Corn is chopping around unchanged.
- Corn futures are modestly weaker in sideways trade, with pressure stemming from corrective pressure from both wheat and soybeans.
- Southeastern Argentina may see a return of drier than usual weather following this period of time, according to World Weather Inc.
- The consumer price index cooled in January, slowing to 0.2% on a monthly basis, below 0.3% in December. On an annual basis, CPI cooled to 2.4%, the lowest since May, down from 2.7% the past couple months.
- March corn futures are facing support at the 10- and 20-day moving averages, trading at $4.29 ½ and $4.28 1/4, though resistance remains at the 40-, 100- and 200-day moving averages, layered from $4.34 to $4.40 1/4.
Soybeans are 5 to 7 cents lower, while nearby soymeal is around $1.40 lower. Soyoil is around 80 points lower.
- The soy complex is facing corrective pressure in the wake of recent strength.
- India’s palm oil imports rose 51% in January to a four-month high, as a wider discount to rival soyoil encouraged refiners to step up purchases. As a result, soyoil imports fell to a 19-month low.
- World Weather notes rain expected in southern Brazil and eastern Argentina as well as Uruguay through the middle part of next week will reduce crop stress and improve yield potentials. Center west and center south Brazil will experience drier biased weather into mid-week next week with some returning rainfall likely in the last week of this month.
- March soybeans are being limited by resistance at this week’s high of $11.41 1/2, which is backed by the Nov. 18 high of $11.71 1/2. Support lies at $11.22 3/4, then at the 10-day moving average, currently trading at $11.07.
Wheat futures are mostly 3 to 12 cents lower at midmorning.
- SRW wheat futures are pausing after Thursday’s strong gains.
- IKAR raised Russia’s 2026 wheat production estimate to 91.0 MMT, up from its earlier forecast of 88 MMT. Export potential for the 2026-27 marketing year is seen at 47.5 MMT.
- Rating for winter crops in France, the European Union’s biggest grower, are at the highest levels in three years, well above 2024 and 2025, when wet weather hampered growth, according to FranceAgriMer.
- March SRW futures are trading within Thursday’s upper range,with resistance at the 200-day moving average of $5.51 1/2 and Thursday’s high of $5.53 1/2. Initial support lies at $5.47 1/4 which is backed by the 10-, 100- and 20-day moving averages.
Live cattle and feeders are lower at midmorning.
- Live cattle futures are narrowly weaker as light cash trade throughout the week limits buyer interest.
- Cash cattle trade has been light throughout the week, with another weekly gain likely.
- Choice boxed beef fell $1.08 on Thursday to $364.84, while Select rose 45 cents to $363.03. Movement totaled 101 loads.
- April live cattle futures are facing initial resistance at $241.525, which is backed by the Feb. 4 high of $244.575. Support is at the 10- and 20-day moving averages, layered at $239.42 and $237.88.
Hog futures are weaker at midsession.
- Lean hog futures are facing modest technical selling despite support from wholesale and cash strength.
- The CME lean hog index is up another 37 cents to $86.89 as of Feb. 11.
- The pork cutout value rose $1.88 on Thursday to $95.65 amid gains in all cuts. Movement totaled 287.9 loads.
- April lean hogs are trading within Thursday’s lower range, with support at the previous session low of $91.35, which is backed by the 100- and 200-day moving averages, layered at $89.85 and $89.19. Resistance is at the 40-day moving average of $93.18.