Corn is mostly a penny higher at midmorning.
● Corn futures are modestly firmer, with support from strength in crude oil.
● USDA reported weekly export sales of 377,600 MT for the week ended Jan. 1, a marketing-year low, were down 49% from the previous week and 76% from the four-week average.
● In Argentina, a close watch will made on rain advertised for much of the country Monday into Friday of next week, and the driest areas in the west should receive enough rain to at least temporarily improve conditions for crops, according to World Weather Inc.
● South Korea’s major Feedmill Group (MFG) has issued a tender to purchase up to 210,000 MT of animal feed corn, according to European traders.
● March corn futures are up against resistance at $4.48, which is backed by psychological resistance at $4.50. Initial support lies at the 200-, 10-, 40- 20- and 100-day moving averages, layered from $4.45 to $4.40.
Soybeans are around 2 cents higher, while soymeal is 10 cents lower. Soyoil is fractionally higher.
● Soybeans are correctively weaker as technical resistance continues to serve as a challenge.
● USDA reported daily sales of 132,000 MT of soybeans to China during 2025-26.
● USDA reported weekly soybean sales of 877,900 MT for the week ended Jan. 1, down 26% from the previous week and 42% from the four-week average.
● President Trump could find out as soon as Friday whether the Supreme Court will strike down a key portion of his tariffs campaign. “The court is considering whether Trump can use an emergency law that had previously never been wielded to impose import taxes, and its decision could be included in an upcoming opinions release on unspecified cases.
● Indonesia will likely increase its palm export levy to support the country’s biodiesel mandate, according to energy ministry official Eniya Listiani Dewi, who cited tightening funds to reporters. Indonesia has implemented a mandatory 40% palm-based biodiesel blend, known as B40, which is the highest blending rate in the world. The country is seeking to increase the blend to 50% later this year.
● March soybeans are struggling against resistance at the 200- and 20-day moving averages, layered at $10.66 3/4 and $10.68 3/4. Initial support lies at the 10-day moving average of $10.61 1/2 and is backed by the Jan. 2 low of $10.38.
Winter wheat futures are 2 to 4 cents higher, while HRS futures are a penny to 2 cents higher.
● SRW wheat futures are extending Wednesday’s gains despite a firmer U.S. dollar.
● USDA reported weekly wheat sales totaled 118,700 MT for the week ended Jan. 1, which were up 24% from the previous week but down 55% from the four-week average.
● Rain and snow will impact the central and southern Plains through Friday, which may improve topsoil moisture in many areas, notes World Weather. The moisture boost will be welcome, though much more will be needed in the high Plains region. Cooling this weekend will briefly improve winter hardiness, although warming next week will reverse that process.
● March SRW futures are now being supported at the 20-day moving average, trading at $5.15 3/4, while initial resistance at $5.22 1/2 is backed by the 40- and 100-day moving averages.
Live cattle and feeders are weaker at midmorning.
● Cattle futures are favoring the downside, though technical support and supply fundamentals should continue to limit a push lower.
● USDA reported weekly beef sales totaled 10,600 MT for the 2026 marketing year.
● Choice boxed beef rose $3.03 on Wednesday to $354.28, while Select fell $1.80 to $349.28. Movement was notable at 139 loads.
● February futures are being pressured by resistance at this week’s high of $237.45, while initial support lies at the 10- and 20-day moving averages, currently trading at $232.59 and $232.37.
Hog futures are posting solid gains at midsession.
● Nearby lean hog futures are notably firmer but are forging a consolidative range as a weakening cash index limits extended buying efforts near-term. The pork cutout value rose $1.04 on Wednesday to $92.29, led by gains in primal ribs. Movement totaled 330.6 loads.
● USDA reported weekly pork export sales totaled 27,700 MT for the 2026 marketing-year.
● Brazil’s pork exports hit a record 1.51 MMT in 2025, marking a 11.6% increase from the previous year, according to data from industry group ABPA. The Philippines was the top destination for Brazilian pork, which imported 392,900 MT in 2025, up 54.5% on the year.
● February lean hogs are being limited by resistance at $86.15, which is backed by this week’s high of $86.50. Initial support lies at the 20-day moving average $84.70.