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Corn is mostly 2 to 3 cents lower.
- Corn futures are facing followthrough selling, with pressure stemming from an continued rebound in the U.S. dollar and notable weakness in crude oil futures.
- USDA reported weekly corn inspections for export totaled 1.14 MMT for the week ended Jan. 29, down 410,712 MT from the previous week. Net inspections were within the expected pre-report range of 900,000 MT to 1.4 MMT.
- Safrinha corn plantings in Brazil were 13% complete as of last Thursday, according to AgRural, ahead of the 9% pace last year during the same period. Meanwhile, harvest of the first corn crop was estimated to be 10% complete, four percentage points behind year ago.
- Exports of agricultural products from Ukraine remained stable at 5 MMT in January compared to December, according to farm lobby UCAB earlier today. “There has been an increase in grain exports and a decrease in exports of all other types of products. Corn is currently the main product being exported,” UCAB said.
- March corn futures are being limited by resistance at the 20-day moving average of $4.30 1/4, which is backed by the 40-, 100- and 200-day moving averages, layered from $4.37 to $4.42 1/4.
Soybeans are 3 to 5 cents lower, while nearby soymeal is a dime higher. Soyoil is around 65 points lower.
- Soybeans are facing pressure for the third straight session amid technical pressure.
- USDA reported weekly soybean inspections for export totaled 1.31 MMT for the week ended Jan. 29, down 25,752 MT from the previous week. Net sales were within the expected pre-report range of 600,000 MT of 1.4 MMT.
- U.S. soybean crushers likely processed 6.914 million short tons, or 230.4 million bushels, of soybeans in December, according to analysts surveyed by Reuters ahead of this afternoon’s monthly USDA crush report. If the average of estimates is realized, the U.S. soybean crush would be up 4.5% from the 220.5 million bushels crushed in November of last year and up 5.9% from the December 2024 crush of 217.7 million bushels. U.S. soyoil stocks as of December 31 were estimated at 2.279 billion pounds, according to the Reuters survey.
- Brazilian farmers had harvested 10% of their 2025-26 soybean crop as of last Thursday, according to AgRural, up 5 percentage points from the previous week and exceeding the 9% reported year-ago for the same period.
- March soybeans are facing pressure from the 10-, 40- and 200-day moving averages, layered from $10.65 to $10.69 1/2. The 20-day moving average, trading at $10.60, continues to provide support, with greater support at the Jan. 13 low of $10.37 3/4.
Wheat futures are 7 to 10 cents lower.
- Wheat futures are weaker amid corrective selling in the wake of Friday’s multi-week high and pressure from strength in the U.S. dollar.
- USDA reported weekly wheat inspections totaled 326,828 MT for the week ended Jan. 29, down 52,163 MT from the previous week. Net inspections were within the pre-report range of 200,000 to 400,000 MT.
- World Weather reports no new winterkill occurred in the U.S. and none occurred in the rest of the Northern Hemisphere during the weekend, and conditions are unlikely to be threatening for the next ten days.
- The Taiwan Flour Millers’ Association purchased an estimated 106,350 MT of milling wheat to be sourced from the U.S. in a tender late last week, according to European traders.
- March SRW futures have edged below support at the 100-day moving average of $5.30 1/2, though additional support lies at the 10-, 40- and 20-day moving averages, layered from $5.25 1/4 to $5.19 1/2.
Live cattle and feeders are posting strong gains.
- Live cattle futures are posting solid gains as supply and demand fundamentals continue to lean fully bullish.
- There were 86.2 million head of cattle and calves on U.S. farms as of Jan. 1, according to Friday afternoon’s twice-yearly cattle inventory report published by USDA’s National Agricultural Statistics Service (NASS). That’s the lowest level since 1951. Other key findings in the report saw that of the 86.2 million head inventory, all cows and heifers that have calved totaled 37.2 million. There are 27.6 million beef cows in the U.S. as of Jan. 1, down 1% from last year at the same time.
- Choice boxed beef fell $2.10 on Friday to $365.56, while Select rose $1.22 to $361.94. Movement remained light at 95 loads.
- April live cattle have carved a fresh for-the-move high with resistance now serving at $241.33, with greater resistance at the Oct. 16 high of $250.93. Initial support lies at the 10- and 20-day moving average, layered at $236.91 and $236.71.
Hog futures are posting solid gains at midsession.
- Lean hog futures are notably firmer amid technical buying.
- The CME lean hog index is up another 6 cents to $85.78 as of Jan. 29.
- The pork cutout value firmed 79 cents on Friday to $94.22. Movement totaled 304.1 loads.
- April lean hogs are testing resistance at the 10-day moving average of $95.96, with additional resistance stemming from last week’s contract high of $97.55. Initial support lies at $94.72, which is backed by the 20-day moving average of $94.07.