Monthly WASDE • Trader Snapshot

WASDE (Jan 12, 2026) — Full Report Trading Bias (WASDE-667)

Focus: What changed vs. last month, why it matters, and a practical directional bias for the key tradable markets (Futures + CFD mapping for Pepperstone / Capital.com).

Headline Bias Board

▲ Wheat: Bullish ▲ Corn: Bullish ▼ Soybeans: Bearish ▶ Rice: Mixed ▲ Cotton: Bullish ▲ Sugar: Bullish ▼ Cattle/Hogs: Bearish ▶ Dairy: Mixed

How to Read This

Bullish = net tighter supply / stronger demand / price support (WASDE logic).
Bearish = looser balance sheet / weaker demand / price headwind.
Mixed = conflicting drivers; wait for price confirmation.

Practical Trading Note

WASDE often triggers a knee-jerk move first, and then a trend only if the balance-sheet change is meaningful. For seasonal trading: treat WASDE day as a volatility spike — re-entries should be conditional (see Wheat section).

Trading Products & Symbol Mapping (Futures + CFDs)

Futures tickers below use the common TradingView continuous format (CBOT:ZC1! etc.). CFD symbols are what you’ll typically find directly in TradingView search for each broker (availability can vary by region/account).

Market	Futures (CME/ICE)	TradingView Futures	Pepperstone (CFD)	Capital.com (CFD)
Wheat	CBOT Wheat `ZW`	`CBOT:ZW1!`	`PEPPERSTONE:WHEAT`	`CAPITALCOM:WHEAT`
Corn	CBOT Corn `ZC`	`CBOT:ZC1!`	`PEPPERSTONE:CORN`	`CAPITALCOM:CORN`
Soybeans	CBOT Soybeans `ZS`	`CBOT:ZS1!`	`PEPPERSTONE:SOYBEANS`	`CAPITALCOM:SOYBEAN`
Soybean Meal	CBOT Meal `ZM`	`CBOT:ZM1!`	— (usually not offered)	`CAPITALCOM:SOYBEANMEAL`
Soybean Oil	CBOT Oil `ZL`	`CBOT:ZL1!`	— (usually not offered)	— (check availability)
Rough Rice	CBOT Rice `ZR`	`CBOT:ZR1!`	—	`CAPITALCOM:RR`
Cotton	ICE Cotton #2 `CT`	`ICEUS:CT1!`	`PEPPERSTONE:COTTON`	`CAPITALCOM:USCOTTON`
Sugar	ICE Sugar #11 `SB`	`ICEUS:SB1!`	`PEPPERSTONE:SUGAR`	`CAPITALCOM:SB`
Live Cattle	CME Live Cattle `LE`	`CME:LE1!`	`PEPPERSTONE:CATTLE`	`CAPITALCOM:LIVECATTLE`
Feeder Cattle	CME Feeder `GF`	`CME:GF1!`	—	`CAPITALCOM:FEEDERCATTLE`
Lean Hogs	CME Hogs `HE`	`CME:HE1!`	—	`CAPITALCOM:LEANHOGS`

Note: Availability can differ by jurisdiction and account settings. If a CFD ticker doesn’t resolve in TradingView, search your broker’s symbol list (some use different naming like “WHEATUSD” etc.).

Wheat — Bullish ▲

▲ BIAS: Bullish Tightening stocks Higher season-average price

What changed (U.S.)

Slightly larger U.S. supplies, but lower ending stocks.
Exports increased (HRW + SRW), and season-average farm price raised.

Global angle

World production up slightly, but global trade reduced.
Global ending stocks lowered, with reductions across multiple exporters/importers.

Trading interpretation

Balance-sheet read is supportive: tighter stocks + higher implied price. If a seasonal long got shaken out on the release spike/reversal, consider a conditional re-entry rather than guessing the bottom:

Re-entry trigger idea: reclaim the pre-WASDE range / prior day VWAP, or break a post-release swing high and hold.
Risk control: invalidation below the post-release low (or ~1×ATR below trigger) to avoid “revenge re-entries”.

Trading Products: CBOT:ZW1! • PEPPERSTONE:WHEAT • CAPITALCOM:WHEAT

Coarse Grains (Corn focus) — Bullish ▲

▲ BIAS: Bullish Lower production Lower ending stocks Higher price

What changed (U.S. Corn)

Production lowered on reduced yield.
Exports increased; ending stocks reduced.
Season-average farm price raised.

Global angle

Foreign production increased mainly in South America, but global trade reduced.
Global ending stocks down, with notable reductions in key consumers.

Trading interpretation

“Tightening corn” report: bullish on paper, but expect whipsaw first.
Watch grain-complex correlation: corn strength can pull wheat/beans short-term.

Trading Products: CBOT:ZC1! • PEPPERSTONE:CORN • CAPITALCOM:CORN

Oilseeds (Soybeans focus) — Bearish ▼

▼ BIAS: Bearish Higher production Higher ending stocks Lower price

What changed (U.S. Soybeans)

Supplies increased on higher production.
Biofuel use reduced; exports reduced; ending stocks raised.
Season-average soybean price lowered.

Global angle

World production increased (notably South America), crush increased, exports reduced.
World ending stocks increased — broader headwind.

Trading interpretation

Beans look heavier vs corn/wheat → consider relative-value views inside the complex.
For seasonal longs: this adds headwind unless price action re-asserts trend.

Trading Products: CBOT:ZS1! • PEPPERSTONE:SOYBEANS • CAPITALCOM:SOYBEAN
Optional: CBOT:ZM1! / CAPITALCOM:SOYBEANMEAL

Rice — Mixed ▶

▶ BIAS: Mixed Higher imports Lower exports Higher ending stocks

What changed (U.S.)

Supply and total use roughly unchanged.
Imports increased; exports reduced.
Ending stocks increased; season-average farm price unchanged.

Global angle

World production increased (notably India/Indonesia), consumption increased, ending stocks slightly lower.

Trading interpretation

Mixed signals (U.S. softer vs world slightly tighter). Prefer price confirmation (break/hold) over headline trades.

Trading Products: CBOT:ZR1! • CAPITALCOM:RR (Pepperstone typically n/a)

Cotton — Bullish ▲

▲ BIAS: Bullish Lower production Lower ending stocks Higher price

What changed (U.S.)

Production lowered on reduced yield.
Exports increased; ending stocks reduced.
Season-average farm price raised.

Global angle

World production reduced; consumption slightly higher; ending stocks reduced.

Trading interpretation

Supportive balance sheet; cotton can trend hard — size accordingly.
CFD execution: respect ATR and avoid chasing first candle.

Trading Products: ICEUS:CT1! • PEPPERSTONE:COTTON • CAPITALCOM:USCOTTON

Sugar — Bullish ▲

▲ BIAS: Bullish Lower U.S. supply Lower ending stocks Tighter stocks-to-use

What changed (U.S.)

Total supply reduced (lower beginning stocks; Mexico imports down partly offset by higher imports elsewhere).
Deliveries reduced; ending stocks reduced.
Stocks-to-use ratio declines — supportive for price.

Global angle

Mexico production reduced; exports reduced; ending stocks increased (Mexico flow still matters for U.S. imports).

Trading interpretation

Net bullish from U.S. tightness perspective. Still expect macro/FX (BRL) influence and sharp intraday swings.

Trading Products: ICEUS:SB1! • PEPPERSTONE:SUGAR • CAPITALCOM:SB

Livestock, Poultry & Dairy — Bearish / Mixed

▼ Livestock BIAS: Bearish

What changed

Beef production increased; imports reduced; exports increased.
Cattle prices lowered.
Pork production slightly higher; hog prices lowered.
Broiler production higher; broiler prices lowered; egg prices higher.

Trading Products: CME:LE1! / PEPPERSTONE:CATTLE / CAPITALCOM:LIVECATTLE
Optional: CME:GF1! / CAPITALCOM:FEEDERCATTLE • CME:HE1! / CAPITALCOM:LEANHOGS

▶ Dairy BIAS: Mixed

What changed

Milk production lowered (weaker cow numbers & milk per cow).
Butter & cheese production increased; nonfat dry milk reduced; whey increased.
Class III price raised; Class IV lowered.

Interpretation: two-speed dairy — cheese supportive (Class III up), while butter/NFDM pressure leans Class IV down.

Day-0 Execution Checklist (WASDE Day)

Expect spikes: widen stops or reduce size if you trade the release window.
Trade the confirmation: let the first impulse print, then take continuation/reclaim setups.
Seasonals + WASDE: if stopped on release volatility, prefer rule-based re-entry (reclaim/breakout).
Complex watch: corn bullish + soy bearish can create cleaner relative-value moves than outright.