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Corn is unchanged to 2 cents lower.
- Corn futures are facing modest corrective pressure, in tandem with winter wheat futures and the soy complex despite support from a diving U.S. dollar.
- USDA reported weekly export inspections totaled 1.51 MMT for the week ended Jan. 22, up 24,293 MT from the previous week. Year-to-date corn inspections are running 53.3% ahead of the same period last year.
- President Trump is expected to give a speech in Clive, Iowa around midday on Tuesday and may face tough questions on the administration’s position on the use of year-round E-15.
- AgRural reported producers in Brazil had harvested 5% of the first corn crop as of last Thursday, which lagged last year’s pace of 8.6% last year. Second safrinha corn crop plantings were estimated to 4.7% complete, up from 2.2% last year.
- AgRural increased its forecast for Brazil’s 2025-26 corn output to 136.6 MMT, up from its previous estimate of 136 MMT.
- March corn futures are facing resistance from the 20-, 40-, 100- and 200-day moving averages, layered from $4.33 1/2 to $4.43 1/4. Initial support lies at $4.24 3/4 and is backed by the 10-day moving average.
Soybeans are 3 to 5 cents lower, while soymeal is nearly $5.00 lower. Soyoil is around 10 points lower.
- Soybeans are being led lower by selling in meal futures amid stiff technical resistance.
- USDA reported weekly export inspections of 1.32 MMT for the week ended Jan. 22, down 20,672 MT from the previous week. Year-to-date soybean inspections are running 37.5% behind year-ago.
- Drying in far southern Brazil, Paraguay, Uruguay and eastern Argentina for the next 7-10 days will raise some concerns for soybeans and other crops because some of those areas are already drying down, according to World Weather Inc.
- As of last Thursday, farmers in Brazil had harvested 4.9% of the 2025-26 soybean crop, up 2% from the previous week and above the 3.9% seen a year earlier, according to AgRural.
- AgRural raised its forecast for the 2025-26 Brazilian soybean crop to 181 MMT, up from its previous estimate of 180.4 MMT.
- March soybeans are being limited by the 200- and 40-day moving averages, layered at $10.68 1/2 to $10.789 1/4. Initial support lies at $10.62 1/4 and is backed by the 20- and 10-day moving averages.
Winter wheat futures are mostly a nickel to 9 cents lower, while HRS futures are mostly 3 to 5 cents lower.
- SRW wheat futures have retreated from the fresh overnight high scored in early overnight trade despite support from a notably weaker dollar.
- USDA reported weekly export inspections totaled 351,001 MT for the week ended Jan. 22, down 46,773 MT from the previous week. Year-to-date inspections are running 18.2% ahead of the same period last year.
- Wheat damage in the U.S. was suspected (but not confirmed) during the weekend in South Dakota, parts of Montana and portions of Nebraska and possibly parts of Illinois, Indiana, Ohio and northern Missouri, according to World Weather Inc.
- March SRW futures have tested the 100-day moving average of $5.30 3/4 for the first time since Nov. 20, while initial support lies at the 40-day moving average of $5.20 1/2. Additional resistance/support are at $5.35 and the 10- and 20-day moving averages, each trading around $5.14.
Live cattle are modestly firmer, while feeders are notching stronger gains at midsession.
- Cattle futures are modestly firmer as resistance at the Jan. 13 high continues to serve up resistance.
- Serious livestock stress has occurred in the central and southern U.S. Plains, Midwest, Delta, Tennessee River Basin and surrounding areas during the weekend due to extreme cold, snow, freezing rain and strong wind chills, notes World Weather.
- On Friday, USDA reported cattle on feed in large feedlots (1,000+ head) totaled 11.45 million head on Jan. 1, 2026, 3.2% below year ago. Placements in December totaled 1.594 million head, down 5.4% from December 2024. Marketings of fed cattle in December totaled 1.77 million head, 1.8% above 2024, while other disappearance of 58,000 head in December was 2% below year-ago.
- Wholesale beef values rose on Friday, with Choice up $1.47 to $368.92, while Select rose 66 cents to $362.39. Movement totaled 123 loads.
- February futures are up against resistance at $236.90, which is backed by the Jan. 13 high of $237.55. Initial support is layered at the 10-, 20-100- and 40-day moving averages, layered from $234.48 to $230.02.
Hog futures are mixed at midsession.
- Nearby lean hog futures have turned from the new for-the-move high scored in early trade, though a solid technical posture and decided strength in the cash index continue to lend solid support.
- The pork cutout value rose $1.13 on Friday to $95.75, led by gains in primal butts. Movement totaled 283.9 loads for the day.
- The CME lean hog index is up another 55 cents to $83.62 as of Jan. 22.
- February lean hogs are facing resistance at $88.71 and $89.07, while support remains at $88.08.