Corn is mostly 3 to 5 cents lower at midmorning.
- Corn futures are trading well off the overnight, two-week high with pressure from plummeting crude oil futures.
- USDA reported daily sales of 102,000 MT of corn to Mexico during 2025-26.
- USDA reported weekly corn inspections totaled 1.7 MMT during the week ended March 19, up 29,349 MT from the previous week and within analysts’ pre-report range from 1.4 MMT to 2.05 MMT.
- May corn futures have edged below the 10-day moving average, though additional support lies at $4.58, while resistance stems from the March 9 high of $4.76.
Soybeans are 6 to 7 cents higher while soymeal is around $2.50 lower. Soyoil is around 55 points higher.
- Soybean futures are firmer in tandem with soyoil, though technical resistance is curbing momentum.
- USDA reported daily sales of 161,120 MT of soybeans to Mexico during 2025-26.
- USDA reported weekly soybean inspections totaled 1.1 MMT during the week ended March 19, up 120,517 MT from the previous week and near the upper end of the pre-report range of 600,000 MT to 1.15 MMT.
- A delegation from Brazil’s Agriculture Ministry in Beijing began talks on Monday with China authorities on phytosanitary inspection rules for Brazilian soybeans, after complaints from exporters that Chinese demands were complicating the certification process, according to Reuters. The ministry said discussions were only starting and no decisions had been reached.
- May soybeans are being limited by the 20- and 10-day moving averages, layered at $11.78 1/4 and $11.83. Initial support lies at the 40-day moving average of $11.48 1/2.
Wheat futures are mostly a nickel to 9 cents lower.
- SRW wheat futures are facing technical pressure despite a notably weaker U.S. dollar.
- USDA reported weekly wheat inspections totaled 458,411 MT during the week ended March 19, up 114,752 MT from the previous week and above the pre-report range of 250,000 to 450,000 MT.
- World Weather Inc. reports damage from the March 14-16 extreme cold event has become more evident with the onset of recent warm to hot weather in the central and southern Plains and areas east into the southeastern United States. The forecaster notes wheat has turned brown from freeze damage, though the crop is not necessarily permanently damaged.
- May SRW futures have edged below the 20-day moving average, with support now serving at $5.75 3/4. The 10-day moving average stands at the 10-day moving average, trading at $5.97 1/2, which is backed by psychological resistance at $6.00.
Live cattle are mixed while feeders are edging higher at midsession.
- Cattle futures are edging higher as extreme heat and wildfires raise concerns around beef supplies.
- USDA Friday afternoon reported cattle and calves on feed for the slaughter market in the U.S. for feedlots with capacity of 1,000 or more head totaled 11.5 million head on March 1. The inventory was slightly below that of March 1, 2025. However, placements in feedlots during February totaled 1.61 million head, 4 percent above 2025. Traders expected a steady number, to slight rise, in placements in this report. Net placements were 1.56 million head. Click here for the full report.
- Choice boxed beef fell 19 cents on Friday to $400.11, while Select rose 49 cents to $392.94. Movement totaled 84 loads.
- April cattle futures have moved above the 20-day moving average, with resistance now standing at $235.925, which is backed by the 40-day moving average. Initial support lies at the 10-day moving average of $233.05, which is backed by the 100- and 200-day moving averages.
Hog futures are mixed at midmorning.
- Nearby lean hog futures are modestly firmer in corrective trade after reaching fresh near-term lows in early trade.
- The CME lean hog index is down 9 cents to $91.95 as of March 19.
- The pork cutout value rose $1.15 to $99.20 on Friday, led by gains in primal bellies. Movement totaled 262.5 loads.
- April lean hogs are facing support at the 100- and 200-day moving averages, trading at $90.72 and $90.32. Initial resistance is at $92.125, which is backed by the 10-, 20- and 40-day moving averages.