Corn is mostly unchanged at midmorning.
- Corn futures are modestly firmer in inside trade, with extending pressure in SRW casting a shadow over prices.
- Little rain is expected during the next ten days from central and east-central into southeastern Argentina where stress to crops is likely to increase in the drier areas, according to World Weather Inc. Occasional rain and favorable soil moisture in place in south-central and western Argentina should allow most crops to develop favorably.
- Soil moisture is marginal to short in some safrinha corn areas from Mato Grosso do Sul into Parana and nearby So Paulo. World Weather notes a close watch will be made on rain advertised from March 7-11, as soils will likely have firmed up by that time and safrinha corn could soon be stressed by lack of moisture.
- May corn futures are trading within Tuesday’s range, limited by resistance at the 100- and 200-day moving averages, layered at $4.45 3/4 and $.48 1/4.
Soybeans are chopping around unchanged. Soymeal is around $3.80 higher. Soyoil is around 30 points higher.
- Soybean futures notched a fresh near-term high in overnight trade, with support from meal futures.
- The EPA will send its proposal for new biofuel blending volume mandates to the White House on Wednesday, and the rule will likely be finalized by the end of MArch, according to Assistant Administrator Aaron Szabo.
- Indonesia could struggle to meet its pledge for a significant ramp-up of U.S. agricultural imports under its new trade deal, traders said, with the burden of vastly increasing U.S. soymeal purchases falling on a state agency newly tasked to buy animal feed.
- May soybeans are up against resistance at $11.6 1/2, which is backed by the Nov. 18 high of $11.77 3/4. Support lies at $11.46 1/2.
Wheat futures are mostly 4 to 7 cents lower at midmorning.
- SRW wheat futures are correctively weaker for the third straight session.
- Prime Minister Benjamin Netanyahu’s government intends to scrap a tax-free quota and raise levies to 50% on wheat-feed imported from countries other than the U.S. starting in April, Israel’s deputy trade commissioner Yifat Alon Perel told Bloomberg.
- The U.S. has finalized a reciprocal trade deal with Indonesia, which includes purchases of two million tonnes of U.S. wheat per year for the next five years and a minimum of 1.2 million tonnes per year after.
- Sovecon has trimmed its 2025-26 Russian wheat export forecast by 0.3 MMT to 45.4 MMT, citing reduced competitiveness of Russian wheat compared to supplies from the European Union.
- May SRW futures are being limited by resistance at Monday’s high of $5.83 1/2, while support lies at the 200- and 10-day moving averages, each trading around $5.60 1/2.
Live cattle are solidly higher, while feeders are marking heftier gains at midmorning.
- Nearby futures are correctively firmer after recent selling.
- Choice boxed beef surged $8.21 on Tuesday to $377.43, while Select rose $1.70 to $366.01. Movement improved to 102 loads.
- April live cattle futures are facing initial resistance at the 10-day moving average, which is backed by last week’s high of $244.125. Initial support lies at $239.13, then at the 40-day moving average of $237.68.
Hog futures are mixed at midsession.
- Lean hog futures are mostly firmer amid technical buying.
- The CME lean hog index is up 18 cents to $88.35 as of Feb. 23.
- The pork cutout value fell 45 cents to $96.95 on Tuesday. Movement improved to 337.9 loads.
- April lean hogs are facing resistance at $96.43, while the 20- and 40-day moving averages, layered at $95.08 and $93.98 are initial support.