GRAIN CALLS
Corn: 4 to 6 cents higher.
Soybeans: 10 to 12 cents higher.
Wheat: Winter wheat 17 to 19 cents higher; HRS 10 to 12 cents higher.
GENERAL COMMENTS: The grain and oilseed markets surged higher overnight with corn and beans hitting fresh for-the-move highs. Wheat erased losses seen earlier this week and looked poised to push higher. Big gains were seen earlier this week in the overnight session too, so followthrough strength through the rest of today’s session is key. Front-month crude oil futures surged over $6.00 higher overnight, rising $20 since last Friday’s close and hit a 2-year high. The U.S. dollar index did not stray much from unchanged overnight.
The U.S. economy lost 92,000 jobs in February, the Labor Department said Friday, while the unemployment rate rose to 4.4%. That follows a gain of 126,000 jobs in January and was well short of the average economist guess for a gain of 50,000 jobs. Strikes in healthcare and brutal weather likely played a role, but the figure is nonetheless disappointing and will stir fears of stagflation – the pernicious combo of economic stagnation and inflation – as oil prices soar in response to the Middle East conflict.
Latest on the war in Iran: -- Qatar: Iran attacks navy in Bahrain-based GCC ops center --Strait of Hormuz ostensibly closed --Qatar warns it will not resume crude oil production until fighting stops --Brent resumes gains, trades over $86 a barrel --U.S. lets India buy some Russian oil, signals move to calm energy markets --Trump tells NBC he wants to replace Iran leadership structure --Israel carries out airstrikes; Iran targets Middle East countries --Sri Lanka lets Iran navy ship dock after sinking of Dena -- Maersk suspends more container ship services due to risks -- Emerging currencies, equities set for worst week since pandemic
The United Nations’ FAO Food Price Index increased 0.9% to 125.3 index points in February 2026, the highest in four months, from an upwardly revised 124.2 in January. Increases in the price indices for cereals, meats and vegetable oils more than offset declines in dairy and sugar, resulting in the first rise of the index after five consecutive monthly decreases. The FAO Food Price Index (FFPI) is a measure of the monthly change in international prices of a basket of food commodities. It consists of the average of five commodity group price indices weighted by the average export shares of each of the groups. Please take our Pro Farmer annual Spring Acres Survey: Click here.
CORN: May corn futures surged to the highest level since December overnight. Bulls are eyeing the Dec. 26 high of $4.61 on continued strength. Support comes in at $4.52 1/2 then $4.50 on a turn lower.
SOYBEANS: May soybeans pressed to fresh highs overnight. Bulls are targeting the psychological $12.00 mark on persistent strength. Support comes in at $11.80 on a reversal lower, which is reinforced by the psychological $11.75 mark.
WHEAT: May SRW futures surged higher overnight. Gains stalled at Monday’s high of $6.03 3/4, while additional strength eyes resistance at $6.06 1/2. Support comes in at $5.91 1/2 on a turn lower.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Choppy/higher.
CATTLE: Live cattle futures are expected to open with a mostly firmer tone. Bulls recovered over half of the late February losses but gains stalled Thursday as slow cash trade has provided little catalyst to the futures market. How cash trade develops today will have a big impact on the market. Choice cutout slid $1.68 to $386.89 Thursday, giving up some of the recent gains.
HOGS: Lean hogs are expected to open with a mostly firmer tone in a continuation of the recent uptrend. Prices fell under selling pressure Thursday though prices remained above uptrend support, which could boost gains today. The CME lean hog index is up another 37 cents to $90.55 as of March 4. Pork cutout rose another 60 cents to $99.22 Thursday, led by gains in hams and loins.