Corn is flat to 1 cent lower at mid-morning.
- Corn and other grain futures markets saw solid gains overnight, but were unable to maintain momentum in the face of a stronger dollar as rising oil prices sparked a selloff in stocks and other risky assets.
- USDA reported daily sales of 196,000 MT of corn for delivery to unknown destinations during the 2025-26 marketing year.
- Brent crude was up more than 6% after trading at its highest since 2024, with gasoline and diesel fuel prices on the rise and offering a potential boost for biofuel demand.
- Pro Farmer crop consultant Dr. Michael Cordonnier left his Brazil corn estimate unchanged this week at 135.0 million tons, with a neutral-to-lower bias.
- Cordonnier left his Argentina corn crop estimate unchanged this week at 53.0 million tons, with a neutral-to-lower bias. Corn in Argentina was 3.6% harvested as of late last week.The late-planted corn will continue to need additional moisture through the months of March and April, said Cordonnier.
- Safrinha, or second-crop, corn in Brazil was 66% planted as of late last week compared to 80% last year, according to AgRural.The planting remains the slowest since 2022.
- May corn again traded above the 200-day moving average at $4.49 ¾ before slipping back below the key resistance level. Further strength would find resistance at $4.53 3/4, the close the day before the steep selloff sparked by the Jan. 12 USDA reports.
Soybeans are 1 to 2 cents lower, while soymeal is around 30 cents lower. Soyoil is trading near unchanged.
- Soybean futures erased gains after having taken back Monday’s decline in overnight trade.
- Signs a late March-early April summit meeting between President Donald Trump and Chinese leader Xi Jinping remains on track despite China’s anger over U.S. military action against Iran helped boost soybean futures overnight. US Treasury Secretary Scott Bessent, US Trade Representative Jamieson Greer and China’s Vice Premier He Lifeng are expected to convene in Paris at the end of next week to discuss business deals that could stem from the meeting, Bloomberg reported.
- AgRural lowered its Brazilian soybean production forecast to 178 MMT, down from its previous estimate of 181 MMT amid drought=related yield losses in Rio Grande do Sul.
- May soybeans stalled below Monday’s overnight high at $11.85 and have slipped below support at $11.65. Next support is seen at the 10-day moving average at $11.59 1/2 on selling pressure.
Winter wheat futures are 1 to 7 ¼ cents lower. Hard red spring wheat is flat to a penny lower.
- SRW wheat futures have retreated after scoring a fresh near-term high in overnight trade, with pressure stemming from a soaring U.S. dollar.
- May SRW has traded below uptrend support at $5.72 ¾. Resistance stands at $5.91 1/2 on persistent strength.
Live cattle and feeders are higher at mid-morning.
- Nearby futures are firmer.
- Wholesale beef has extended a rebound, with choice cutout jumping $6.60 to $387.94 Monday and select up $1.53 to $379.74, with total loads at 54. The recent drop in cattle prices and strength in cutout should aid packer margins, which have spent months deep in the red.
- Futures continue to trade well below the cash market. Reports of weaker cash trade are beginning to circulate, indicating weaker futures trade could be pulling cash lower.
- Important resistance for April live cattle stands at $238.00. The next downside technical objective for the bears is closing prices below solid technical support at 225.00.
Hog futures are modestly weaker at midsession.
- Lean hog futures are weaker.
- Futures have been weighed on by weakness in cattle futures the past couple days. The CME lean hog index continues to work higher, up another 25 cents to $89.69.
- Pork cutout continues to work higher as well, rising 73 cents to $98.50 Monday, led by strength in ribs.
- The next upside price objective for the hog bulls is to close April futures prices above solid chart resistance at the contract high of $99.80. The next downside price objective for the bears is closing prices below solid technical support at the February low of $91.125. First resistance is seen at last week’s high of $96.65 and then at $97.50. First support is seen at $94.00 and then at $93.00.