Corn is mostly 3 to 4 cents higher at midmorning.
- Corn futures have marked the highest intraday level since Jan. 13, with support from extended gains in the soy complex.
- USDA reported daily sales of 125,000 MT to Colombia during 2025-26.
- USDA reported weekly export inspections of 2.01 MMT for the week ended Feb. 19, up 500,199 MT from the previous week. Corn inspections are outpacing year-ago by 19.4% during the same period last year.
- World Weather Inc. reports there will be some net drying in southern Brazil for a while, but as long as rain resumes later in the season before the monsoon ends, all will be good. The forecaster notes safrinha corn plantings may be slowed for a while this week and will accelerate again in the first week of March.
- AgRural estimated safrinha corn plantings were 50% complete as of last Thursday, compared to 64% a year earlier. The first corn harvest was estimated to be 28% complete.
- May corn futures are facing resistance at the 100- and 200-day moving averages, layered at $4.45 3/4 and $4.48 ½, while initial support lies at the 20-day moving average of $4.37 3/4.
Soybeans are mostly 9 to 10 cents higher. Soymeal is around $2.20 higher. Soyoil is around 90 points higher.
- Soybean futures have marked a fresh for-the-move high with support from followthrough strength in soyoil.
- USDA reported weekly export inspections of 669,865 MT for the week ended Feb. 19 were down 544,566 MT from the previous week. Net inspections are running 32% behind year ago.
- President Trump said he will increase the global 10% tariff to 15%, effective immediately, in a social-media post on Saturday. “Trump is rushing to preserve his trade agenda following the U.S. The Supreme Court’s ruling that his use of an emergency-powers law to impose tariffs was illegal.
- Brazil’s soybean harvest was estimated to be 30% complete as of last Thursday, according to AgRural. That was the slowest pace since 2020-21 amid delayed plantings, longer crop cycles and rain during harvest
- Local protesters are occupying a Cargill export terminal in Brazil’s Amazon region at the height of the soybean harvest, Bloomberg reported, escalating a standoff that has affected shipments from one of the country’s key export hubs and drawing condemnation from trade groups.
- May soybeans continue to face resistance at $11.12 ¼, while initial support lies at the 10-day moving average of $11.47 1/4.
SRW wheat futures are 2 to 3 cents higher, while HRW futures are a penny lower. HRS futures are mostly 4 cents higher.
- SRW wheat futures have carved fresh near-term highs after gapping lower in the overnight open.
- USDA reported weekly export inspections of 535,113 MT for the week ended FEb. 19, up 157,140 MT from the previous week. Net wheat inspections are running 19.4% ahead of year ago during the same period.
- Precip in HRW wheat country over the next seven days will be quite limited, with plenty of unusual warmth again, according to World Weather Inc. Recent cold air is quickly leaving the region today and unusually warm weather will dominate over the next two weeks.
- May SRW futures have reached fresh near-term highs, with resistance now at $5.86 ½, while support lies at the 200- and 10-day moving averages, layered at $5.61 1/4 and $5.55 1/4.
Live cattle and feeders are marking hefty losses at midmorning.
- Nearby futures are facing pressure despite bullish-leaning Cattle on Feed Report.
- 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 February 1, which is 2 percent below February 1, 2025. Placements in feedlots during January totaled 1.74 million head, 5 percent below 2025. Those numbers were close to market expectations but still lean price-friendly. Net placements were 1.68 million head.
- Australia, one of the biggest foreign suppliers of beef to the U.S., will keep its exemptions from President Trump’s tariff regime, Bloomberg reported. “Beef shipped to the U.S. won’t face the new 15% tariffs announced by Trump on Saturday, Meat & Livestock Australia Managing Director Michael Crowley said in a statement today.
- Wholesale beef values rose on Friday, with Choice up $1.53 to $366.70, while Select rose 95 cents to $360.74. Movement totaled 106 loads.
- April live cattle futures are facing support at $238.56, which is backed by the 40-day moving average. Initial resistance is at $242.32, which is backed by the Feb. 4 high of $244.575.
Hog futures are firmer at midsession.
- Lean hog futures are firmer but have backed off earlier highs amid technical selling.
- The CME lean hog index is up 36 cents to $87.95 as of Feb. 19.
- The pork cutout value fell 67 cents to $95.61 on Friday, with losses in all cuts aside from primal ribs and bellies. Movement totaled 254.6 loads.
- April lean hogs are facing resistance at the 20-day moving average of $95.21, while initial support stems from the Feb. 13 low of $91.13.