Corn is modestly favoring the upside at midsession.
- Corn futures are firmer, with support from gains in soybeans.
- USDA will release fresh supply & demand estimates at 11:00 a.m. CT, on average analysts are not expecting any changes in corn ending stocks from January. South American production estimates will garner attention. On average analysts expect Argentina corn production to decline slightly from January and Brazilian corn to increase.
- Crop consultant Dr. Michael Cordonnier left his Brazilian and Argentine corn production estimates unchanged at 137 MMT and 53 MMT, respectively. He holds a neutral to higher bias toward the Brazilian estimate and neutral to lower bias toward the Argentine crop.
- March corn futures are pivoting around the 10-day moving average, trading around $4.30, while additional resistance stands at the 40-, 100- and 200-day moving averages. The 20-day moving average, trading at around $4.27 is initial support.
Soybeans are 10 to 11 cents lower, while nearby soymeal is around $5.00. Soyoil is around 20 points higher.
- Soybeans are being led higher by corrective strength in soymeal.
- On average, analysts expect a 3 million bu. Decrease (347 million bu.) in U.S. ending stocks from January in today’s Supply & Demand Report. Analysts expect a slight decline in Argentina soybean production and a 1.4 MMT increase in Brazilian soybean production.
- Dr. Michael Cordonnier maintained his Brazilian and Argentine soybean production estimates at 179 MMT and 47 MMT, respectively. He holds a neutral to lower bias toward the Brazilian soybean crop and neutral to lower bias toward the Argentine crop.
- March soybeans are facing resistance at last week’s high of $11.37 3/4, while support lies at $11.05 and the psychological $11.00 level.
Wheat futures are mostly chopping around unchanged at midmorning.
- Wheat futures are holding a subdued tone ahead of USDA’s February supply and demand update.
- On average, analysts expect an 8 million bu. decline in wheat ending stocks in USDA’s supply & demand update late this morning.
- France’s farm ministry on Tuesday increased its estimates for sowings of winter soft wheat and winter rapeseed for the 2026 harvest, confirming its expectation of an expanded area for both crops this year.
- March SRW futures are trading mostly between the 10- and 20-day moving averages, currently trading at $5.32 and $5.24.
Live cattle and feeders are lower at midmorning.
- Live cattle futures are weaker despite confirmation of firmer cash trade last week.
- Cash cattle trade last week averaged $241.31, up $1.87 from the previous week.
- Choice boxed beef fell $1.57 on Monday to $367.76, while Select rose 82 cents to $365.35. Movement remained light at only 68 loads.
- April live cattle futures continue to find support at the 20-day moving average of $237.48, while resistance remains at last week’s high of $244.575.
Hog futures are weaker at midsession.
- Lean hog futures are extending losses for the third straight session amid technical selling.
- The CME lean hog index is down 11 cents to $86.46.
- The pork cutout value rebounded $2.06 on Monday to $95.83. Movement totaled 321.7 loads for the day.
- April lean hogs are facing support at the 20-day moving average of $95.95, while resistance stems from last week’s high of $99.80.