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Corn is 4 to 7 cents higher at midmorning.
- Corn futures are being led higher by wheat futures and crude oil.
- The Trump administration announced a 60-day waiver of the Jones Act shipping law, temporarily allowing foreign-flagged vessels to move fuel, fertilizer and other goods between U.S. ports as soaring energy and agricultural prices strain supply chains amid the ongoing conflict in the Middle East.
- Some timely rain fell across interior southern Brazil Tuesday and overnight offering a short-term bout of relief from recent dry conditions, according to World Weather Inc. Additional showers are possible over the next day or two and then a new wave of drying is expected.
- May corn futures are facing initial resistance at $4.87 3/4, which is backed by the March 9 high of $4.98 1/2. Support lies at $4.78 1/4, which is backed by the 20-day moving average.
Soybeans are 3 to 10 cents higher while soymeal is around $4.40 higher. Soyoil is 60 points higher.
- The soy complex is posting corrective gains, with meal rebounding with support from evidence of export demand.
- USDA reported 120,000 MT of soybean meal for delivery to unknown destinations during 2026-27.
- Southeastern Argentina and Uruguay will receive some needed rain in the coming week with sufficient amounts to maintain moisture abundance in central Argentina and improve field crop conditions in the east and into Uruguay.
- May soybeans are trading within Tuesday’s lower range, with support at $11.59, which is backed by the 40-day moving average of $11.54 1/2. Resistance stands at the 20-day moving average of $11.89 1/2, which is backed by psychological resistance at $12.00 and the 10-day moving average.
Wheat futures are mostly 12 to 18 cents higher.
- SRW wheat futures are posting corrective gains after a two day selloff, as solid technical support limits an earnest decline.
- Some minor injury occurred to soft wheat in the U.S. Midwest, Delta and Southeastern states during the past few days, though no permanent harm to the majority of crops resulted, according to World Weather Inc.
- No relief from dryness is likely in U.S. HRS wears during the next two weeks, and may result in some crop yield losses, especially if April continues dry biased with bouts of extreme temps.
- May SRW futures are facing support at the 20-day moving average, trading at $5.86 ¾, while initial resistance stands at $6.02 1/2, then at the March 9 high of $6.41 3/4.
Live cattle are modestly weaker, while feeders are notching heftier declines at midsession.
- Cattle futures are modestly weaker as technical resistance continues to limit the downside.
- High temps in the Plains states are expected to notably stress livestock, especially after the rapid change from unusually cold weather early in the week, according to World Weather Inc.
- Choice boxed beef rose another 65 cents to $403.31 on Tuesday, while Select rose $2.21 to $396.72. Movement improved to 107 loads.
- April cattle futures continue to face resistance at the 20-day moving average of $235.50, which is backed by the 40-day moving average. Initial support lies at the 10-day moving average of $233.12.
Hog futures are narrowly mixed at midmorning.
- Lean hog futures are trading narrowly in consolidative trade as technical resistance continues to limit buyer interest.
- The CME lean hog index is up another dime to $91.86 as of March 16.
- The pork cutout value fell 55 cents to $99.89 on Tuesday, led by declines in primal bellies, butts and loins. Movement totaled 270.0 loads for the day.
- April lean hogs are trading within Tuesday’s range, limited by resistance at the 10-, 20- and 40-day moving averages, layered from $94.62 to $95.25, while initial support lies at $93.22.