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Corn is mostly 4 cents higher at midmorning.
- Corn futures are extending higher amid support from crude oil gains and weaker U.S. dollar.
- USDA reported weekly corn sales totaled 1.17 MMT during the week ended March 12, down 22% from the previous week and 18% from the four-week average. Net sales were near the upper end of the analysts’ pre-report range of 600,000 MT to 1.8 MMT.
- The International Grains Council (IGC) forecasts 2026-27 world corn production at 1.303 billion tons, down from 1.320 billion tons in 2025-26.
- India, a leading importer of fertilizers, is in talks to increase purchases from Russia, Belarus and Morocco as Middle East tensions and China’s export curbs risk tightening supplies ahead of planting season, according to its government and industry sources.
- May corn futures are up against resistance at $4.68, which is backed by the March 9 high of $4.76. Initial support lies at the 10-day moving average, trading at $4.59 1/2.
Soybeans are 2 to 6 cents higher while soymeal is around $10.50 higher. Soyoil is fractionally weaker.
- Soymeal strength is underpinning the soy complex, while weak export sales and technical resistance are limiting soybean futures.
- USDA reported weekly export sales totaled 298,200 MT during the week ended March 12, down 87% from the previous week and 42% from the four-week average. Net sales were short of analysts’ pre-report range of 350,000 to 800,000 MT.
- Ukraine could boost rapeseed plantings by a third to 1.5 million hectares if the conflict in Iran drags on, according to its deputy economy minister, as soaring global fuel prices lift demand for biodiesel feedstocks.
- May soybeans continue to face resistance from the 20- and 10-day moving averages, layered at $11.77 1/4 and $11.90 1/4. Support remains at the 40-day moving average of $11.44.
SRW wheat futures are a penny to 2 cents lower, while HRW futures are mostly 4 cents lower. HRS futures are a penny lower.
- SRW wheat futures are modestly firmer amid support from a weaker dollar, though weakness in HRW is curbing heftier buyer interest.
- USDA reported weekly export sales totaled 189,900 MT during the week ended March 12, down 58% from the previous week and 36% from the four-week average. Net sales were short of analysts’ pre-report range of 300,000 to 550,000 MT.
- The International Grains Council (IGC) forecasts world wheat production will fall to 822 MMT in 2026-27, down from 845 MMT in the previous season.
- Sovecon raised its forecast for Russia’s 2026 wheat crop by 1.7 MMT to 87.6 MMT, citing generally favorable weather conditions.
- The Taiwan Flour Millers’ Association purchased an estimated 105,025 MT of milling wheat to be sourced from the U.S. in a tender earlier today. The purchase involved various wheat types in two consignments for shipment from the PNW in May and June.
- May SRW futures are facing support at the 10-day moving average of $6.01 1/2, while resistance stems from the March 9 high of $6.41 3/4.
Live cattle and feeders are posting hefty declines at midsession.
- Cattle futures are correctively weaker as technical resistance continues to limit extended gains.
- Boxed beef prices fell on Wednesday, with Choice down $1.56 to $401.75, while Select declined 55 cents to $396.17. Movement totaled 55 loads.
- USDA reported net beef exports for 2026 totaled 3,200 MT, a marketing-year low during the week ended March 12. Net sales were down 87% from the previous week and 80% from the four-week average.
- April cattle futures are facing resistance at the 20-day moving average, trading at $235.02, while support lies at the 10-day moving average of $232.66.
Hog futures are under notable pressure at midmorning.
- Lean hog futures are notably weaker amid fading cash fundamentals and stiff overhead resistance.
- The CME lean hog index is up 7 cents to $91.92 as of March 17.
- The pork cutout value fell $1.07 on Wednesday to $98.82, led by declines in primal hams. Movement totaled 281.2 loads.
- USDA reported weekly pork exports for 2026 totaled 28,300 MT during the week ended March 12. Net sales were up 19% from the previous week but down 13% from the four-week average.
- April lean hogs are now facing initial support at $92.8, which is backed by the Feb. 13 low of $91.13. Initial resistance stands at $93.76, which is backed by the 10-, 20- and 40-day moving averages.