Corn is mostly a penny 2 cents lower at midmorning.
- Corn futures are modestly firmer, with support from followthrough gains in SRW.
- USDA reported weekly corn sales totaled 1.47 MMT during the week ended Feb. 12, down 29% from the previous week and 33% from the four-week average. Net sales were within the pre-report range of 600,000 MT to 2.2 MMT.
- Brazil’s safrinha corn plantings continue to trail year-ago and the five-year average as the ideal planting window closes this weekend. World Weather Inc. notes moisture will be crucial for the crop to perform, and so far moisture profiles are likely to be short when the monsoon season ends.
- Turkey’s state grain board TMO has issued an international tender to purchase and import a total of 350,000 MT of animal feed corn, according to European traders.
- May corn futures continue to face resistance at the 20-, 10- and 40-day moving averages, layered from $4.37 1/2 to $4.40 ½$4.34 . Initial support lies at $4.34 1/2, then at the Jan. 13 low of $4.26 1/4.
Old-crop soybeans are 2 cents higher, while new-crop soybeans are mostly 2 cents lower. Soymeal is around 30 cents lower. Soyoil is around 60 points higher.
- Soybean futures have fallen under pressure since the Supreme Court ruled against President Trump’s sweeping tariffs, though soymeal gains are limiting momentum.
- The U.S. Supreme Court struck down President Trump’s sweeping tariffs moments ago. The court ruled that the Trump administration’s interpretation that the International Emergency Economic Powers Act (IEEPA) - grants Trump the power he claims to impose tariffs would intrude on the powers of Congress and violate the legal principle called the “major questions” doctrine, according to Reuters.
- USDA reported weekly soybean sales totaled 798,200 MT during the week ended Feb. 12, up noticeably from the previous week, but down 20% from the four-week average. Net sales were within the pre-report range of 375,000 MT to 1.2 MMT.
- May soybeans are testing support at the 10-day moving average of $11.09 1/2, though additional support lies at the psychological $11.00 level, which is backed by the 20-, 100-, 40- and 200-day moving averages.
SRW wheat futures are 8 to 9 cents higher, while HRW futures are 7 to 8 cents higher. HRS futures are mostly 3 cents higher.
- SRW wheat futures are extending higher, with support from a downturn in the U.S. dollar after the Supreme court ruled against Trump’s tariffs.
- USDA reported weekly wheat sales totaled 288,000 MT during the week ended Feb. 12, down 41% from the previous week and 44% from the four-week average. Net sales were near the low-end of the pre-report range of estimates of 250,000 to 600,000 MT.
- The condition of winter grains in the European Union deteriorated after heavy rains hit the western part of the country, according to FranceAgriMer earlier today.
- March SRW futures are now facing resistance at the Nov. 5 high of $5.76 ½, while support lies at the 200-day moving average of $5.61 1/4.
Live cattle are moderately weaker while feeders are posting heavier losses at midmorning.
- Nearby futures are weaker as resistance from the February high continues to curb extended buyer interest.
- Choice boxed beef rose $1.37 on Thursday to $365.17, while Select fell 84 cents to $359.79. Movement totaled 97 loads.
- USDA reported net beef sales totaled 14,700 during the week ended Feb. 12, down 6% from the previous week and 13% from the four-week average.
- April live cattle futures continue to face resistance at the Feb. 4 high of $244.575, while support is layered at the 10-, 20- and 40-day moving averages, layered from $240.61 to $236.91.
Hog futures are firmer at midsession.
- Lean hog futures are firmer, but continue to be limited by technical resistance.
- The CME lean hog index is up 40 cents to $87.59 as of Feb. 18.
- The pork cutout value rose 72 cents to $96.28 on Thursday amid gains in all cuts aside from primal bellies and picnics. Movement improved to 317.8 loads.
- USDA reported net pork sales totaled 27,300 MT for 2026, down 5% from the previous week and 29% from the four-week average.
- April lean hogs are testing resistance at the 10-day moving average of $93.95, which is backed by the 20-day moving average. Initial support lies at the 40-day moving average of $93.59, which is backed by the Feb. 13 low of $91.125.