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Corn is unchanged to a penny lower.
- Corn futures are modestly weaker despite general strength across the grain and soy complexes and notable outside market support as the U.S. dollar extends lower and crude firms.
- President Trump will be in Iowa today to speak on the economy and energy, with speculation running high for a biofuels-related announcement after farm groups were angered last week over a failure of lawmakers to include year-round E-15 approval funding in legislation.
- USDA reported 110,000 MT of corn to unknown destinations during 2025-26.
- USDA reported daily sales of 306,000 MT of sorghum to unknown destinations during 2025-26.
- South African farmers are estimated to have planted over 2.67 million hectares (6.6 million acres) of corn this year, a 3% increase from the previous season, according to the government’s Crop Estimates Committee (CEC) earlier today.
- Intense heat and dry weather is stressing crops in Argentina. “This heat wave will reduce corn yields,” stated meteorologist German Heinzenknecht, adding that downward revisions to production estimates are likely, with early planted corn being the most affected.
- March corn futures are facing initial support at $4.26 ½, which is backed by the 10-day moving average. Resistance stands at $4.29 and is backed by the 20-, 40-, 100- and 200-day moving averages.
Soybeans are 4 to 6 cents higher, while soymeal is 30 cents lower. Soyoil is around 50 points higher.
- Soybeans are recouping Monday’s losses but continue to face technical hurdles.
- China is expected to increase imports of Brazilian soybeans in the first half of 2026, as record production and competitive prices drive shipments, according to Reuters. Private soybean processors in China are locking in deals for Brazilian soybeans to be shipped from February onwards as harvest gathers momentum.
- World Weather Inc. reports waves of rain will gradually return to most locations in Brazil in the coming days and should restore some of the moisture that was recently lost to evaporation. However, many areas in Rio Grande do Sul, western sections of Santa Catarina and Parana and southern Mato Grosso will not receive enough rain to completely fix the moisture deficits, raising the need for timely rain into mid-February.
- March soybeans are being limited by the 200-day moving average of $10.68 3/4, which is backed by the 40-day moving average. Initial support lies at the 20- and 10-day moving averages, each trading around $10.57.
Winter wheat futures are chopping around unchanged, while HRS futures are favoring the downside in narrow trade.
- SRW wheat futures are chopping around unchanged despite support from a notably weaker dollar.
- Sovecon agriculture consultancy raised its 2025-26 Russian wheat export forecast by 1.1 MMT to 45.7 MMT.
- Tunisia’s state grains agency has issued an international tender to purchase 100,000 MT of soft milling wheat and 100,000 MT of durum wheat, according to European traders.
- March SRW futures continue to face support at the 40-day moving average, currently trading at $5.20 1/2, while resistance is layered at $5.35 3/4 and the 100-day moving average of $5.30 1/2.
Live cattle and feeders are modestly weaker at midsession.
- Cattle futures are modestly weaker in corrective trade following two sessions of solid gains.
- Cash cattle trade averaged $234.70 last week, up $2.20 from the previous week.
- Choice boxed beef slipped 2 cents on Monday to $368.90 while Select rose $4.73, narrowing the Choice/Select spread to $1.78. Movement totaled 97 loads.
- April futures continue to be supported by the 10- and 20-day moving averages, trading at $236.48 and $235.49. Initial resistance stands at $238.78.
Hog futures are mixed at midsession.
- April lean hog futures are modestly weaker after scoring a fresh contract high in early trade.
- The CME lean hog index is up another 39 cents to $84.01 as of Jan. 23.
- Cutout continued to firm on Monday, rising $1.51 to $97.26, led by gains in primal ribs. Movement totaled 215.9 loads.
- April lean hogs have carved a fresh contract high, though resistance stands around $97.49, while initial support remains at $95.84.