Corn is 2 to 3 cents higher at midmorning.
- Corn futures have forged fresh for-the-move highs, with support from strong gains in SRW futures.
- USDA reported daily corn sales of 257,000 MT to unknown destinations during 2025-26.
- South Korea’s Major Feedmill Group (MFG) has so far purchased 135,000 MT of animal feed in an international tender seeking up to 210,000 MT, according to European traders. The corn is expected to be sourced optionally from the U.S., South America or South Africa.
- May corn futures have tested resistance at the 200-day moving average of $4.48 1/4, while support is layered at the 10-, 40- and 20-day moving averages, layered from $4.40 to $4.38 3/4.
Soybeans are chopping around unchanged. Soymeal is around $1.50 lower. Soyoil is posting modest gains.
- Soybean futures have backed off earlier highs, led by resistance at this week’s high and corrective selling pressure in soymeal futures.
- Consultancy, Safras & Mercado estimates Brazil’s soybean crop at 177.72 MMT, down from its previous forecast of 179.28 MMT.
- Producers in Brazil are facing unusually long delays to deliver soybeans at the Mirituba port terminal in the Amazon rainforest, as a record harvest overwhelms logistics at one of the world’s key export hubs for soybeans, according to Reuters.
- Palm oil output in Sabah is set for a sharp decline this month as heavy rainfall and floods damage plantations in one of Malaysia’s key producing states, potentially easing a glut that’s weighed on prices for the crop, said a Bloomberg report.
- May soybeans are facing resistance at this week’s high of $11.72 3/4, while support lies at the 10-day moving average of $11.55.
Wheat futures are 11 to 16 cents higher.
- SRW wheat futures have scored a seven-month high amid extended technical buying as global production concerns linger.
- Some rain will fall in U.S. hard red winter wheat areas next week and into the following weekend with western areas seeing the lightest amounts. Temperatures have been bouncing around significantly in the U.S. Plains recently limiting new crop development especially in the driest areas.
- India is likely to record one of its warmest Marches on record, with above-average temps in key wheat growing states, potentially cutting yields, according to weather bureau sources.
- The condition of the French soft wheat crop was estimated to be 84% good or excellent as of Feb. 23, from 88% a week earlier and up from 73% at the same time last year, according to FranceAgriMer.
- May SRW futures have notched fresh for-the-move highs, with resistance now serving at the psychological $6.00 level, which is backed by the June 20 high of $6.45 1/4. Initial support lies at the 10- and 200-day moving averages, layered at $5.67 and $5.60 3/4.
Live cattle and feeders are posting strong losses at midmorning.
- Nearby futures are facing pressure from extended technical selling.
- Cash cattle trade remains light in late-week trade, though so far this week’s cash trade is $245.00, compared to last week’s average of $246.91.
- Choice boxed beef fell $1.34 on Thursday to $377.89, while Select rose $3.72 to $370.79. Movement totaled 85 loads.
- April live cattle futures are facing support at the 100-day moving average of $232.62, while initial resistance stands at the 40-day moving average of $237.90.
Hog futures are mixed at midsession.
- Lean hog futures are mixed in narrow trade, with heavy selling in cattle futures limiting buyer interest.
- The CME lean hog index is up 41 cents to $89.12.
- The pork cutout value slid 24 cents on Thursday to $97.38, led by a $6-decline in primal ribs. Movement totaled 342.5 loads.
- April lean hogs continue to meet resistance at $96.37, which is backed by the Feb. 4 high of $99.80. Initial support lies at the 20-day moving average of $95.14, which is backed by the 40- and 10-day moving averages.