Market Snapshot | Weakness intensifies

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Corn is 11 to 13 cents lower at midmorning.

• Corn futures are facing spillover pressure from the soy complex and weakness in crude oil futures.
• USDA reported weekly export inspections totaled 1.66 MMT during the week ended March 12, up 136,270 MT from the previous week but near the upper end of the pre-report range of 1.0 to 1.7 MMT.
• AgRural reported Brazilian farmers had planted 91% of the second crop in the country’s center-south region as of last Thursday, compared to 97% a year ago. The first corn harvest was 50% complete, well behind 72% a year earlier.
• Late season safrinha corn planting has been slowed in some areas of Brazil, but the most important corn production region is in Mato Grosso, Goais and northern Mato Grosso do Sul. Crops in those areas are suspected of being in good shape with plenty of soil moisture, and the outlook is promoting additional rain, according to World Weather Inc.
• May corn futures are testing support at the 10-day moving average of $4.81 1/2, while resistance stems from last week’s high of $4.98 1/2.

Soybeans are 46 to 56 cents lower while soymeal is around $7.50lower. Soyoil is 260 points lower.

• The soy complex is facing heavy pressure after remarks from President Trump around potentially delaying his scheduled meeting with Chinese President Xi Jinping.
• USDA reported weekly export inspections totaled 966,082 MT during the week ended March 12, down 79,079 MT from the previous week, but well above the expected pre-report range of 400,000 to 800,000 MT.
• President Trump threatened to delay his summit with Chinese President Xi Jinping if Beijing doesn’t help secure the Strait of Hormuz, as the U.S.-Israel war stifles oil supplies and unsettles ties between the world’s biggest economies. Trump stressed China’s dependence on oil from the Middle East in an interview with the Financial Times and as reported by Bloomberg, as he reiterated a demand for Beijing to help unblock the key waterway.
• Brazil’s Agriculture Ministry has changed rules for the inspection of soybean cargoes bound for China. Globo Rural reported that under the new rule, soybean samples for inspection will be collected by shipping-supervision companies hired by the exporters, rather than the ministry inspectors.
• Brazilian farmers had harvested 61% of their 2025-26 soybean crop as of last Thursday, according to AgRural.
• May soybeans are testing support at the 10- and 20-day moving averages, trading at $12.08 3/4 and $11.89 1/2. Initial resistance is at $12.25 3/4, then at last week’s high of $12.50 3/4.

SRW wheat futures are 12 to 13 cents higher, while HRW and HRS futures are mostly 3 to 5 cents higher.

• SRW wheat futures are weaker in inside trade, though solid technical support and a notably weaker U.S. dollar are curbing sellers.
• USDA reported weekly export inspections totaled 343,022 MT for the week ended March 12, down 155,574 MT from the previous week and near the low-end of the pre-report range of 300,000 to 500,000 MT.
• Hard freezes occurred deep into the U.S. Southern Plains this morning and will do the same in the southeastern U.S. Tuesday morning, according to World Weather.
• Farmers in southern Ukraine have begun the 2026 sowing campaign, sowing the first 50,000 hectares of spring cereals, according to the UGA traders union earlier today.
• Russia’s grain exports rose 32.9% year-on-year in February to 3.2 MMT, according to shipping data from industry sources. Total exports have reached 36.1 MMT so far this season, down 5.1% on the year, according to the data.
• May SRW futures are trading inside Friday’s range, with resistance stemming from last week’s high of $6.49 3/4, while support remains at psychological support at $6.00, which is backed by the 10-day moving average, trading at $5.91 3/4.

Live cattle and feeders are posting notable gains at midsession.

• Cattle futures are firmer to start the week, though technical resistance is limiting buyer interest.
• Work stopped at the Greeley, Colorado JBS facility amid a union strike. The company is shifting cattle deliveries to facilities in Grand Island, NE and Cactus, TX.
• Cash cattle traded lower last week, though last week’s final average will be reported later this morning.
• Boxed beef continued higher on Friday, with Choice up 83 cents to $397.92, while Select rose 72 cents to $391.54. Movement was light at only 53 loads.
• April cattle futures are facing initial resistance at the 10-day moving average, currently trading at $233.37. Formidable support remains at the 200-day moving average, trading at $229.46, which is backed by last week’s low of $227.325.

Hog futures are firmer at midmorning.

• Lean hog futures are modestly firmer, though technical resistance is limiting buyers.
• The CME lean hog index is up 16 cents to $91.60.
• The pork cutout value fell 10 cents on Friday to $100.19, with gains in primal bellies and ribs mostly offsetting declines in all other cuts. Movement totaled 205.6 loads.
• April lean hogs are trading inside Friday’s lower range, limited by resistance at the 20-, 10- and 40-day moving averages, layered from $94.81 to $95.32. Initial support lies at Friday’s low of $93.10, which is backed by the Feb. 13 low of $91.125.