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Corn is mostly 3 to 5 cents at midmorning.
- Corn futures are being supported by strength in crude oil.
- USDA reported weekly corn sales of 1.53 MMT for the week ended March 5, down 24% from the previous week and 2% from the four-week average. Net sales were within the expected pre-report range of 800,000 MT to 2.2 MMT.
- Cargill has paused soybean export operations from Brazil to China after inspection changes made by the Brazilian Government made it difficult for traders to comply, the company’s Latin America head Paulo Sousa said on Wednesday and as reported by Reuters.
- May corn futures are facing resistance at this week’s high of $4.98 1/2, while initial support lies at $4.85 3/4.
Soybeans are 16 to 20 cents higher, while soymeal is around $5.00 higher. Soyoil is 70 points firmer.
- The soy complex is collectively higher, with soybeans up against this week’s high.
- USDA reported net soybean sales 456,700 MT for the week ended March 5, up 19% from the previous week but down 2% from the four week average. Net sales were within the pre-report range of 250,000 to 800,000 MT.
- Cargill has paused soybean export operations from Brazil to China after inspection changes made by the Brazilian Government made it difficult for traders to comply, the company’s Latin America head Paulo Sousa said on Wednesday and as reported by Reuters.
- “Soybeans are likely to be on the agenda when trade chiefs from the U.S. and China next meet, a conversation that could shed light on when Beijing plans to resume purchases in earnest,” Bloomberg said in a report. U.S. Treasury Secretary Scott Bessent, Trade Representative Jamieson Greer and China’s Vice Premier He Lifeng are expected to convene in Paris this weekend, in preparation for a summit in Beijing between presidents Donald Trump and Xi Jinping at the end of the month.
- May soybeans are up against resistance at this week’s high of $11.72 1/2, while initial support lies at $11.62 1/2.
Wheat futures are mostly 9 to 12 cents higher.
- SRW wheat futures are posting notable gains amid general strength across the grain and soy complex, despite a firmer U.S. dollar.
- USDA reported weekly wheat sales of 455,400 MT for the week ended March, which were up noticeably from the previous week and up 49% from the four-week average. Net sales were just above the pre-report range of 200,000 to 450,000 MT.
- Expana lowered its forecast for European Union soft wheat exports in 2025-26 for a fifth consecutive month after reducing projected wheat and barley shipments to the Middle East due to the war in the region, according to Reuters.
- May SRW futures are facing resistance at this week’s high of $6.49 3/4, while support lies at the 10-day moving average of $5.91 3/4.
Live cattle are posting solid gains while feeders are chopping around unchanged.
- Cattle futures are moderately higher as technical support at the 200-day moving average curbs seller interest.
- Boxed beef prices rose on Wednesday, with Choice up $3.03 to $396.70, while Select rose $2.48 to $389.25. Movement totaled 87 loads.
- USDA reported weekly beef sales of 25,4000 MT for 2026, a marketing-year high. Net sales were up noticeably from the previous week and 87% form the four-week average.
- April cattle futures continue to find support at the 200-day moving average, trading at $229.21, while initial resistance stands at $231.46, which is backed by the 10-day moving average.
Hog futures are notably lower at midmorning.
- Lean hog futures are facing technical selling and pressure from weak export sales.
- The lean hog index rose another 23 cents to $91.20 as of March 10.
- The pork cutout value fell 69 cents to $98.41 on Wednesday amid declines in all cuts aside from primal hams. Movement totaled 333.3 loads.
- USDA reported weekly pork sales of 23,700 MT for 2026, a marketing-year low. Net sales were down 34% from the previous week and 30% from the four-week average.
- April lean hogs are facing resistance at the 40- and 10- day moving averages, trading at $95.355 and $95.64, while initial support lies at the 20-day moving average of $94.64.