Corn is mostly 1 to 2 cents lower.
- Corn futures are showing rangebound trade so far today, unable to capitalize on any spillover strength in soybeans.
- Drying in far southern Brazil, Uruguay and eastern Argentina into next week will raise concern for crops as some of those areas are already too dry, maintains World Weather Inc. Some needed rain is possible in the second half of next week and into the following weekend. Southwestern Argentina has seen some rain, but more is needed.
- March corn futures continue to be limited by the 40-day moving average of $4.35 ½, which is backed by the 100- and 200-day moving averages. Initial support lies at the 10- and 100-day moving averages, layered at $4.39 1/4 and $4.38 3/4.
Soybeans are 14 to 18 cents higher, while nearby soymeal is $3.50 higher. Soyoil is around 5 points higher.
- Soybeans are pushing higher again due to cotinued interest around increased Chinese demand, with nearby contracts leading the strength.
- The early sales of 2025-26 soybean harvest by members of Coamo, the biggest grain cooperative in Brazil, have dropped behind the pace seen during the same period of its greatest seasons, according to Coamo’s executive president Airton Galinari.
- March soybeans have edged above resistance at $11.21 1/2 and $11.30 1/2, though additional resistance stands at the Nov. 18 high of $11.72 1/2. Initial support lies at $11.04 and is backed by psychological support at $11.00.
Winter wheat futures are 1 to 2 cents lower, while HRS futures are mostly a penny firmer.
- Wheat futures have lost momentum after trading higher early in the session, as short-covering interest has shown signs of weakening in recent days.
- India has lifted limits on the amount of wheat stocks that traders, wholesalers and retailers can hold, according to its government on Thursday, citing comfortable domestic supplies and easing prices.
- March SRW futures are facing support at the 10- and 100-day moving averages, trading at $5.31 1/2 and $5.30 1/4, while resistance stands at $5.40 1/4, then at the 200-day moving average, trading at $5.52 3/4.
Live cattle and feeders are higher at midmorning.
- Live cattle futures are seeing a return in technical buying interest after yesterday’s profit-taking.
- Wholesale beef continued to ease on Thursday, with Choice down 77 cents to $367.25, while Select fell $1.72 to $360.37. Movement totaled 115 loads.
- Argentina will be able to export 100,000 tons of beef to the U.S. with preferential access as part of a trade agreement inked this week, up from the current quota of 20,000 tons, according to the foreign ministry’s statement.
- April live cattle gapped higher at the open and are trading within Thursday’s upper range. The 10-day moving average of $238.58 is serving up support, along with the 20-day moving average of $237.33. Resistance stems from this week’s high of $244.575.
Hog futures are slightly firmer at midsession.
- Lean hog futures are slightly firmer with support from a rise in wholesale values.
- The CME lean hog index is up another 23 cents to $86.06 as of Feb. 4.
- The pork cutout value rebounded $2.27 on Thursday to $95.27. Movement totaled 323.1 loads.
- April lean hogs gapped higher at the open, though resistance remains at this week’s high of $99.80, while initial support lies at $97.96. Additional support lies at the 10- and 20-day moving averages.