Corn is mostly unchanged to a penny higher.
- Corn futures are modestly firmer, with support from firmer crude, export sales and record ethanol production.
- USDA reported daily corn sales of 136,000 MT to South Korea during 2025-26.
- Ethanol production reached a record 1.196 million barrels per day (bpd) last week, while stocks reached a five-month high at 24.5 million barrels.
- Some rain in La Pampa and Buenos Aires overnight was welcome and brought temporary relief to dryness, though additional rain must fall throughout southern Argentina to stop the stress and potential decline in yield, according to World Weather Inc.
- March corn futures are facing support around $4.19, which is backed by this week’s low of $4.17 1/4. Initial resistance is at $4.22 1/2.
Soybeans are around a nickel higher, while soymeal is a $1.00 higher. Soyoil is around 20 points lower
- Soybeans are correctively firmer, with support from continued purchases from China.
- USDA reported daily sales of 334,000 MT of soybeans to China during 2025-26.
- China’s soybean imports in 2025 climbed to a record for a third straight year, up 6.5% to 112 million tons, according to data from China’s General Administration of Customs on Wednesday. Soybean crushers leaned heavily on Brazilian bean imports earlier in 2025, before reviving U.S. purchases after the trade agreement struck with the Trump administration last October.
- March soybeans are trading within Tuesday’s lower range, limited by resistance at the 10- and 20-day moving averages, trading at $10.53 1/2 and $10.60. Initial support lies at the previous session low of $10.37 3/4, which is backed by support at $10.33 1/2.
Winter wheat futures are unchanged to a penny lower, while HRS futures are mostly a penny higher.
- SRW wheat futures are modestly weaker as technical resistance continues to curb buyer interest.
- Recent rains in U.S. HRW and SRW areas of the Midwest have improved soil moisture for some areas, though there is still a need for greater rain, especially in the northwestern and far southwestern parts of HRW areas and the heart of the Midwest, notes World Weather.
- Farm office FranceAgriMer on Wednesday cut its forecast for French soft wheat exports outside the European Union in 2025-26 to 7.5 MMT down from 7.6 MMT last month, but that’s still more than double the volume shipped in 2024-25.
- March SRW futures continue to face resistance at the 10- and 20-day moving averages, each trading around $5.12, while initial support lies at $5.07 and is backed by the Jan. 2 low of $5.01 1/2.
Live cattle and feeders are weaker at midsession.
- Cattle futures are pausing after scoring a fresh for-the-move high on Tuesday.
- Cash trade is slow to take off this week, though what has traded has been at higher prices.
- Choice boxed beef rose 88 cents on Tuesday to $357.99, while Select fell 87 cents to $357.18. Movement totaled 145 loads.
- February futures are trading within Tuesday’s range, limited by the previous session high of $237.55, while initial support lies at the 10-day moving average of $235.19.
Hog futures are posting solid gains at midsession.
- Nearby lean hog futures are posing a solid rebound as solid technical support limits seller interest.
- The CME lean hog index is down a dime to $80.50.
- The pork cutout value fell $1.30 to $91.80 on Tuesday, with losses in all cuts aside from primal ribs and hams. Movement totaled 371.7 loads.
- February lean hogs have edged above resistance at the 20-, 10- and 100-day moving averages, layered from $84.91 to $82.94, with additional resistance stemming from the Jan. 5 high of $86.50. Support remains at the 200-day moving average of $84.09.