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Corn is mostly ½ to ¾ cent higher
- Corn futures are slightly higher in a choppy trading session. Corn opened higher but then gave up gains before pushing back into positive territory.
- Early gains came amid a broad rally for commodities, including a surge higher by oil futures on fears of an imminent U.S. strike on Iran. Gold and silver also soared as the dollar weakened and stocks came under pressure. A sharp reversal for metals futures, which were seen as significantly overbought, and a bounce for the dollar sent grain futures lower.
- Corn export sales for the week ended Jan. 22 were 1.649 million MT, in the middle of a range of expectations from 1 million to 2.5 million MT.
- Forecasters continued to call for dry weather and above normal temperatures in east-central and southern Argentina. Crop condition ratings are due this afternoon, after having deteriorated in recent weeks.
- March corn futures saw support hold at $4.27 ¾, while important resistance is seen around the $4.40 area.
Soybeans are ¼ cent higher to 1 ¼ cents lowerr, while soymeal is $1.10 lower Soyoil is around 39 points lower.
- Soybeans opened with strong gains before turning south as an overall risk-off tone moved across markets.
- Early support was tied to forecasts for warmer, drier weather in Argentina, while the rally in crude lifted soyoil futures.
- USDA said soybean export sales totaled 819,000 MT in the week ended Jan. 22, versus expectations for a figure between 400,000 to 1.8 million MT.
- March soybeans saw support above the 200-day moving average at $10.69 ¼, after failing to make a convincing break above resistance at the 100-day moving average at $10.82 ¼.
Winter wheat futures are 3 to 4 cents higher, while hard red spring wheat is up 2 ¾ to 5 ½ cents.
- Wheat continues to lead strength.
- USDA said wheat export sales in the week ended Jan. 22 were 558,000 MT, versus forecasts for 275,000 to 600,000 MT.
- March SRW futures ran into resistance at $5.44 1/2. Support comes in at $5.33 1/2 on a reversal lower.
Live cattle and feeders are lower
- Live cattle futures are lower in consolidative trade after failing to follow through on a for-the move high. Feeder cattle edged lower after touching the highest level since October.
- Wholesale beef prices saw weakness, with Choice down 21 cents and Select falling $3.19 in morning trade.
Hog futures are mostly higher
- Lean hog futures found support after feeling midweek pressure in the previous session that saw April retreat from Tuesday’s contract high.
- The CME lean hog index is up 42 cents to $84.43 as of Jan. 26.
- The pork cutout value fell 64 cents Wednesday to $95.05 amid declines in most cuts.