GRAIN CALLS
Corn: 1 to 3 cents higher.
Soybeans: 8 to 10 cents higher.
Wheat: Steady to 2 cents higher.
GENERAL COMMENTS: Impressive gains in soyoil led soybeans higher overnight. Corn, beans and wheat each bounced off technical support and are looking to maintain uptrends on the daily bar chart. Outside markets are supportive this morning as front-month crude oil futures are modestly higher while the U.S. dollar index is down around 100 points.
U.S. stock indexes are poised to open their day sessions with modest gains today, while Asian and European stock markets rallied amid a solid rebound in gold and silver prices overnight. In Asia, the Hang Seng edged up 59 points, or 0.2%, to end at 26,835 on Tuesday, attempting to stabilize after steep losses in the prior two sessions. Japan’s Nikkei 225 Index surged 3.92% to close at 54,721 on Tuesday, marking fresh all-time highs as technology and financial stocks powered the rally. Australia’s S&P/ASX 200 rose 0.9% to close at 8,857 on Tuesday, ending a four-session losing streak as strength in materials stocks offset headwinds from today’s Reserve Bank of Australia’s interest rate hike. China’s Shanghai Composite rose 1.29% to close at 4,068, while the Shenzhen Component gained 2.19% to 14,127 on Tuesday, recovering losses from the previous session. In Europe, both the STOXX 50 and the STOXX 600 rose 0.7% today, extending gains of around 1% from the previous session to reach fresh record highs. The advance was led by mining stocks, which benefited from the rebound in precious metals following a historic sell-off.
Pro Farmer crop consultant, Dr. Michael Cordonnier, left his 2025/26 Brazil soybean crop production estimate unchanged 179.0 million MT, with a neutral-to-slightly higher bias. Soybeans in Brazil were 10% harvested as of late last week compared to 9% last year, according to AgRural. Cordonnier also left his 2025/26 Brazil corn production estimate unchanged this week at 137.0 million MT, with a neutral bias. Safrinha corn in Brazil was 12% planted as of late last week compared to 9% last year, according to AgRural. For Argentina, Cordonnier lowered his 2025/26 soybean production estimate by 1.0 million MT, to 48.0 million MT, with a lower bias. “The conditions in Argentina continue to deteriorate under sunny skies, warm temperatures and a lack of rain,” he said. For Argentine corn production, Cordonnier lowered his estimate by 1.0 million MT this week, to 53.0 million tons, with a lower bias.
President Trump on Monday said he will slash tariffs on India to 18% after Prime Minister Narendra Modi agreed to stop buying Russian crude oil. Trump said India will also “move forward to reduce their tariffs and non-tariff Barriers against the United States, to zero” and purchase “over $500 billion dollars of U.S. Energy, technology, agricultural, coal, and many other products,” Trump said in a social media post. Modi confirmed the pact, posting on his own social media account that “Made in India products will now have a reduced tariff of 18%.” U.S. soybean oil futures saw solid price gains overnight on the news.
CORN: March corn futures found support at $4.25 Monday. That remains a key technical level, with a close below indicating a technical breakdown. Resistance stands at $4.28 then $4.30 on persistent strength.
SOYBEANS: March soybeans tested resistance at $10.71 1/4, the 40-day moving average, overnight. That remains a key pivot, with additional strength finding resistance at $10.76 3/4. Support comes in at $10.60 1/4.
WHEAT: March SRW futures bounced overnight. Prices were supported by 10-day moving average support at $5.27 3/4. Bulls are looking to reclaim the 100-day moving average at $5.33 1/2 before tackling resistance at $5.41 1/2.
LIVESTOCK CALLS
CATTLE: Higher.
HOGS: Choppy/higher.
CATTLE: Live cattle futures are expected to open with a mostly firmer tone in a continuation of yesterday’s move higher. Cash fundamentals remain supportive as last week’s cash cattle average surged $4.74 to $239.44, still a premium to nearby futures despite Monday’s surge higher. Wholesale beef saw impressive gains Monday as well as choice rose $2.65 to $368.21 while select climbed $2.97 to $364.91. Packer margins remain deep in the red as boxed beef has been largely sideways amid the ongoing rally in cash cattle prices.
HOGS: Lean hogs are expected to open with a mostly firmer tone in a continuation of yesterday’s impressive gains, though technical resistance at contract highs could limit strength after the open. Modest weakness in the CME lean hog index could weigh on prices as well as the CME lean hog index is down 7 cents to $85.71 as of Jan. 30. Pork cutout rose another $1.48 to $95.70 Monday, led by gains in butts, loins and bellies.