Corn is mostly 2 cents lower.
- Corn futures are weaker amid a general risk off tone across the broad marketplace, though a notably weaker U.S. dollar is curbing seller interest.
- USDA reported weekly export inspections totaled 1.31 MMT during the week ended Feb. 5, up 160,753 MT from the previous week.
- Planting of Brazil’s second corn crop reached 22% of the estimated area as of last Thursday, compared with 20% a year earlier, according to AgRural.
- March corn futures gapped lower overnight below the 10-day moving average, though support lies at the 20-day moving average of $4.26 1/2. Stiffer resistance stands at the 40-, 100- and 200-day moving averages, layered from $4.35 to $4.41.
Soybeans are 3 to 5 cents lower, while nearby soymeal is $5.50 lower. Soyoil is around 100 points higher.
- Soybeans are facing corrective selling in the wake of last week’s gains, though resumed soyoil strength is supporting the complex.
- USDA reported daily sales of 264,000 MT of soybeans to China during 2025-26.
- USDA reported weekly export inspections totaled 1.14 MMT during the week ended Feb. 5, down 181,510 MT from the previous week.
- India late Friday said it agreed to cut or eliminate import duties on U.S. agricultural products, including soybean oil, according to a joint statement on the framework for an interim trade deal. The trade deal with the U.S. could allow American supplies to gain market share from other major exporters and curb demand for competing edible oils.
- Brazil’s rain frequency and intensity should lighten up greatly later this week and into the weekendLess frequent and less significant rain later this week into next week will be ideal for soybean maturation and harvesting, according to World Weather Inc.
- Brazilian farmers had harvested 16% of their 2025/26 soybean crop as of last Thursday, agribusiness consultancy AgRural said on Monday, up 6 percentage points from the previous week and just topping the 15% reported a year earlier.
- March soybeans are trading within Friday’s lower range, with resistance at last week’s high of $11.37 3/4, while support lies at the psychological $11.00 area.
Wheat futures are mostly 2 to 3 cents lower.
- Wheat futures are modestly weaker despite solid export inspections and a diving dollar.
- USDA reported weekly export inspections totaled 580,130 MT during the week ended Feb. 5, up 249,618 MT from the previous week.
- Recent bitter cold in eastern Ukraine and a minor part of Russia’s Southern Region may have led to a little winter crop damage because of limited snow cover. The area impacted was quite small and unlikely to have a big impact on overall production. Another bout of bitter cold is possible in Ukraine and a part of Russia’s Southern Region Monday with similar results, notes World Weather.
- Ukraine’s APK-Inform agriculture consultancy has sharply cut its forecast for Ukrainian grain exports in the 2025/26 July-June season to 40.48 million metric tons from 45.18 million tons a month earlier due to slow exports, it said on Sunday.
- March SRW futures are facing resistance at the 100- and 10-day moving averages, each trading around $5.30, while initial support lies at the 20-day moving average of $5.23.
Live cattle and feeders are slightly lower at midmorning.
- Live cattle futures are posting corrective gains after last week’s late-week pressure.
- Wholesale beef rose $2.08 to $369.33 on Friday, while Select rose $4.16 to $364.53, though movement was light at only 60 loads.
- April live cattle futures are trading within Friday’s range, with support at the 20-day moving average, trading at $237.41, while resistance stems from last week’s high of $244.575.
Hog futures are under notable pressure at midsession.
- Lean hog futures are correctively weaker after a push to contract highs last week.
- Today’s projected cash index price is up another 19 cents to $86.57
- The pork cutout value fell $1.50 to $93.77 on Friday amid declines in all cuts aside from primal hams. Movement totaled 205.4 loads.
- April lean hogs gapped lower at the open and are testing support at the 10-day moving average, trading at $96.86. Additional support lies at the 20-day moving average, while initial resistance stands at $98.53, then at the Feb. 4 high of $99.80.