GRAIN CALLS
Corn: 1 to 3 cents lower.
Soybeans: 2 to 4 cents lower.
Wheat: 3 to 5 cents lower.
GENERAL COMMENTS: Corn, beans and wheat each favored the downside overnight. Corn is once again testing key uptrend support. How markets close today will be key in determining the technical outlook. Outside markets are quiet this morning, especially considering recent volatility. Front-month crude oil futures and the U.S. dollar index are both trading near yesterday’s close.
USDA reported daily sales of 130,480 MT of corn for delivery to unknown destinations during the 2025-26 marketing year.
The partial federal government shutdown ended Tuesday after President Trump signed a funding deal he negotiated with Senate Democrats. The funding package continues to fund deportation flights and only funds the Department of Homeland Security through Feb. 13, while the rest of the government is funded through the Sept. 30 end of the fiscal year. A group of House conservatives initially opposed the deal but relented after Trump demanded they vote to pass the measure, which some Democrats voted against because it does not impose new protocols on immigration agents.
Iran has asked the U.S. to move diplomatic talks originally planned for Turkey to Oman and to limit the agenda to the Islamic Republic’s nuclear program, according to Bloomberg, citing people familiar with the matter. Tehran is resisting U.S. pressure to include its ballistic-missile program and support for allied militias in the Middle East in the negotiations, said the people, who asked not to be identified discussing private matters. They added that Iran also opposes the participation of regional countries, aside from Turkey, in the negotiations. “Contrasting positions over the scope of talks could heighten tensions with Washington,” said the report. President Trump has threatened to strike Iran if it doesn’t agree to a deal, which his administration has signaled must include Iran ending its support for regional proxies and curbs on its arms development as well as a framework for atomic activities. On Tuesday, a U.S. jet shot down an Iranian drone after it “aggressively approached” the Abraham Lincoln aircraft carrier in the Arabian Sea, the U.S. military and government said. Trump on Tuesday reiterated the U.S. and Iran are maintaining diplomatic contact.
The Trump administration is expected to unveil “its grandest plan yet to rebuild supply chains of critical minerals needed for everything from jet engines to smartphones, likely through purchase agreements with partners on top of creating a $12 billion U.S. strategic reserve to help counter China’s dominance,” the Associated Press reports. Vice President JD Vance is set to deliver a keynote address today at a meeting that Secretary of State Marco Rubio is hosting with officials from several dozen European, Asian and African nations. The U.S. is expected to sign deals on supply chain logistics, though details have not yet been revealed. Rubio met Tuesday with foreign ministers from South Korea and India to discuss critical minerals mining and processing, said the AP. The meeting and expected agreements will come just two days after President Donald Trump announced “Project Vault,” or a stockpile of critical minerals to be funded with a $10 billion loan from the U.S. Export and Import Bank and nearly $1.67 billion in private capital.
CORN: March corn futures are again testing uptrend support. A close below $4.25 would indicate a breakdown on the daily bar chart. Resistance comes in at $4.30 on a surge higher.
SOYBEANS: March soybeans gave up some of Tuesday’s gain overnight. Support comes in at $10.60 1/4 then $10.51 3/4 on persistent selling. Resistance stands at $10.70 on a bounce.
WHEAT: March SRW futures fell under pressure overnight. Stiff support persists at the 40-day moving average at $5.23 3/4 on persistent selling. Bulls are looking to reclaim resistance at $5.27 1/4 then $5.33 1/4 on resurgent strength.
LIVESTOCK CALLS
CATTLE: Higher.
HOGS: Higher.
CATTLE: Live cattle futures are expected to open higher in a continuation of recent strength. Fats futures surged to fresh multi-month highs Tuesday. Cash cattle trade remains slow to start the week with very little trade taking place. Not surprising given heavily negative packer margins and last week’s surge higher in cash prices. Wholesale beef continues to exhibit strength, with choice climbing $2.50 to $370.71 Tuesday while select rose $2.32 to $367.23.
HOGS: Lean hogs are expected to open higher in a continuation of recent strength. Deferred futures climbed to fresh highs Tuesday and continue to lead strength. Resurgent strength in the cash market has helped boost futures. The CME lean hog index is up 12 cents to $85.83 as of Feb. 2, negating yesterday’s loss. Pork cutout rose $1.67 to $97.37 Tuesday, led by a $15.32 surge in bellies.