Corn is chopping around unchanged at midmorning.
- Corn futures are chopping around unchanged after scoring a for-the-move high in early trade, as pressure from the soy complex limits buyers.
- USDA reported daily sales of 178,000 MT to Japan, with 154,000 MT for 2026-27 and 24,000 MT for 2027-28.
- USDA reported weekly corn sales totaled 685,800 MT during the week ended Feb. 19. Net sales were down 53% from the previous week and 56% from the four-week average. Net sales were short of the pre-report range of 900,000 MT to 1.8 MMT.
- May corn futures are up against resistance at the 100-day moving average $4.45 ¾, and is backed by the 200-day moving average. Initial support lies at the 10-, 40- and 20-day moving averages, layered from $4.39 1/2 to $4.38 1/2.
Soybeans are 4 to 6 cents lower. Soymeal is around $2.00 lower. Soyoil is around 95 points higher.
- Soybean futures have turned from fresh near-term highs amid technical selling and an unsettled tone between the U.S. and China.
- USDA reported weekly soybean sales totaled 407,100 MT during the week ended Feb. 19. Net sales were down 49% from the previous week and 30% from the four-week average. Net sales were just within the pre-report range of 400,000 MT to 1.0 MMT.
- The Trump administration has settled a plan that would require big oil refineries to make up at least half of the biofuel blending volumes obligations waived in recent years under the Small Refinery Exemption program, according to three sources familiar with the discussions.
- Brazil may increase soybean exports to China in 2026 amid lower Argentine shipments despite stronger competition from U.S. farmers, according to Reuters.
- May soybeans are facing initial resistance at $11.71 1/4, which is backed by the Nov. 18 high of $11.77 3/4. Support remains at the 10-day moving average of $11.53 3/4.
SRW wheat futures are 2 to 3 cents higher, while HRW futures are a penny 3 cents lower. HRS futures are around a penny to 2 cents lower.
- SRW wheat futures are posting corrective gains after three consecutive sessions of weaker closes.
- USDA reported weekly wheat sales totaled 243,000 MT during the week ended Feb. 19, down 16% from the previous week and 43% from the four-week average. Net sales were short of the expected pre-report range of 250,000 to 500,000 MT.
- Ukraine’s grain deliveries to its Black Sea ports for export have risen 2% so far in February compared with January, but volumes remain below February 2025 levels, state railway Ukrazaliznytsia said on Thursday.
- Algeria’s state grains agency OAIC is believed to have purchased about 600,000 MT of milling wheat in a tender which closed on Tuesday with negotiations continuing Wednesday, according to European traders.
- May SRW futures are trading within Wednesday’s upper range, with resistance stemming from the Feb. 23 high of $5.83 1/2. Initial support lies at 10- and 200-day moving averages, layered at $5.63 1/2 to $5.60 3/4.
Live cattle and feeders are posting strong losses at midmorning.
- Nearby futures are under notable selling pressure amid technical selling.
- USDA reported weekly beef sales totaled 12,900 during the week ended Feb. 19 for 2026. Net sales were down 12% from the previous week and 23% from the four-week average.
- Wholesale beef values rose on Wednesday, with Choice up $1.80 to $379.23 and Select up $1.06 to $367.07. Movement totaled 99 loads for the day.
- April live cattle futures continue to hold a range between the 10- and 40-day moving averages, trading at $240.91 and $237.88. Additional resistance/support stand at the Feb. 4 high of $244.575 and the 100-day moving average of $232.68.
Hog futures are modestly weaker at midsession.
- Lean hog futures are modestly weaker in inside trade, though strong export sales and improving cash and wholesale fundamentals continue to lean fully supportive.
- USDA reported weekly pork sales totaled 42,600 MT during the week ended Feb. 19. Net sales were up 56% from the previous week and 16% from the four-week average.
- The pork cutout value rose 67 cents to $97.62 on Wednesday, amid gains in all cuts aside from primal butts and loins. Movement totaled 280.6 loads.
- April lean hogs continue to face resistance at $96.67, while initial support lies at the 20-day moving average, currently trading at $95.15, which is backed by 40- and 10-day moving averages.