Corn is mostly unchanged to a penny lower.
- Corn futures are edging modestly lower in step with wheat futures amid pressure from a firmer U.S. dollar and lingering technical woes.
- USDA reported daily sales of 130,480 MT to unknown destinations during 2025-26.
- Brazil is on track for ethanol production to expand in 2026 amid healthy ethanol prices, expansion of corn ethanol plants. The extra ethanol production might be too much for the local Brazilian market, noted Ricardo Carvolho of BP Bioenergy, which in turn may drive an increase in exports.
- Vietnam is willing to increase purchases of U.S. goods, especially machinery and high-tech products, according to its trade minister, as it began a sixth round of tariff negotiations in Washington this week.
- March corn futures are testing resistance at the 20-day moving average of $4.28 1/2, which is backed by the 40-, 100- and 200-day moving averages, layered from $4.36 1/4 to $4.41 1/2. Initial support lies at $4.26 1/4 and is backed by the Jan. 13 low of $4.17 1/4.
Soybeans are 24 to 30 cents higher, while nearby soymeal is $$7.20 higher. Soyoil is around 70 points higher.
- Soybeans have scored a near two-month high after positive talks between President Trump and Chinese President Xi Jinping.
- President Trump and Chinese President Xi Jinping reportedly discussed consideration by China to purchase more agricultural products, including increasing soybean purchases for the current marketing-year to 20 MMT.
- Malaysia’s palm oil inventories are set to end a 10-month rising streak in January, as exports jumped during a seasonal slowdown in production, according to a Reuters survey earlier today.
- March soybeans have surged above resistance at the 10-, 40- and 200-day moving averages, with resistance now serving at $11.00. Initial support remains at the 20-day moving average, currently trading at $10.60 1/4.
Wheat futures are mostly unchanged to 4 cents lower.
- Wheat futures are weaker amid technical headwinds.
- World Weather reports not much precip will occur in the next seven days and temps will be well above normal in U.S. HRW wheat country. Soil temps will increase and some reduction in winter dormancy will begin to occur.
- Bitter cold temps occurred this morning in northern Ukraine and areas east into the northern half of Russia’s Southern Region and far northwestern Kazakhstan, notes World Weather Inc. While much of the region had sufficient snow on the ground to protect crops, a part of northeastern Ukraine and a minor wheat production region west of the lower Volga River were snow free or had little snow, which might have caused some damage.
- March SRW futures are being limited by the 100-day moving average of $5.30 1/2, which is backed by last week’s high of $5.44 3/4. Support remains at the 20-day moving average, trading at $5.21 1/4, which is backed by the Jan. 2 low of $5.01 1/2.
Live cattle and feeders are higher at midmorning.
- Live cattle futures are still firmer but have backed off the near-term high scored in early trade.
- Cash cattle trade has been slow to develop this week in the wake of last week’s strong gains as packers regroup for this week’s negotiations.
- Wholesale beef values continued to edge higher, with Choice up $2.50 to $370.71, while Select rose $2.32 to $367.23. Movement increased to 118 loads for the day.
- April live cattle have scored a fresh for-the-move high, with initial resistance at $244.11, while greater resistance stems from the Oct. 16 high of $250.925. Initial support lies at $240.56, which is backed by the 10- and 20-day moving averages.
Hog futures are notably firmer at midsession.
- Lean hog futures are posing strong gains as gains in the cash index resumed and cutout strength continues.
- The CME lean hog index is up 12 cents to $85.83 as of Feb. 2.
- The pork cutout value rose $1.67 to $97.37 on Tuesday, led by a $15-gain in primal bellies. Movement totaled 303.8 loads.
- April lean hogs have notched a fresh contract high, with resistance now serving at $99.70. Initial support lies at the 10-day moving average of $96.70.