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Corn is mostly 6 cents higher at midmorning.
- Corn futures are correctively firmer following a pullback, with support from extended gains in crude oil futures and strong weekly export sales.
- USDA reported weekly corn sales totaled 2.02 MMT during the week ended Feb. 26, which were up noticeably from the previous week and 42% from the four week average. Net sales were well above analyst’s pre-report range of 600,000 MT to 1.6 MMT.
- China aims to boost grain production capacity to 725 MMT over 2026-2030, prioritizing yield gains through technology, soil protection and seed innovation rather than farmland expansion, according to government reports released earlier today.
- Ukraine’s 2026 corn production is seen at 29.9 MMT this year, about 6% lower from a year earlier, according to Sovecon.
- May corn futures are testing resistance at the 200-day moving average of $4.47 3/4, while support lies at the 20-day moving average of $4.40 1/4.
Soybeans are 4 to 5 cents higher, while soymeal is around $2.00 lower. Soyoil is around 175 points higher.
- Soybeans are being led higher by soyoil, which has extended to a fresh multi-year high.
- USDA reported weekly soybean sales totaled 383,500 MT during the week ended Feb. 26, down 6% from the previous week and 20% from the four-week average. Net sales were nearer the low-end of the pre-report range of 300,000 MT to 1.0 MMT.
- In an order on Wednesday, Judge Richard Eaton, who sits on the federal trade court in New York, ordered Customs and Border Protection to stop calculating U.S. emergency tariffs on importers’ customs paperwork. He also questioned why the government was continuing to do so after the Supreme Court ruled the tariffs illegal, Bloomberg reported.
- Brazilian farmers may be squeezed by the escalating conflict in the Middle East, according to Reuters and trade data showing the region is a key destination for Brazil’s farm exports and an important provider of fertilizers, such as Urea. Shippers are weighing whether to unload grain cargoes in Oman to avoid trouble in the Persian Gulf, according to consultancy Argus.
- May soybeans continue to hold above support at the 10-day moving average of $11.6, though resistance at the March 2 high of $11.85 continues to curb buyer interest.
Wheat futures are mostly 7 to 15 cents lower.
- SRW wheat futures are rebounding after a recent selling from this week’s high, despite pressure from a firmer U.S. dollar.
- USDA reported weekly wheat sales totaled 203,100 MT for the week ended Feb. 26, down 16% from the previous week and 42% from the four-week average. Net sales were near the low-end of the pre-report range of 200,000 to 500,000 MT.
- Canadian farmers intend to plant more acres of canola and barley and less wheat, oats and dry peas compared to 2025, according to StatsCan. Total wheat acres are forecasted at 26.7 million acres in 2026, down 1.1% from the previous year.
- Ukraine increased grain shipments to its Black Sea ports for subsequent export by 5.5%, annually, in February, despite ongoing Russian attacks on transport infrastructure, according to state railways.
- May SRW futures are testing resistance at the 10-day moving average of $5.75 3/4, though greater resistance stems from the March 2 high of $6.03 3/4. Support lies at the 20- and 200-day moving averages, trading at $5.61 1/2 and $5.60 1/2.
Live cattle are weaker while feeders are posting a notable decline at midsession.
- Nearby futures are modestly weaker after a test of resistance at the 20-day moving average, though strong technical and fundamental support is limiting the downside.
- The CME lean hog index is up another 434 cents to $90.18.
- Choice boxed beef rose another 52 cents on Thursday to $388.57, while Select rose $1.77 to $380.35. Movement remained light at only 92 loads.
- USDA reported net beef sales totaled 11,200 MT during the week ended Feb. 26, down 14% from the previous week and 29% from the four-week average.
- April cattle futures are testing resistance at the 20-day moving average, trading at $238.68, which is backed by resistance at $239.97. Initial support lies at the 40- and 10-day moving averages, layered at $237.92 and 237.42.
Hog futures are lower at midsession.
- Lean hog futures are correctively weaker following Wednesday’s strong gains.
- The pork cutout value rose 12 cents on Wednesday to $98.62, despite a more than $10-drop in primal ribs. Movement t totaled 260.0 loads.
- USDA reported net pork sales of 36,100 MT for the week ended Feb. 26, which were down 15% from the previous week but up 8% from the four-week average.
- April lean hogs are trading inside Wednesday’s range, with resistance at the previous session high of $97.30, while support lies at the 10-, 20- and 40-day moving averages, layered from $95.53 to $94.85.