Corn is mostly unchanged to a penny higher at midmorning.
- Corn futures are modestly weaker despite support from firmer crude and general strength across the grains.
- President Trump said his administration will announce a variety of actions it is taking to support American farmers on Friday.
- USDA reported weekly corn sales totaled 1.22 MMT during the week ended March 19, up 4% from the previous week but down 10% from the four-week average. Net sales were near the upper end of the pre-report range of 700,000 MT to 1.5 MMT.
- A sharp rise in fertilizer prices is unlikely to prompt big changes in Ukraine’s crop-planting plans this year, but could push farmers to cut back on fertilizer-intensive corn in 2027, according to Reuters who quoted a senior official.
- Russia does not have any free capacity to produce more fertilizers amid the global supply crunch caused by the war in Iran, the head of a lobby group for the industry was quoted by TASS news agency earlier today.
- Farmers in South Africa are expected to harvest nearly 1% less corn in the 2025-26 season compared with the previous one, according to the government’s Crop Estimates Committee (CEC) earlier today.
- May corn futures continue to find support at the 10-day moving average of $4.62 3/4, which is backed by the 20-day moving average. Resistance remains at the March 9 high of $4.76.
Soybeans are mostly 4 to 5 cents higher. Soymeal is around $1.20 higher, while soyoil is more than 100 points higher.
- Soybeans are being led higher by soyoil futures, which touched two-week highs in early trade.
- USDA reported weekly soybeans sales totaled 668,900 MT during the week ended March 19, down 84% from the previous week and 68% from the four-week average. Net sales topped the expected pre-report range of 200,000 to 500,000 MT.
- May soybeans are facing resistance at the 20-day moving average, trading at $11.79 1/2, with greater resistance stemming from the March 12 high. Initial support lies at the 10-day moving average of $11.69 1/2.
Wheat futures are 3 to 8 cents higher.
- SRW wheat futures are firmer amid solid technical support, though a stronger U.S. dollar is limiting momentum.
- USDA reported weekly wheat sales totaled 397,200 MT during the week ended March 19, which were up noticeably from the previous week and 46% from the four-week average. Net sales were right at the top-end of the expected pre-report range of 100,000 to 400,000 MT.
- Hard red winter wheat futures traded at its biggest premium to soft red winter in more than seven months, as heat in the Plains and Midwest is set to exacerbate the stress on wheat crops there. Overnight, May HRW carried a 24-cent premium to May SRW futures.
- May SRW futures are facing support at the 10- and 20-day moving averages, trading at $5.98 ½ and $5.94 1/4, while resistance stems from the March 9 high of $6.41 3/4.
Live cattle are weaker while feeders are mixed at midsession.
- Cattle futures are modestly weaker amid technical selling.
- Choice boxed beef tumbled $8.22 on Wednesday to $391.69, while Select rose 99 cents to $395.49, narrowing the Choice/Select spread to a negative $3.80. Movement improved to 123 loads, indicating increased demand at lower prices.
- USDA reported net beef sales totaled 10,700 MT for 2026 during the week ended March 19, which were up noticeably from the previous week but down 19% from the four-week average.
- April cattle futures are trading around the 20- and 10-day moving averages, trading at $233.80 and $234.12, which are backed by resistance at the 40-day moving average of $236.75. Initial support lies at $233.16, which is backed by the 100- and 200-day moving averages.
Hog futures are narrowly mixed at midmorning.
- Nearby lean hogs are modestly weaker as wholesale and cash fundamentals continue to pressure futures.
- USDA will release its quarterly Hogs & Pigs Report at 2:00 pm CT, with analysts expecting a slightly bigger U.S. hog herd on March 1 from a year earlier, according to a Reuters survey of analysts.
- The pork cutout value fell 57 cents to $96.40 on Wednesday, amid declines in all cuts aside from primal ribs and butts. Movement firmed to $396.90.
- USDA reported net pork sales totaled 40,300 MT for 2026 during the week ended March 19. That was up 43% from the previous week and 23% from the four-week average.
- April lean hogs are trading mostly below the 100-day moving average, trading at $90.85, while the 200-day moving average of $90.36 is still initial support.