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Corn is mostly 4 to 5 cents lower at midmorning.
- Corn futures are facing followthrough pressure amid a hefty selloff in crude oil.
- Analysts expect 2025-26 ending stocks to increase 4 million bu. from February to 2.13 million bu., on average in USDA’s WASDE Report, due out at 11 a.m. CT.
- Crop consultant Dr. Michael Cordonnier lowered his Brazilian corn production estimate 2 MMT to 133 MMT as 2.4 to 4.9 million safrinha corn acres will not get planted, with an additional 14.8 million acres at risk of lower yields due to late planting. Cordonnier left his Argentine production estimate unchanged at 53 MM. He holds a neutral to lower bias going forward for both crops.
- Some concern remains over interior southern Brazil and Paraguay dryness, although most of the computer forecast models suggest at least partial relief will occur in the next two weeks, notes World Weather Inc.
- May corn futures gapped lower overnight, though support remains at the 10-day moving average of $4.73 3/4. Resistance stands at this week’s high of $4.98 1/2.
Soybeans are around 3 cents higher, while soymeal is around $1.80 higher . Soyoil is 40 points weaker.
- Soybeans are firmer, with support from meal futures ahead of USDA’s March WASDE.
- Analysts expect 2025-26 ending stocks to decline 4 million bu. To 346 million bu., on average, from February in today’s WASDE Report.
- Dr. Michael Cordonnier maintained his 2025-26 Brazilian and Argentine soybean production estimates of 178 MMT and 47 MMT, respectively. He holds a neutral to lower bias toward production going forward.
- Southeastern Argentina and Uruguay remain drier than usual and in need of rain, according to World Weather Inc. Some of that need may be partially fulfilled by rain expected next week, though follow up precip will be needed.
- China’s soybean imports fell in the first two months of the year, weighed down by most U.S. shipments yet to arrive, a slow harvest in Brazil and extended customs clearance, according to Reuters.
- May soybeans continue to be supported by the 10- and 20-day moving averages, layered at $11.77 1/2 and $11.63 1/4. Resistance stands at this week’s high of $12.33 3/4.
Wheat futures are mostly 13 to 15 cents lower.
- SRW wheat futures are extending Monday’s weakness despite support from a weaker U.S. dollar.
- On average, analysts expect 2025-26 wheat ending stocks to decline 5 million bu. from February to 926 million bu. in USDA’s WASDE Report.
- India’s wheat production in 2026 is likely to jump to a record 120.21 MMT, the government said earlier today, as ample monsoon rainfall helped farmers to expand the area under the winter crop.
- Ukraine’s largest agricultural producers’ union UAC predicts the extreme frosts have damaged 7-8% of winter wheat crops, higher than official estimates, it said earlier today. Ukraine’s economy ministry this week said the average loss of winter crops across the country will not exceed 5% in 2026, but the loss rate in the central Kirovohrad region may reach 40% and in the Vinnytsia region 30%.
- May SRW futures are facing support at $5.99 1/2, which is backed by the 10-day moving average. Resistance stands at this week’s high of $6.49 3/4.
Live cattle and feeders are notching solid corrective gains at midsession.
- Cattle futures are correctively firmer, but continue to face technical challenges, while cash fundamentals falter.
- Cattle traders were also spooked by news the JBS beef packing plant in Greeley, Colorado, is facing a potential shutdown due to a labor strike. While not a permanent closure, union workers are threatening to walk out as early as March 16, reports said.
- Wholesale beef rose on Monday, with Choice up $4.07 to $391.29, while Select rose $4.67 to $383.62. However, movement was light at only 48 loads.
- April cattle futures gapped higher at the open, though resistance stands at $233.07, which is backed by the 10-, 40- and 20-day moving averages. Initial support lies at the 200-day moving average of $228.98.
Hog futures are posting notable gains at midsession.
- Lean hog futures are posting corrective gains in the wake of Monday’s selloff.
- The CME lean hog index is up 13 cents to $90.87.
- The pork cutout value rose $3.05 to $101.32 on Monday amid gains in all cuts. Movement totaled 247.5 loads.
- April lean hogs are facing resistance at $96.21 and $96.92, while initial support lies at the 40-day moving average of $95.15.