Please take our Pro Farmer annual Spring Acres Survey… Click here.
Corn is mostly 3 cents lower at midmorning.
- Corn futures are weaker in tandem with wheat futures, with pressure stemming from a firmer U.S. dollar.
- World Weather Inc. reports this week’s unusual heat wave in western North America has piqued interest in the weather outlook for this spring. Worry has begun to rise over the longer-term forecast due to the degree of dryness present from southwestern Canada’s Prairies through much of the western U.S. The forecaster notes drought is also prevailing in portions of the U.S. Midwest , Delta and southeastern states.
- A bipartisan group of U.S. Senators introduced a bill that would require mandatory price reporting of fertilizer — a bid for more market information after the war in Iran prompted the biggest surge in crop nutrient costs in years, said a Bloomberg report.
- May corn futures are being supported at $4.65 ¼, which is backed by the 10- and 20-day moving averages. Resistance stands at The March 9 high of $4.76.
Soybeans are 3 to 4 cents lower while soymeal is around $5.0 lower. Soyoil is around 60 points higher.
- Corrective selling in soymeal is capping buyer interest in soybeans, while soyoil strength is lending support.
- China’s soybean imports from the U.S. plummeted in the first two months of 2026 from a year earlier as most shipments, following a late October truce haven’t arrived yet, according to Reuters. China imported 1.49 MMT of soybeans from the U.S. in January and February, down 83.7% from 9.13 MMt a year earlier, according to customs data.
- China is clamping down on fertilizer exports to protect its domestic market, according to Reuters, who cited industry sources, additionally straining global markets that were already grappling with shortages caused by the conflict in the Middle East.
- May soybeans continue to face resistance at the 20- and 10-day moving averages, trading at $11.78 and $11.87 1/4, while initial support lies at $11.59.
SRW wheat futures are 5 to 6 cents lower, while HRW futures are mostly 13 cents lower. HRS futures are 3 to 4 cents lower.
- SRW wheat futures are weaker in step with HRW wheat futures, though technical support is limiting the downside.
- A significant and potentially historic warm-up for this time of year continues to be in progress for HRW country in the U.S., and temps will occasionally be extreme by March standards, with record-breaking heat expected, according to World Weather Inc.
- The condition of the French soft wheat, winter barley and durum crops remained stable in the week ended March 16, while crop development continued to run ahead of average, according to data from farm office FranceAgriMer.
- May SRW futures continue to face support at the 10-day moving average $6.00 1/2, while resistance stems from the March 9 high of $6.41 3/4.
Live cattle and feeders are posting solid gains at midsession.
- Cattle futures are correctively firmer, but resistance at the 20-day moving average continues to limit a move higher.
- Cash trade remains slow to develop ahead of this afternoon’s Cattle on Feed Report.
- Wholesale beef values declined on Thursday, with Choice down $1.45 to $400.30 and Select down $.72 to $92.45. Movement totaled 91 loads.
- April cattle futures are trading mostly between the 20- and 10-day moving averages, trading at $24.62 and $232.59. Additional resistance/support serves at the 40-day moving average, training at $237.05 and the 100-day moving average, trading at $231.01.
Hog futures are mixed at midmorning.
- Nearby lean hog futures are extending modestly lower, while deferred contracts edge slightly higher.
- The CME lean hog index is up 11 cents to $92.04 as of March 18.
- The pork cutout value fell 77 cents to $98.05 on Thursday, led by losses in primal bellies. Movement improved to 339.0 loads.
- April lean hogs are facing support at $91.41, which is backed by the Feb. 13 low of $91.125. Support stands at the 10-, 20- and 40-day moving averages, layered from $9.88 to $95.05.