Corn is 2 to 3 cents higher at mid-morning.
- Corn futures are being supported by strength in the soy complex and optimism around strong U.S. export sales.
- USDA reported weekly corn sales totaled 2.07 MMT during the week ended Feb.5, up 99% from the previous week and 6% from the four-week average. Net sales were well above analysts’ expected pre-report range of 600,000 MT to 1.5 MMT.
- Chinese importers have booked about 45 cargoes, or at least 2.5 MMT of U.S. sorghum over the past three months, according to two Asian traders familiar with the deals. The purchases are three times more than the quantity shipped in 2025 as buyers have stepped up feed grain purchases following rains that damaged domestic production.
- March corn futures are holding mostly above the 20-day moving average, trading at $4.27 1/2, while resistance stems from the 40-, 100- and 200-day moving averages, layered from $4.34 to $4.40 1/2.
Soybeans are 10 to 13 cents higher, while nearby soymeal is around $5.00 higher. Soyoil is around 50 points higher.
- The soy complex is heading higher following overnight reports of an extended trade truce between China and the U.S.
- USDA reported daily sales of 108,000 MT of soybeans to Egypt during 2025-26.
- USDA reported weekly soybean sales totaled 281,800 MT, a marketing-year low, during the week ended Feb. 5. Net sales were down 80% from the previous week and the four-week average and were short of the pre-report range of 300,000 MT to 1.1 MMT.
- Soybean futures rallied overnight, with March beans hitting a nine-week high, after a report on a potential extended trade truce between the U.S. and China fueled hopes for additional purchases of American agricultural products, including soybeans. President Trump and Chinese leader Xi Jinping could extend their trade truce by as much as a year when they meet in Beijing in April, the South China Morning Post reported Thursday and as reported by Bloomberg.
- Conab reported Brazil will reap a record 178 MMT soybean crop in 2025-26, which is 2 MMT higher than USDA’s production peg on Tuesday.
- March soybeans have scored a fresh for-the-move high, with resistance at $11.37, while initial support lies at $11.21 3/4.
Wheat futures are mostly 4 to 9 cents lower at midmorning.
- SRW wheat futures have forged a fresh near-term high amid general optimism across the grain and soy complexes.
- USDA reported weekly wheat sales of 488,000 MT for the week ended Feb. 5, up 31% from the previous week and 14% from the four-week average. Net sales were near the high end of the pre-report range of 200,000 to 500,000 MT.
- March SRW futures have scored a fresh near-term high, though resistance is layered at $5.47, then at the 200-day moving average of $5.51 1/2. The 10-, 100- and 20-day moving averages, layered from $5.31 1/2 to $5.27 are initial support.
Live cattle and feeders are notably lower at midmorning.
- Live cattle futures are correctively weaker following Wednesday’s strength.
- Wholesale beef edged lower on Wednesday, with Choice down $1.63 to $365.92, while Select dipped 32 cents to $362.58. Movement totaled 102 loads.
- USDA reported beef sales of 15,700 MT for 2026, down 21% from the previous week and 1% from the four-week average.
- April live cattle futures continue to face resistance at last week’s high of $244.575, while initial support lies at the 10- and 20-day moving averages, layered at $238.97 and $237.74.
Hog futures are posting heavy losses at midsession.
- Lean hog futures are lower for the fifth straight session amid profit-taking in the wake of last week’s high.
- The CME lean hog index is up 20 cents to $86.52 as of Feb. 10.
- The pork cutout value fell $1.69 to $93.77 on Wednesday amid declines in all cuts aside from primal loins.
- USDA reported net pork sales of 28,600 MT for 2026, down 18% from the previous week and 24% from the four-week average.
- April lean hogs gapped lower at the open, and has edged below support at the 40-day moving average, with additional support at $91.08, which is backed by the 100- and 200-day moving averages. Initial resistance is at the intraday high of $93.65.