Corn is unchanged to a penny lower.
- Corn futures have given up earlier gains to post modest declines, though support from the soy complex is curbing seller interest.
- USDA reported daily sales of 150,000 MT to Colombia and 195,000 MT unknown destinations during 2025-26.
- On January 27, President Trump is expected to deliver an economic and energy-focused speech and plans in Iowa, according to White House Chief of Staff Susie Wiles.
- Taiwan’s MFIG purchasing group bought around 65,000 MT of corn for animal feed, expected to be sourced from the U.S.
- A needed increase in rain will occur Thursday into Sunday in southwestern Argentina and the region will be left with notable improvements in crop and soil conditions while the remainder of Argentina is mostly dry and stress to crops increases in the drier areas, notes World Weather Inc.
- March corn futures continue to face pressure from the 10-day moving average of $4.29 1/4, while initial support lies at $4.22, then at last week’s low of $4.17 1/4.
Soybeans are 11 to 12 cents higher, while soymeal is 40 cents higher. Soyoil is around 120 points higher.
- Soybeans are gaining technical ground as weather in areas of South America raise some concerns.
- Little rain will fall from Mato Grosso do Sul and Sao Paulo southward into Paraguay and southern Brazil and fieldwork should advance swiftly, according to World Weather. However, temps will often be warm to hot from Paraguay into Mato Grosso do Sul and western Sao Paulo and some crops in this region should be stressed by the warmth.
- Malaysian palm oil futures rose near 1% to above MYR 4,100 per MT on Wednesday, keeping gains from the prior session as a weaker ringgit boosted export competitiveness and edible oil prices firmed on the Dalian and Chicago exchanges.
- March soybeans are testing resistance at the 20-day moving average but are now up against resistance at the 200-day moving average of $10.67 1/2. Initial support remains at $10.49 1/2.
Winter wheat futures are 1 to 3 cents lower, while HRS futures are around 2 cents higher.
- SRW wheat futures are modestly weaker as hefty global supplies negate upcoming weather woes across the U.S.
- A close watch on U.S. temps and snowfall this week is warranted as bitter cold arrives during the middle to latter part of this week. Areas without snow cover will be vulnerable to near-zero or possibly some subzero degree Fahrenheit temps, according to World Weather. The impact on crops is expected to be low unless the cold becomes more intense.
- Bitter cold in western Russia and northeastern Europe recently has had no negative impact on winter crops because of significant snow cover and no changes in the situation are warranted for the coming week to ten days.
- March SRW futures continue to be limited by resistance at the 20- and 10-day moving averages, each trading around $5.13 1/2, while initial support lies at $5.06 1/4.
Live cattle are modestly firmer while feelers are posting stronger gains at midsession.
- Cattle futures are modestly firmer in rangebound trade.
- USDA reported cash cattle trade averaged $232.50 last week, up 64 cents from the previous week.
- Bitter cold temps across the U.S. are expected to bring stress to livestock and travel delays Friday through the weekend. Snow, sleet and freezing rain are expected.
- Choice boxed beef rose 43 cents to $364.76 on Tuesday, while Select slid 49 cents to $359.84. Movement totaled 118 loads.
- February futures are up against the 20-day moving average, trading at $233.20, while initial support lies at the 100-day moving average of $231.97. Additional resistance/support stem from last week’s high of $237.55 and last week’s low of $229.25.
Hog futures are mixed at midsession.
- Nearby lean hog futures are extending Tuesday’s corrective weakness, though improving cash fundamentals are limiting the downside.
- The CME lean hog index is up 27 cents to $82.03, extending recent gains.
- The pork cutout value slipped 73 cents on Tuesday to $93.47, led by a $3 decline in primal bellies. Movement totaled 294.9 loads.
- February lean hogs continue to be supported at $87.49, while resistance stems from Tuesday’s high of $88.775.