Corn is 5 to 6 cents higher at midmorning.
- Corn futures are notching short-covering gains as evidence of strong export demand continues to surface.
- USDA reported daily sales of 120,000 MT of corn to Japan and 298,000 MT to unknown destinations during 2025-26.
- The driest areas of Argentina will see little rain through Tuesday and stress to crops should increase in areas that missed out on significant rain this week, while rapid losses of soil moisture elsewhere in the region leave southern Argentina in need of rain to prevent quick increases in crop stress, according to World Weather Inc.
- March corn futures are now facing resistance at $4.26 3/4, while initial support lies at $4.18 1/2.
Soybeans are 2 to 3 cents higher, while soymeal is 90 cents higher. Soyoil is around 30 points lower.
- Soybean futures are firmer but continue to face technical challenges at the 20-day moving average.
- The U.S. has lifted a ban on Malaysian palm oil firm FGV Holdings, after findings that the company had taken sufficient action to address allegations of forced labor.
- Brazil is expected to produce 182.2 MMT of soybeans in 2025-26, according to Agroconsult. If realized, it would be a 5.9% increase over last year’s crop.
- World Weather notes the driest areas in northeastern Brazil will see little rain through Saturday and stress to crops may increase in eastern Bahia where soil moisture is mostly short ahead of showers Sunday into next week.
- March soybeans are facing resistance at the 20-day moving average of $10.58 1/4, which is backed by the 200-day moving average of $10.67 1/2.
Winter wheat futures are 8 to 9 cents higher, while HRS futures are mostly 3 to 5 cents higher.
- SRW wheat futures are scoring short-covering gains amid weather concerns.
- South Korean flour mills are believed to have purchased about 92,300 MT of milling wheat to be sourced from the U.S. in an international tender on Thursday, above previous estimates of 50,000 tons, according to European traders.
- Russia’s seaborne grain exports increased by 4.4% year over year to .7 MMT in December, according to shipping data from industry sources earlier today.
- March SRW futures are facing resistance at the 40-day moving average of $5.23 1/2, while support lies at $5.07 3/4.
Live cattle and feeders are posting heavy losses at midsession.
- Cattle futures are facing heavy selling as traders react to an additional case of New World screwworm in Mexico.
- Cattle futures are seemingly reacting toward the northward movement of New World screwworm (NWS). Texas Agriculture Commissioner Sid Miller issued a warning to livestock producers after authorities in Mexico confirmed a NWS case just 215 miles south of the Texas border.
- Wholesale beef values firmed on Thursday, with Choice up $2.24 to $360.77, while Select rose $2.06 to $359.71. Movement remained strong at 150 loads.
- February futures are testing support at the 20- and 100-day moving averages, with additional support at the 40-day moving average of $227.35. Initial resistance stands at this week’s high of $237.55.
Hog futures are mixed at midsession.
- Nearby lean hog futures have notched a fresh for-the-move high as cash fundamentals improve.
- The CME lean hog index is up 11 cents to $80.50 as of Jan. 14, ending the end of a string of losses.
- The pork cutout value rose $2.31 to $93.60, amid gains in all cuts aside from primal ribs and picnics. Movement totaled 270.2 loads.
- February lean hogs are facing resistance at $88.60, while support lies at $87.10.