Corn is unchanged to a penny higher at midmorning.
- Corn futures are chopping around unchanged, though a weaker U.S. dollar and strength in crude are offering solid support.
- USDA reported weekly export inspections of 1.484 MMT for the week ended Jan. 15, down 20,301 MT from the previous week and above the pre-report range of 1.0 MMT to 1.4 MMT.
- Crop consultant Dr. Michael Cordonnier maintained his Brazilian corn production estimate of 137 MMT and noted a neutral bias going forward. He also left his Argentine estimate unchanged at 56 MMT but indicated a neutral to lower bias as dry weather is becoming more of a concern for the country’s corn crop.
- Mato Grosso, the largest safrinha corn producing state in Brazil is expected to increase 2025-26 safrinha corn acreage by 1.83% to 7.39 million hectares (18.2 million acres), according to the Mato Grosso Institute of Agricultural Economics (Imea). The expansion is driven by increased domestic demand, especially for ethanol production.
- March corn futures are trading within Friday’s range. Initial resistance is at $4.28, and is backed by the 10-, 20-, 100-, 40- and 200-day moving averages. Initial support lies at $4.20 3/4, then at last week’s low of $4.17 1/4.
Soybeans are 2 to 3 cents higher, while soymeal is $2.20 higher. Soyoil is around 40 points higher.
- Soybeans are being led higher by meal amid evidence of demand and increasing weather concerns in Argentina.
- Bloomberg reports China has purchased roughly 12 million tons of U.S. soybeans in the last three months, clearing a closely watched trade hurdle and meeting a key pledge outlined by the Trump administration in November.
- USDA reported a daily sale of 190,000 MT of soybean meal to the Philippines in 2025-26.
- USDA reported weekly export inspections of 1.337 MMT for the week ended Jan. 15, down 20,301 MT from the previous week and near the upper end of the pre-report range of 1.0 MMT to 1.4 MMT.
- Dr. Michael Cordonnier left his Brazilian and Argentine soybean production estimates unchanged at 178 MMT and 49 MMT, respectively. Cordonnier indicates a neutral to higher bias toward the Brazilian crop, but noted a neutral to lower bias toward the Argentine crop as dryness concerns remain. He did raise his production estimate for Paraguay by 0.5 MT to 11 MMT.
- Brazil’s soybeans were 2.0% harvested as of late last week, compared to 1.7% last year, according to Agrural. Mato Grosso leads the way with 6.6% harvested. Early yields continue to be very good.
- March soybeans are testing resistance at the 20-day moving average, though additional resistance stands at the 200-day moving average of $1.067 1/2.
Winter wheat futures are 2 to 6 cents lower, while HRS futures are mostly 2 cents lower.
- SRW wheat futures are weaker despite support from a weaker dollar.
- USDA reported weekly wheat inspections totaled 392,611 MT during the week ended Jan. 15, up 74,647 MT from the previous week and near the upper end of the pre-report range of 200,000 to 400,000 MT.
- Ice crust and extremely cold weather over the past two weeks could damage winter wheat crops in Ukraine’s southern and eastern areas as well as part of its central regions, according to farmers’ union UAC earlier today.
- March SRW futures continue to face pressure from the 40-day moving average of $5.22 1/2, while initial support lies at $5.05 1/2, then at the Jan. 2 low of $5.01 1/2.
Live cattle are moderately firmer while feelers are posting stronger gains at midsession.
- Cattle futures are modestly firmer in corrective trade following last week’s losses.
- Texas Agriculture Commissioner Sid Miller and the Texas Department of Agriculture (TDA) late last week alerted Texas livestock producers following confirmation from Mexico’s National Service of Agro-Alimentary Public Health, Safety, and Quality (SENASICA) of eight new cases of New World screwworm (NWS) in the state of Tamaulipas, which borders Texas. These new detections raise the total number of confirmed cases in Tamaulipas since December 30, 2025, to 11.
- Wholesale beef values rose on Monday, with Choice up $1.95 to $364.33, while Select rose 14 cents to $360.33. Movement was light at only 82 loads.
- February futures are facing initial resistance at the 20-day moving average of $233.11, which is backed by the 10-day moving average. Initial support lies at the 100-day moving average of $232.07.
Hog futures are mixed at midsession.
- Nearby lean hog futures have marked a for-the-move high as cash fundamentals continue to improve.
- The CME lean hog index is up another 50 cents to $81.00, further indicating a seasonal bottom has been formed.
- The pork cutout value rose 57 cents on Monday to $94.20. Movement totaled 271.2 loads.
- February lean hogs are up against resistance at $88.63, while initial support lies at $88. 11 and $87.76.