Corn is 4 to 5 cents lower at midmorning.
- Corn futures are facing pressure to start the shortened week, despite continued evidence of strong export demand.
- USDA reported weekly export inspections totaled 1.49 MMT during the week ended Feb. 12, down 117,709 MT from the previous week but above the pre-report range of 860,000 MT to 1.3 MMT.
- Brazilian farmers had planted 31% of the second safrinha corn crop as of last Thursday, according to AgRural, compared to 36% a year earlier. The first crop corn harvest was estimated to be 22% complete, behind 29% seen last year.
- Crop consultant Dr. Michael Cordonnier trimmed his 2025-26 Brazilian corn production estimate by 1 MMT to 136 MMT, and holds a neutral bias going forward as the ideal planting window for the safrinha crop closes this coming weekend.
- March corn futures are testing support at the 10- and 20-day moving averages, with additional support serving at $4.26 1/2. Stiff resistance stands at the 40-, 100- and 200-day moving averages, layered from $4.33 1/2 to $4.40 1/4.
Soybeans are 3 to 5 cents higher, while nearby soymeal is around $3.40 lower. Soyoil is around 50 points higher.
- Soybeans have turned from overnight lows to post gains, led by strength in soyoil.
- USDA reported weekly export inspections totaled 1.2 MMT during the week ended Feb.12, up 57,679 MT from the previous week and nearer the top end of the pre-report range of 820,000 MT to 1.25 MMT.
- Dr. Michael Cordonnier left his 2025-26 Brazilian soybean production estimate unchanged at 179 MMT, and holds a neutral to slightly higher bias. He also maintained his Argentine soybean crop estimate at 47 MMT, and holds a neutral to lower bias.
- AgRural reported Brazil’s soybean harvest was 21% as of last Thursday, compared to 24% during the same period last year.
- March soybeans are trading within Friday’s range, limited by resistance at last week’s high of $11.41 1/2, while initial support lies at $11.23 1/2, which is backed by the 10-, 20-, 100-, 40- and 200-day moving averages.
Wheat futures are mostly 3 to 12 cents lower at midmorning.
- SRW wheat futures are facing a corrective pullback, with pressure stemming from a stronger U.S. dollar.
- USDA reported weekly export inspections totaled 375,402 MT for the week ended Feb. 12, down 205,217 MT from the previous week and near the low-end of the pre-report range of 300,000 to 500,000 MT.
- Wheat areas in the southern U.S. received some rain over the weekend, improving crop and field conditions for early-season crop development, according to World Weather Inc. Dryness remains a concern for the west-central and southwestern Plains, with little rain expected in those areas for a while.
- March SRW futures are facing resistance at the 200-day moving average of $5.51 ¼, while support remains at the 10-, 20- and 100-day moving averages, layered from $5.35 1/4 to $5.30.
Live cattle and feeders notching hefty gains at midmorning.
- Another weekly surge in cash cattle trade last week has set the stage for strong gains this week as supply and demand fundamentals continue to ring fully bullish.
- Cash cattle trade averaged $245.62 last week, jumping $4.31 from the previous week.
- Choice boxed beef rose $3.30 on Friday to $367.77, while Select fell $2.19 to $361.23. Movement was light at only 50 loads.
- April live cattle futures gapped higher at the open, though resistance stems from the Feb. 4 high of $244.575, which is backed by the Oct. 16 high. Support lies at the intraday low of $242.575, then at $241.70.
Hog futures are notably firmer at midsession.
- Lean hog futures have ended a string of losses amid corrective buying and support from improving wholesale fundamentals.
- The CME lean hog index is up another 4 cents to $86.93 as of Feb.13.
- The pork cutout value rose $1.69 on Friday to $96.85 amid gains in all cuts, though primal bellies and ribs scored to strongest gains. Movement totaled 295.2 loads.
- April lean hogs gapped higher at the open, though resistance at the 40-day moving average, trading at $93.31 is serving up resistance, and is backed by the 10- and 20-day moving averages. Initial support lies at last week’s low of $91.125, then at the 100- and 200-day moving averages.