GRAIN CALLS
Corn: 2 to 4 cents lower.
Soybeans: 2 to 4 cents lower.
Wheat: SRW 7 to 9 cents lower; HRW 4 to 6 cents lower; spring wheat 2 to 4 cents lower.
GENERAL COMMENTS: Corn, soybeans and wheat each favored the downside overnight with wheat seeing relative weakness. Bean oil did see some relative strength and is trading higher this morning. Outside markets are unfavorable as front-month crude oil futures are modestly lower while the U.S. dollar index is over 400 points higher.
Iran and the U.S. met for a second round of nuclear talks in Geneva, Switzerland today as they seek to avoid renewed conflict in the Middle East following last year’s U.S. attacks on the Islamic Republic. The talks are being mediated by Oman. “Iranian officials have expressed willingness to discuss their nuclear-enrichment activities but have tied any concessions to the potential easing of American sanctions. Meanwhile, both sides have increased their military presence in the region. The U.S. is deploying a second aircraft carrier to the region amid warnings of a possible strike on Iran if talks — which could drag on for weeks — fail to produce a compromise, Bloomberg reported. Iran’s Islamic Revolutionary Guard Corps held drills around the strategic Strait of Hormuz on Monday that were focused on delivering a “decisive” response to security threats. The U.S. team is led by Middle East envoy Steve Witkoff and President Trump’s son-in-law Jared Kushner. Trump said on Monday that Iran wants to make a deal and that he’ll be indirectly involved in the discussions.
Russia’s Black Sea coastal region came under heavy drone attack during the weekend, with damage reported to infrastructure at the Taman seaport and fuel tanks, Bloomberg said in a report. The strikes come as Russian and Ukrainian negotiators are expected to gather again in Geneva today for peace talks. The heaviest damage was reported in the settlement of Volna in the Temryuk district, where the Taman port is located. A fuel storage tank, warehouse facilities and port terminals were struck, according to the governor. Taman is located on a peninsula across the Kerch Strait from Crimea, which Russia annexed from Ukraine in 2014. The facility, which was previously attacked in December, handles oil, liquefied petroleum gas, grains, fertilizers and other cargo, said Bloomberg. According to Russia’s Interfax news agency, the Taman Grain Terminal Complex has a capacity of 5.5 million MT per annum and one-time storage capacity of 192,000 tons.
Chinese Foreign Minister Wang Yi met with U.S. Secretary of State Marco Rubio in Munich late last week, as the two countries prepare for a planned visit by President Trump to Beijing in April. Wang called for 2026 to be a year in which China and the U.S. move toward mutual respect, and the two sides agreed to strengthen dialogue and cooperation in various fields. The meeting was seen as a way to keep momentum moving forward ahead of the U.S.-China summit in April.
CORN: March corn futures fell under selling pressure overnight. Support stands at $4.28 on a push lower. Resistance stands at $4.30 then $4.32 3/4 on a bounce.
SOYBEANS: March soybeans saw consolidation overnight. Support comes in at Friday’s low of $11.22 then the 10-day moving average at $11.15. Bulls are eyeing resistance at $11.40 on resurgent strength.
WHEAT: March SRW futures saw followthrough selling overnight. Bulls are looking to hold support at $5.37 1/2 on continued selling pressure. Key resistance stands at the psychological $5.50 mark on a bounce.
LIVESTOCK CALLS
CATTLE: Higher.
HOGS: Choppy/lower.
CATTLE: Live cattle futures are expected to open higher, supported by strength in the cash market. Cash cattle trade surged higher last week as last week’s five-area average was $245.62, up $4.31 from the previous week. That puts futures back below the cash market despite technicals and fundamentals remaining fully bullish. Choice cutout rose $3.30 to $367.77 Monday, though remains stuck between $360.00 and $370.00.
HOGS: Lean hogs are expected to open with a mostly weaker tone in a continuation of recent selling pressure. Near-term charts are oversold, which could limit followthrough selling, though technical damage was done on the long-term uptrends. The CME lean hog index continues to struggle garnering much seasonal strength as well. The index is up another 4 cents to $86.93 as of Feb. 13. Meanwhile, pork cutout rose $1.69 to $96.85 Monday, led by strength in bellies and ribs.