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Corn is mostly 3 to 4 cents higher.
- Corn futures are firmer, with support from wheat and soybean futures, along with followthrough strength in crude oil.
- President Trump said in a speech in Iowa Tuesday afternoon that year-round E15 gasoline sales in the U.S. will happen. Trump said in his speech he is trusting House Speaker Mike Johnson and Senate Majority Leader John Thune to broker a deal in Congress.
- The Federal Reserve’s two-day Open Market Committee (FOMC) meeting that began Tuesday morning ends early this afternoon with a statement and press conference from Fed Chairman Jerome Powell. The FOMC is widely expected to keep U.S. interest rates unchanged.
- Excessive heat and dryness in New South Wales Australia will likely culminate serious livestock and crop stress this week, while western parts of South Africa also need rain, notes World Weather In, but crops are not in as bad of shape as those in unirrigated areas of eastern Australia.
- March corn futures have tested resistance at the 20-day moving average, trading at $4.32 3/4, which is backed by the 40-, 10- and 200-day moving averages. Initial support lies at $4.27 1/2 and is backed by the January low of $4.17 1/4.
Soybeans are 7 to 9 cents higher, while soymeal is $3.70 higher Soyoil is around 10 points lower.
- Soybeans have backed off from the six-week high carved in early trade, amid support from meal futures.
- Malaysian palm oil futures edged higher on Wednesday, hovering around MYR 4,265 per MT and extending gains for a third consecutive session, as prices remained near a two-month peak. The upside was supported by firmer edible oil prices on the Dalian and Chicago markets, alongside stronger export estimates. Cargo surveyors reported that Malaysian palm oil exports for January 1–25 rose between 7.97% and 9.97% compared with the same period in December.
- World Weather notes central and eastern Argentina, Uruguay and southern Rio Grande do Sul are already dry enough to induce some crop stress. Meanwhile, rainfall in center south Brazil may be frequent and significant enough to slow some of the early soybean harvest during the next couple of weeks.
- March soybeans are up against resistance at the 40- and 100-day moving averages, layered at $10.76 1/2 and $10.82 1/4. Initial support lies at the 20- and 10-day moving averages, each trading at $10.57 3/4.
Winter wheat futures are 11 to 15 cents higher, while HRS futures are a nickel to 6 cents higher.
- SRW wheat futures have notched the highest intraday level since early December, as bitter cold temps persist across much of the U.S.
- U.S. Treasury Secretary Scott Bessent said earlier today he was disappointed by Europe’s decision to strike a major trade deal with India, said it showed they put trade ahead of the interests of the Ukrainian people.
- France has seen some improved topsoil moisture, though precip is needed to end long-term drought, according to World Weather Inc. Some of that moisture will be coming in the next week to ten days, with local flooding possible in France, Spain, Portugal and the southern Balkan Countries.
- March SRW futures have edged above resistance at the 100-day moving average, trading at $5.30 3/4, with additional resistance serving at the 200-day moving average of $5.56 1/4.
Live cattle and feeders are modestly weaker at midsession.
- Cattle futures are weaker in consolidative trade as resistance from the January high continues to curb buyer interest, though strong technical support remains.
- A few cattle have traded at around $234.00 this week, down from last week’s cash average of $234.70.
- Wholesale beef values faded on Tuesday, with Choice down 79 cents to $368.11 and Select down $1.93 to $365.19. Movement totaled 102 loads.
- April futures continue to find support at the 10- and 20-day moving averages, trading at $263.36 and $235.90, while initial resistance is at $237.29, which is backed by the January high.
Hog futures are notably weaker at midsession.
- April lean hog futures are facing heavy selling in corrective trade following a steady climb from the November low.
- The CME lean hog index is up 42 cents to $84.43 as of Jan. 26.
- The pork cutout value fell $1.57 on Tuesday to $95.69 amid declines in all cuts aside from primal bellies. Movement totaled 275.5 loads.
- April lean hogs gapped lower at the open, and are testing support at the 10-day moving average, trading at $95.52 and $95.12. Additional support lies at the 20-day moving average of $93.17. Initial resistance is at $96.30 and is backed by Tuesday’s high of $97.55.