27. Beyond that, forecasts call for colder and drier conditions across the Corn Belt from January 30 to February 5.
