GRAIN CALLS
Corn: 4 to 6 cents higher.
Soybeans: Old-crop 1 to 3 cents higher; new-crop 7 to 9 cents higher.
Wheat: 4 to 6 cents higher.
GENERAL COMMENTS: Corn continues to lead strength with wheat and soybeans following to the upside. New-crop beans continue to lead the way higher in the soy complex. Outside market are favorable this morning as front-month crude oil futures are modestly higher while the U.S. dollar index is trading around 65 points lower.
Latest on the war in Iran:
--Trump presses for de-escalation of attacks on gas facilities in Iran, Qatar
--Iran strikes crucial Saudi Arabian refinery on the Red Sea and LNG export plant in Qatar
--Israeli military earlier attacked Iran’s giant South Pars gas field
--Crude oil advances, with WTI hitting $100 overnight and Brent reaching $119 a barrel
--Stocks slump on fears energy prices will feed inflation
--European gas futures surged as much as 35% to more than double their pre-war level
-- Asia buys most U.S. oil in three years as war blocks Mideast flows
Federal Reserve officials on Wednesday left U.S. interest rates unchanged, as fully expected by the marketplace. The FOMC said it expects one interest rate cut this year due to increased uncertainty from the war in the Middle East. Fed Chair Jerome Powell emphasized that progress in reducing inflation is needed in order to resume lowering rates, and Fed officials raised their outlook for inflation in 2026 to 2.7% annually. Powell said in his press conference that he has no intention of resigning as a member of the Fed’s Board of Governors until an investigation of the Fed by the Department of Justice has concluded.
Brazil’s cautious start to interest-rate cuts is expected to support local assets, underpinning its currency, the real, and easing pressure on short-term yields, money managers say and as reported by Bloomberg. Policymakers led by Gabriel Galípolo delivered their first cut to the benchmark Selic rate since 2024, lowering it by a quarter point to 14.75%. “The rate cut was important, even though it was smaller than initially expected, and the statement also showed caution, but if external risks ease, there’s room for the market to recover,” said the report.
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CORN: May corn futures are closing in on this month’s highs. Resistance stands at $4.70 then the March 9 high of $4.76 on continued strength. Support comes in at $4.64 then $4.60 on a reversal lower.
SOYBEANS: May soybeans continue to trend higher in a tight range. Bulls need to build on gains to negate a potential bear flag on the daily bar chart. Resistance stands at $11.72 then the psychological $11.75 mark. Support stands at $11.52 1/2 on a turn lower.
WHEAT: May SRW futures saw followthrough buying overnight. Bulls are eyeing resistance at $6.20 on persistent strength. Support comes in at the psychological $6.00 mark then $5.97 3/4 on a turn lower.
LIVESTOCK CALLS
CATTLE: Choppy/lower.
HOGS: Choppy/lower.
CATTLE: Live cattle futures are expected to open with a mostly weaker tone amid technical selling pressure. Gains have stalled the past couple sessions near downtrend and moving average resistance. That is likely to continue to limit the upside, especially considering cash cattle trade has yet to initiate this week. Choice cutout faced modest weakness Wednesday, falling $1.56 to $401.75.
HOGS: Lean hogs are expected to open with a mostly weaker tone in a continuation of recent selling pressure. Prices have traded sideways all week, under key technical resistance. The CME lean hog index is up another 7 cents to $91.93 a s of March 17, continuing the seasonal uptrend, albeit at a lackluster pace. Pork cutout slid $1.07 to $98.82 Wednesday, led by losses in hams and bellies.