Corn is chopping around unchanged at midmorning.
- Corn futures are chopping around unchanged as buyers are being deterred by a pullback in crude oil.
- The Trump administration plans to finalize 2026 biofuel blending quotes by early March, keeping them close to its initial proposal while simultaneously dropping a plan to penalize imports of renewable fuels and feedstocks, according to Reuters.
- USDA reported weekly corn sales of 1.14 MMT for the week ended Jan. 8, which rose notably from the previous week but declined 10% from the four-week average. Net sales were within the pre-report range of 600,000 MT to 1.4 MMT.
- The International Grains Council (IGC) increased its 2025-26 corn crop outlook by 15 MMT to 1.313 billion tons.
- March corn futures remain limited by resistance at $4.24 ¾, while initial support lies at $4.19 1/4 and this week’s low of $4.17 1/4.
Soybeans are 8 to 9 cents higher, while soymeal is $1.80 lower. Soyoil is around 150 points higher
- Soybean futures are being led higher by soyoil, though technical resistance is curbing heftier gains.
- USDA reported weekly soybean sales totaled 2.06 MMT during the week ended Jan. 8, up noticeably from the previous week and 54% from the four-week average. Net sales were a record for the week and well above the expected pre-report range of 800,000 MT to 1.8 MMT.
- Conab projected a record soybean crop of 176,12 MMT for the 2025-26 marketing season earlier this morning, which would be a 2.7% increase from the previous crop if realized.
- March soybeans are facing resistance at the 20-day moving average, trading at $10.59, while support stems from the Jan. 13 low of $10.37 3/4.
Winter wheat futures are chopping around unchanged, while HRS futures are mostly a penny lower.
- SRW wheat futures are chopping around unchanged as pressure stems from a firmer U.S. dollar.
- USDA reported weekly wheat sales totaled 156,300 MT during the week ended Jan. 8, up 32% from the previous week, but down 21% from the four-week average. Net sales were within the expected range of 100,000 to 450,000 MT.
- Cooling throughout the central and eastern U.S. next week will bring temps down closer to the damage threshold in some soft what areas of the Midwest and northern HRW areas in the U.S. Plains, according to World Weather Inc.
- The International Grains Council (IGC) raised its forecast for 2025-26 global wheat production by 12 MMT to 842 MMT earlier today.
- Saudi Arabia’s state grains buying agency General Food Security Authority (GFSA) said earlier today it has issued an international tender to purchase around 595,000 MT of hard milling wheat.
- March SRW futures are being limited by the 10-day moving average of $5.12 ¾, which is backed by the 40-day moving average, trading at $5.24 1/2, which is backed by the Jan. 12 high of $5.28.
Live cattle and feeders are solidly higher at midsession.
- Cattle futures are rebounding after Wednesday’s decline as strong technical support limits downside.
- Cash cattle remains light so far this week, but so far trade is averaging $233.00.
- Boxed beef prices rose on Wednesday, with Choice up 54 cents to $358.53, while Select rose 47 cents to $357.65. Movement totaled 129 loads.
- USDA reported net beef sales totaled 11,200 for 2026, with sales primarily to South Korea, Japan and Mexico.
- February futures are pivoting around the 10-day moving average, with resistance at this week’s high of $237.55, while support lies at $234.08.
Hog futures are posting solid gains at midsession.
- Nearby lean hog futures have edged to a three-month high amid technical buying.
- The lean hog index is down another 11 cents to $80.39 as of Jan. 13.
- The pork cutout value fell 51 cents to $91.29 on Wednesday, with declines in all cuts aside from primal picnics and hams. Movement totaled 344.4 loads.
- USDA reported weekly pork sales of 26,800 MT for 2026, with sales primarily to Mexico, Japan and Canada.
- February lean hogs continue to face resistance at the Jan. 5 high of $86.50, while initial support lies at the 10-, 100-, 20-, 200- and 40-day moving averages, layered from $85.31 to $83.13.