GRAIN CALLS
Corn: 1 to 3 cents higher.
Soybeans: 5 to 7 cents higher.
Wheat: 1 cent lower to 2 cents higher.
GENERAL COMMENTS: Corn and soybeans exhibited impressive strength overnight, led by beans which hit a fresh two-and-a-half month high. Meal gains have underpinned soybeans, which also hit a fresh high. Soy strength despite a lack of export sales to Beijing has been encouraging to bulls. Wheat pivoted near unchanged. Outside markets are mixed this morning as front-month crude oil futures are modestly lower while the U.S. dollar index is trading near unchanged.
USDA reported daily sales of 178,000 MT of corn for delivery to Japan, with 154,000 for delivery during 2026-27 and the remaining 24,000 MT for delivery during 2027-28.
The U.S. and Iran started a third round of nuclear talks in Geneva, Switzerland today, with days to go until President Trump’s deadline for a deal. “The two parties have been locked in a tense, months-long standoff over the Islamic Republic’s atomic activities and are negotiating through mediator Oman at its embassy in Geneva, the semi-official Iranian Students’ News Agency said and as reported by Bloomberg. “Iran has come here with a very reasonable amount of flexibility,” Esmail Baghaei, spokesman for Iran’s Ministry of Foreign Affairs, told Iranian state TV on the sidelines of the talks in Switzerland. “We are entitled to use nuclear energy for peaceful purposes, that’s a right that is recognized.” Trump has given Iran a deadline of March 1-6 to strike a deal and has threatened military action if it fails to do so, sparking fears of a new Middle East war that could embroil Israel and Gulf Arab oil producers.
U.S. Secretary of Commerce Howard Lutnick met India’s Commerce and Trade Minister Piyush Goyal today, days after the U.S. Supreme Court struck down President Trump’s tariffs regime, signaling that the bilateral deal remains on track. “Engaged in very fruitful discussions to expand our trade and economic partnership,” Goyal said in a post on X and as reported by Bloomberg. A U.S. Embassy spokesman in New Delhi confirmed Lutnick was in the capital for a “brief stop” but declined to comment further. Washington concluded an interim agreement with India earlier this month, lowering tariffs from 50% to 18%. The accord followed several rounds of discussion, though the two sides have yet to formally sign it.
Export sales for the week ended Feb. 19:
- Corn: Net sales of 685,800 MT for 2025-26 were down 53% from the previous week and 56% from the four-week average. Increases came primarily for Mexico and Japan. Unknown destinations cancelled purchases of 425,900 MT, weighing on the total. Sales came in below pre-report expectations ranging from 900,000 MT to 1.8 MMT.
- Soybeans: Net sales of 407,100 MT for 2025-26 were down 49% from the previous week and 30% from the four-week average. Egypt led purchases, followed by Germany and China. Sales were in the lower end of pre-report expectations ranging from 400,000 MT to 1.0 MMT.
- Wheat: A total of 243,000 MT for 2025-26 were down 16% from the previous week and 43% from the four-week average. Increases came primarily for Mexico and Nigeria. Sales totaled 107,000 MT for 2026-27. Sales came modestly below pre-report expectations ranging from 250,000 to 500,000 MT.
CORN: May corn futures hit 100-day moving average resistance overnight. That level capped gains earlier this week. Additional strength eyes resistance at $4.45 1/2. Support comes in at $4.40 1/4, the 40-day moving average, on selling pressure.
SOYBEANS: May soybeans pushed to a fresh high overnight. Resistance stands at $11.75 on continued strength. Support comes in at $11.60 then the 10-day moving average at $11.52 1/4.
WHEAT: May SRW futures saw modest strength overnight. Bulls defended support at $5.64 yesterday, key support on another turn lower. Resistance stands at the psychological $5.75 mark, which capped the upside overnight.
LIVESTOCK CALLS
CATTLE: Higher.
HOGS: Higher.
CATTLE: Live cattle futures are expected to open higher in a continuation of recent strength. Bulls remain in control of the technical advantage. Traders shored up discounts to the cash market on Wednesday, though nearby futures remain well below last week’s cash average. Cash trade remains slow this week providing little additional direction. Wholesale beef meanwhile continues to work higher as choice rose another $1.80 to $379.23 Wednesday.
HOGS: Lean hogs are expected to open higher in a continuation of recent strength. Some profit-taking is possible given the recent big move higher. Cash fundamentals remain supportive as the CME lean hog index continues to work higher seasonally. The index is up another 36 cents to $88.71 as of Feb. 24. Pork cutout rose 67 cents to $97.62 yesterday, led by strength in ribs and bellies.