GRAIN CALLS
Corn: 4 to 6 cents higher.
Soybeans: 9 to 11 cents higher.
Wheat: 2 to 5 cents higher.
GENERAL COMMENTS: Corrective strength in corn led the grain and soy complex higher overnight, while persistent strength in crude oil has helped boost prices. Bulls are looking to build on overnight strength and form v-bottom reversals on the daily bar chart. Crude oil is trading at multi-month highs this morning, while the U.S. dollar index is modestly lower.
USDA reported daily sales of 136,000 MT of corn for delivery to South Korea and 334,000 MT of soybeans for delivery to China, each during the 2025-26 marketing year.
Producer price inflation in the U.S. rose 0.2% month-over-month, accelerating from a 0.1% increase previously and matching expectations, according to the Bureau of Labor Statistics. Goods jumped 0.9%, the largest monthly gain since February 2024, led by increases in energy costs. Annually, Core PPI, which excludes food and energy, was steady, slowing from 0.3% previously. Annually, PPI rose to 3.0%, above 2.8% previously and above expectations. Core PPI climbed to 3.0% from 2.9% previously, above expectations. Producer inflation continues to run high, which is likely to reflect higher consumer prices in the future and combat the Federal Reserves ability to cut rates in 2026.
China’s soybean imports in 2025 climbed to a record for a third straight year, up 6.5% to 112 million tons, according to data from China’s General Administration of Customs on Wednesday. Soybean crushers leaned heavily on Brazilian bean imports earlier in 2025, before reviving U.S. purchases after the trade agreement struck with the Trump administration last October. That leaves Chinese buyers on the hook for 25 million tons of U.S. beans a year through 2028. With Beijing unlikely to abandon its diversification strategy, the size and composition of its imports will largely depend on whether the truce with Washington endures. Meantime, China’s trade surplus climbed to $1.2 trillion in 2025, extending a record run as overseas shipments surprised with stronger growth at the end of the year.
Metals markets have extended their dramatic rallies early this — with gold, silver, copper and tin all hitting record highs — as investors bet on a boost from more U.S. interest rate cuts and a revival in sentiment across Chinese financial markets. “Commodities have posted eye-watering gains since late 2025 as traders position themselves for a year in which the Federal Reserve is expected to cut borrowing costs further to bolster U.S. growth. That’s aided the case for base metals, while precious metals are also benefiting from renewed attacks on the Fed by the Trump administration and an increasingly tense geopolitical backdrop,” reported Bloomberg. Silver jumped as much as 5.3% to top $90 an ounce for the first time overnight, while gold notched another all-time peak. Tin was the standout among base metals, and was up as much as 6% at one point, while copper also resumed its rally. Many metals are benefiting from prospects for better manufacturing demand, including in growth sectors like artificial intelligence, said the Bloomberg report.
CORN: March corn futures led strength overnight. Bulls are eyeing support at $4.25 then $4.30 on continued strength. Support stands at $4.20 on a turn back lower.
SOYBEANS: March soybeans recovered most of yesterday’s loss overnight. Resistance stands at $10.50 then $10.55 on persistent strength. Support comes in at $10.40 on resurgent selling pressure.
WHEAT: March SRW futures are trading near the 10-day moving average. Bulls are eyeing resistance at $5.16 1/2 on continued strength, while support persists near yesterday’s low of $5.07.
LIVESTOCK CALLS
CATTLE: Higher.
HOGS: Choppy/higher.
CATTLE: Live cattle futures are expected to open higher in a continuation of recent strength. Light cash trade so far this week points to higher prices, which could continue to underpin futures. Bulls are in full control of the technical advantage and are well positioned to continue pushing prices higher. Wholesale beef ended Tuesday mixed with choice rising 88 cents to $357.99 while select slid 87 cents to $357.18.
HOGS: Lean hogs are expected to open with a mostly firmer tone, supported by technical buying, though persistent weakness in the cash market could weigh on prices after the open. Bulls hold a slight technical advantage and are looking to reclaim the $85.00 mark as support. The CME lean hog index is down another 10 cents to $80.50 as if Jan. 12, a fresh seasonal low. Pork cutout slid $1.30 to $91.80 Tuesday, led by losses in loins and picnics.