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Corn is mostly 2 to 3 cents lower.
- Corn futures are firmer in tandem with soybeans, though technical resistance continues to crimp momentum.
- The Trump administration is working to put the details of its trade deal with India announced Monday on paper, but it will reduce India’s tariffs on American industrial goods to zero from 13.5%, and eliminate duties but allow India to maintain some agricultural import protections, according to U.S. Trade Representative Jamison Greer.
- Crop consultant Dr. Michael Cordonnier lowered his Argentine corn production estimate by 1 MMT to 53 MMT, as conditions continue to deteriorate, especially in the core production area. Meanwhile, Cordonnier maintained his Brazilian corn production estimate of 137 MMT. He holds a lower bias toward the Argentine crop and a neutral bias toward the Brazilian crop.
- Late last week, the Brazilian National Weather Service (Inmet) issued their forecasts for precipitation and temperature for February. F or the main growing areas of Brazil, they are forecasting below normal rainfall and above normal temps, and if verified, the forecast could be more important for the safrinha corn than for soybeans, notes Dr. Michael Cordonnier.
- The Mato Grosso Institute of Agriculture Economics (Imea) predicts 77% of the safrinha corn in the state will be planted within the ideal window, compared to the average of 85%. The ideal window generally closes around the third week of February.
- Leading South Korean animal feed maker Nonghyup Feed Inc. (NOFI) bought an estimated 134,000 MT of animal feed corn in an international tender, seeking up to 207,000 MT, earlier today.
- March corn futures continue to be limited by the 20-day moving average, trading at $4.29 ½, while initial support lies at $4.23 3/4.
Soybeans are 4 to 5 cents lower, while nearby soymeal is $1.80 lower. Soyoil is around 95 points higher.
- Soybeans are being led higher by strength in soyoil.
- The Department of Treasury and Internal Revenue Service issued proposed legislation for domestic producers of clean transportation fuel to determine their eligibility for and calculate the clean fuel production credit under the One, Big. Beautiful Bill. Click here for more info.
- Dr. Michael Cordonnier lowered his Argentine soybean production estimate 1 MMT to 47 MMT, and noted a lower bias going forward. He held his Brazilian production estimate at 179 MMT and indicated a neutral to slightly higher bias going forward.
- USDA reported U.S. soy crushings totaled 229.865 million bushels in December, below most analysts’ average of 230.5 million bushels. That is a record for the month of December but down from October 2025’s all-time record high of 236.346 million bushels. Soyoil demand remains robust at a record 2.497 billion pounds for December, bringing U.S. soyoil stocks well below expectations, at 2.179 billion pounds. Implied meal use was a record 5.627 million tons, bringing meal stocks to 411,500 tons.
- China will stabilize grain and oilseed output, diversify agricultural imports and increase support for farmers, state media reported earlier today, citing a government rural policy blueprint, deemed the No. 1 document, aimed at ensuring food security.
- India’s palm oil imports surged 51% in January to a four-month as discounts to rival soyoil prompted refineries to ramp up purchases while cutting soyoil imports to a 19-month low, according to Reuters.
- March soybeans continue to face support at the 20-day moving average of $10.60 1/4, while initial resistance remains at the 10-, 40- and 200-day moving averages, layered from $10.66 1/4 to $10.69 1/2.
Wheat futures are mostly unchanged to 3 cents lower.
- Wheat futures are extending lower for the third straight session despite support from returned weakness in the U.S. dollar.
- January weather conditions did not have a negative impact on Ukrainian winter crops despite severe frosts in the last week of the month, according to state weather forecasters.
- March SRW futures are trading mostly between resistance at the 100-day moving average of $5.30 1/2 and support at the 10-day moving average, trading at $5.27. Additional resistance stands at the Jan. 30 high of $5.44 3/4, while additional support serves at the 20- and 40-day moving average, each trading around $5.20.
Live cattle and feeders are higher at midmorning.
- Live cattle futures edging higher amid support from notably firmer cash trade last week.
- Cash cattle trade averaged $239.44 last week, up a notable $4.74 from the previous week’s average.
- Wholesale beef rose on Monday, with Choice up $2.65 to $368.21, while Select rose $4.297 to $364.91. Movement was light at only 58 loads.
- April live cattle are trading inside Monday’s range, limited by resistance at the previous session high of $240.75, while support lies at the 10- and 20-day moving averages of $237.38 and $236.83.
Hog futures are firmer at midsession.
- Lean hog futures are moderately firmer with support from wholesale strength.
- The CME lean hog index is down 7 cents to $85.71
- The pork cutout value rose $1.48 to $95.70 amid gains in all cuts aside from primal hams. Movement totaled 287.1 loads.
- April lean hogs are trading within Monday’s upper range, limited by resistance at last week’s high of $97.55. The 10-day moving average of $96.09 is initial support and is backed by the 20-day moving average.