Corn is mostly unchanged to a penny higher at midmorning.
- Corn futures are modestly firmer with support from strength in wheat futures and crude oil.
- USDA’s annual Agricultural Outlook Forum kicks off Thursday with an initial forecast of 2026 acreage. A Bloomberg poll shows analysts expect forecasted corn plantings at 95 million acres, on average.
- A large part of North America is still dealing with some level of drought and/or dryness, which raises some concern for the spring and summer, according to World Weather Inc. The forecaster indicates a change late this spring into summer, which should bring some welcome relief, but spring dryness may have an influence on plantings in the central U.S.
- March corn futures are now facing resistance at the 20- and 10-day moving averages, each trading around $4.29, while initial support lies at $4.24 1/2, which is backed by the Jan. 13 low of $4.17 1/4.
Soybeans are 2 to 3 cents higher, while nearby soymeal is around $1.40 lower. Soyoil is around 120 points higher.
- Soybeans have backed off earlier highs, but continue to hold gains amid support from soyoil.
- The EPA is expected to submit proposed biofuel blending quotas for 2026 to the White House this week for final review, according to Reuters, which cited sources familiar with the matter.
- A Bloomberg poll shows analysts expect USDA to forecast 85 million acres, on average at its annual Agriculture Outlook Forum.
- March soybeans have notched a new for-the-move high, though resistance continues to stem from the Nov. 18 high of $11.72 ½, while support lies at $11.26 3/4, which is backed by the 10-day moving average.
Wheat futures are mostly 3 to 7 cents higher at midmorning.
- SRW wheat futures are recouping a portion of Tuesday’s losses amid solid technical support, though a firmer U.S. dollar is likely curbing short-covering interest.
- A cold snap across most of Ukraine following a thaw has led to a crust of ice to form on fields that may damage winter wheat, according to farmer’s union UAC earlier today.
- A Bloomberg poll shows analysts expect USDA to forecast wheat acres at 44.7 million acres at its Agricultural Outlook Forum, which kicks off on Thursday.
- March SRW futures continue to be limited by resistance at the 200-day moving average of $5.51, which is backed by last week’s high of $5.53 1/2. The 10-, 20- and 100-day moving averages, layered from $5.37 1/4 to $5.30 are support.
Live cattle are narrowly mixed, while feeders are modestly firmer at midmorning.
- Nearby futures are pausing in narrow trade as stiff resistance looms at the February high.
- Strong winds in Texas, Oklahoma and Kansas have started wildfires, and will likely cause power outages at feedyards.
- Boxed beef prices edged lower on Tuesday, with Choice down $3.01 to $364.76, while Select fell $1.01 to $360.22. Movement improved to 119 loads.
- April live cattle futures are facing support at $241.93, with greater support at the 10-, 20- and 40-day moving averages, layered from $239.73 to $236.28.
Hog futures are firmer at midsession.
- Lean hog futures are posting followthrough gains in corrective trade, though technical resistance is limiting gains.
- The CME lean hog index is up 8 cents to $87.13 as of Feb. 16.
- The pork cutout value slid 97 cents on Tuesday to $95.88 amid declines in all cuts aside from primal ribs.
- April lean hogs continue to meet resistance at the 40-day moving average of $93.38, which is backed by the 10- and 20-day moving averages. Support lies at $91.53, which is backed by the 100- and 200-day moving averages.