Corn is mostly 3 to 4 cents higher.
- Corn futures are posing solid gains, with support from soybeans and SRW wheat futures.
- USDA reported weekly corn sales totaled 1.041 MMT for the week ended Jan. 29, down 33% from the previous week but up 3% from the four-week average. Net sales were within the pre-report range of 800,000 MT of 2.1 MMT.
- Drying in far southern Brazil, Paraguay, Uruguay and eastern Argentina into next week will raise some concerns for growing crops, because some of those areas are already too dry. World Weather Inc. states that limited relief is expected through this time next week, though some greater rain is possible thereafter.
- March corn futures are now facing support at the 10- and 20-day moving averages, layered at $4.29 1/4 and $4.28. Resistance stands at the 40-day moving average of $4.35 1/2, which is backed by the 100- and 200-day moving averages.
Soybeans are 13 to 16 cents higher, while nearby soymeal is $8.20 higher. Soyoil is around 25 points lower.
- Soybeans are extending Wednesday’s gains as the marketplace weighs the effects of additional soybean purchases from China.
- USDA reported weekly soybean sales of 436,900 MT, a marketing-year low, down 47% from the previous week and 72% from the four-week average. Net sales were near the low-end of the pre-report range of 400,000 MT to 1.6 MMT.
- Brazil’s crop region from southern Minas Gerais and Sao Paulo to Mato Grosso will receive frequent rainfall during the next five to seven days, resulting in some slowing of soybean maturation and harvest progress, notes World Weather.
- March soybeans are trading within Wednesday’s upper range, limited by the previous session high of $11.15 ¼. Initial support lies at the 100-day moving average of $10.82 3/4.
Winter wheat futures are 6 to 8 cents higher, while HRS futures are mostly 3 cents firmer.
- Wheat futures are posting solid gains amid continued weather concerns in Black Sea growing areas.
- USDA reported weekly wheat sales totaled 373,000 MT during the week ended Jan. 29, down 33% from the previous week but up 3% from the four-week average. Net sales were within the pre-report range of 300,000 to 600,000 MT.
- Another bout of bitter cold is expected in Ukraine early next week, and raises a little more concern for crops farther south in southern Ukraine and southern parts of Russia’s Southern Region, according to World Weather Inc.
- March SRW futures have edged back above the 10- and 100-day moving averages, each trading around $5.30, though additional resistance remains at the Jan. 30 high of $5.44 3/4.
Live cattle and feeders are notably lower at midmorning.
- Live cattle futures gapped lower at the open amid corrective selling in the wake of Wednesday’s multi-month high.
- Wholesale beef fell on Wednesday, with Choice down $2.69 to $368.02 and Select down $5.14 to $362.09. Movement totaled 101 loads.
- USDA reported weekly beef sales totaled 19,700 MT for 2026, up 17% from the previous week but down 19% from the four-week average.
- April live cattle have tested support at the 10- and 20-day moving averages, trading at $238.55 and $237.28. Additional support lies at the 40-day moving average of $234.15. Initial resistance stands at $240.55.
Hog futures are weaker at midsession.
- Lean hog futures gapped lower at the open in corrective trade after scoring fresh contract highs on Wednesday.
- The CME elan hog index is up 23 cents to $86.06 as of Feb. 3.
- The pork cutout value was led lower by a $19-drop in primal bellies to $93.00. All cuts posted declines, aside from primal picnics. Movement toasted 302.3 loads.
- USDA reported net pork sales of 35,100 for 2026, down 37% from the previous week and 48% from the four-week average.
- April lean hogs are facing support at the 10-day moving average, currently trading at $96.51. Initial resistance stems from Wednesday’s contract high of $99.80.