Maize prices in January rose on a tug-of-war between ample US production and transport disruptions that constrained Pacific exports. WASDE lifted production on yield revisions, reinforcing crop, while Arctic freezes curtailed inland navigation on the upper Mississippi River system and strained rail networks. Locomotive availability remained tight, extending load-out schedules at interior loaders. January saw Pacific terminal stocks drawn down as elevator turnarounds accelerated to meet vessel line-ups, with renewed export interest supporting bids for Los Angeles shipments. Export markets remained the strongest driver of values, led by demand from Mexico and Japan, sustaining firm Pacific basis premiums for FOB Los Angeles cargoes. Exports remained the top bid support; domestic drivers included steady ethanol grind and resilient feed demand, though feedlot placements softened on cattle-margin weakness, while higher broiler placements underpinned feed demand. The outlook is mixed: a modest uptick is possible, followed by softer conditions before strength returns in spring, depending on logistics easing and crop fundamentals.
