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Corn is mostly a penny to 4 cents lower at midmorning.
- Corn futures have backed off overnight highs in tandem with crude oil futures.
- USDA reported weekly export inspections totaled 1.52 MMT during the week ended March 5, down 341,413 MT from the previous week.
- G-7 finance ministers held a virtual meeting on Monday to discuss the conflict in the Middle East, and stated that they were ready to take any steps needed to support global energy supply, including releasing strategic oil reserves.
- AgRural reported Brazil’s center-south second corn plantings reached 82% complete as of last Thursday.
- Turkey has tendered to buy and import 280,000 MT of corn, according to traders.
- May corn futures are facing resistance at $4.68 and $4.74, while initial support lies at $4.58 1/4.
Soybeans are mostly unchanged, while soymeal is around $3.70 lower. Soyoil is modestly firmer.
- Soybeans have turned well off the fresh for-the-move highs, driven by a surge in crude oil futures as the conflict in the Middle East broadens.
- USDA reported weekly export inspections totaled 879,190 MT during the week ended March5, down 282,843 MT from the previous week.
- Indonesia may revive a plan to launch a mandatory B50 grade of palm oil-based biodiesel in the middle of this year because of surging crude oil prices due to the conflict in the Middle East, according to deputy energy minister Yuliot Tanjung.
- Brazilian farmers had harvested 51% of their 2025-26 soybean crop as of last Thursday, according to AgRural. That’s the slowest pace since 2020-21.
- May soybeans are facing resistance at $12.19 1/4 and $12.35 3/4, while support lies at $11.93 1/2.
SRW wheat futures are mostly 4 to 6 cents lower, while HRW and HRS futures are chopping around unchanged.
- SRW wheat futures are correctively lower after scoring fresh highs in overnight trade, with pressure from a general pullback across the grain and soy complex along with a firmer U.S. dollar.
- USDA reported weekly export inspections totaled 496,108 MT during the week ended March 5, up 141,590 MT from the previous week.
- Ukraine’s spring sowing campaign will start with a two-week delay due to frozen soil and remaining snow, according to the Ukrainian economy ministry earlier today.
- May SRW futures have backed off the overnight high, as resistance is layered at $6.37 and $6.48 3/4. Initial support lies at $6.14 3/4.
Live cattle and feeders posting heavy losses at midsession.
- Cattle futures gapped notably lower at the open, with pressure stemming from equities and potential demand implications amid growing economic uncertainty.
- Cattle futures continue to face pressure from a selloff in equities and recent strength in corn futures.
- Choice boxed beef rose 33 cents on Friday to $387.222, while Select slid $1.6 to $378.95. Movement dwindled to 65 loads.
- April cattle futures gapped notably lower at the open, with support at the 200-day moving average of $228.85, which is backed by support at $227.11. Initial resistance is at the intraday high of $230.675.
Hog futures are notably lower at midsession.
- Lean hog futures are facing spillover pressure from cattle futures.
- The CME lean hog index is up 19 cents to $90.74 as of March 5.
- The pork cutout value is down 95 cents to $98.27 on Friday, led by declines in primal loins and butts. Movement declined to 194.6 loads.
- April lean hogs gapped lower and are testing support at the 40- and 20-day moving averages, trading at $95.03 and $94.62, with additional support at $94.18. Initial resistance stands at the 10-day moving average of $95.75.