Corn is mostly a penny lower.
- Corn futures are modestly firmer in consolidative trade.
- House Republicans are setting up a rural energy council, to dig into E15 and negotiate acceptable language.
- President Trump Wednesday afternoon said he would refrain from imposing tariffs on goods from European nations opposing his effort to take possession of Greenland, citing a “framework of a future deal” he said was reached regarding the island, Bloomberg reported.
- March corn futures are trading within Wednesday’s lower range, limited by resistance $4.25 3/4, which is backed by the 10-day moving average. Initial support is layered at $4.19 1/2, then at the Jan. 13 low of $4.17 1/4.
Soybeans are 3 to 4 cents higher, while soymeal is around $4.00 higher. Soyoil is fractionally weaker.
- Soybeans are extending Wednesday’s gains, though resistance at the 200-day moving average is stalling those efforts.
- USDA reported daily sales of 192,000 MT to unknown destinations for 2025-26.
- Brazil soy crushers group, Abiove, predicts the 2025-26 soybean crop will total 177.12 MMT, up from 171.48 in the previous year. Meanwhile, the group forecasts a record soy crush of 61 MMT in 2026.
- March soybeans are facing resistance at the 200-day moving average, trading at $10.67 ¾, which is backed by the 40- and 100-day moving averages, each trading around $10.82. Initial support lies at the 20-day moving average of $10.58 1/4.
Wheat futures are 6 to 8 cents higher.
- SRW wheat futures are posting solid gains with support from a weaker U.S. dollar and growing weather concerns across key growing regions.
- Sovecon noted earlier today it could lower Russia’s wheat crop forecast for this year from the current 83.8 MMT if the current cold spell across the country persists for a week or longer.
- Russia’s Agriculture Minister Oksana Lut stated earlier today that Russian companies should set up food-processing plants abroad with government support, to help revitalize the country’s slowing agricultural exports.
- March SRW futures are testing resistance at the 10- and 20-day moving averages, with resistance now serving at the 40-day moving average of $5.21. Initial support remains at $5.04 1/4.
Live cattle are mixed while feeders are modestly higher at midsession.
- Cattle futures are modestly weaker as technical hurdles curb buyer interest.
- Secretary of Agriculture Brooke Rollins Wednesday announced the launch of the New World Screwworm (NWS) Grand Challenge. “This funding opportunity marks a pivotal step in USDA’s comprehensive strategy to combat NWS and prevent its northward spread,” said a USDA press release.
- Wholesale beef values rose on Wednesday, with Choice up $1.35 to $366.11, while Select rose $2.61 to $362.45. Movement totaled 138 loads.
- February futures continue to be limited by the 20-day moving average of $233.62, which is backed by the 10-day moving average of $234.30. Initial support ies at the 100-day moving average of $231.90.
Hog futures are firmer at midsession.
- Nearby lean hog futures are modestly firmer after reaching fresh near-term highs early on.
- The CME lean hog index is up another 37 cents to $82.40.
- The pork cutout value rose 51 cents to $93.98 on Wednesday, led by gains in primal bellies. Movement totaled 250.6 loads.
- February lean hogs have scored a fresh near term high, with resistance at $88.66. Initial support lies at $87.82.