Corn: March corn futures rose 4 1/4 cents to $4.48, ending near the session high after USDA raised its export estimate by 125 million bushels and lowered its ending stocks estimate by the same amount in Tuesday’s World Agricultural Supply and Demand Estimates report. Analysts had expected a smaller cut to ending stocks of around 8.2 million bushels, according to a Bloomberg survey. Corn futures remain trapped in a sideways and choppy trading range, suggesting more of the same in the near term.
Soybeans: January soybeans lost 6 1/2 cents to $10.87 1/4, ending at a five-week low. January soybean meal fell $5.00 to $301.30, also a five-week low, while January soybean oil shed 16 points to 51.02 cents. USDA left U.S. supply and demand estimates unchanged from its November report, leaving ending stocks at 290 million bushels, versus forecasts for a rise to 306.1 million bushels. That wasn’t enough to shake a negative tone that has dragged January beans back below the $11 threshold amid favorable weather in South America and uncertainty over the pace and ultimate scope of China’s soybean purchases.
Wheat: March SRW fell 1/4 cent to $5.34 1/2, finishing near mid-range, while March HRW gained 1/4 cent to $5.27. March spring wheat futures rose 5 1/4 cents to $5.76 1/2. USDA made no changes to the U.S. wheat balance sheet, while global carryover was pegged at 274.87 MMT for 2025-26, up from 271.43 MMT in November and compares with 260.03 MMT in 2024-25. The global carryout increase reflected a higher estimate on global production.
Cotton: March cotton rose 18 points to 63.86 cents, after hitting a two-week low in early trade. USDA estimated U.S. cotton production at 14.268 million bales, compared with expectations for 14.16 million bales and up from 14.115 million bales in November and 14.413 million bales in 2024. USDA raised U.S. cotton ending stocks 200,000 bales from last month. Total supply increased 150,000 bales amid the bigger crop estimate.
Cattle: February live cattle rose 27 1/2 cents to $226.95, closing at a five-week high. January feeder cattle fell 15 cents to $335.50. USDA at midday today reported very light cash cattle trade at $222.00. The average cash cattle trade for last week was $221.21, which was up $9.68 from the previous week’s average of $211.53. The noon report today showed wholesale boxed beef cutout values higher, too, with Choice-grade up $2.07 at $362.97, while Select-grade gained $1.32 to $349.92.
Hogs: February lean hogs fell 52 1/2 cents to $81.875, pressured by apparent profit taking after recent gains. The latest CME lean hog index was up 3 cents to $81.84. Wednesday’s projected cash index price is up 5 cents at $81.89. Today’s national direct 5-day rolling average cash hog price quote is $70.66. The noon report today showed pork cutout value up $2.76 to $98.27, led by gains in bellies.