GRAIN CALLS
Corn: Steady to 2 cents higher.
Soybeans: 1 cent lower to 1 cent higher.
Wheat: Winter wheat 6 to 8 cents higher; HRS 3 to 5 cents higher.
GENERAL COMMENTS: Corn and soybeans traded in tight ranges near unchanged overnight while wheat favored the upside, negating most of yesterday’s weakness. Bulls are seeking to followthrough higher on exports sales coming in the upper range of expectations for each. Outside markets are not supportive this morning as front-month crude oil futures are modestly lower while the U.S. dollar index is around 250 points higher.
Indian refiners have canceled up to 100,000 MT of crude palm oil (CPO) orders scheduled for March-June delivery due to rising prices, Reuters reports. An initial cancellation was reported Thursday, with an additional 30,000 MT canceled by early Friday. CPO prices have surged over 11% in the past four weeks. Meanwhile, imports of soybean oil for Feb.-March arrival have increased due to its more favorable pricing compared to CPO.
France’s ag ministry rated the country’s winter wheat crop as 74% good/excellent as of Feb. 17, up one percentage point from the previous week. The crop is rated better than last year’s 69% good/excellent level at this time, though that was a four-year low.
Export sales for the week ended Feb. 13:
- Corn: Net sales of 1.454 MMT for 2024-25, down 12% from the previous week and 5% from the four-week average. Increases came primarily for Mexico and Japan. Sales came in the upper end of expectations ranging from 900,000 MT to 1.6 MMT. Exports totaled 1.606 MMT were a marketing year high.
- Soybeans: Net sales of 480,300 MT for 2024-25, up noticeably from last week but down 23% from the four-week average. Increases came primarily for China, Egypt and Mexico. Sales came in the upper end of expectations ranging from 100,000 to 500,000 MT. Exports totaled 741,000 MT.
- Wheat: Net sales of 532,700 MT for 2024-25, down 7% from the previous week but up 31% from the four-week average. Increases came primarily for Mexico and Japan. Sales came in the upper end of expectations ranging from 300,000 to 600,000 MT. Exports totaled 232,700 MT.
CORN: March corn futures traded in a tight range overnight. Bulls are looking to break prices back above $5.00 resistance, which is backed by Wednesday’s high of $5.04 1/2. Support stands at $4.95, the 10-dya moving average, then $4.91.
SOYBEANS: March soybean futures traded on either side of unchanged overnight. Downtrend resistance stands at $10.45, which is backed by the psychological $10.50 mark. Support comes in at $10.41 1/4, the 20-day moving average, then $10.31 3/4.
WHEAT: March SRW futures recovered most of Thursday’s loss overnight. Bulls are looking to break prices above resistance at $5.91 1/2, the 200-day moving average, which is backed by the psychological $6.00 mark. Support comes in at $5.86 then the psychological $5.75 mark.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Choppy/lower.
CATTLE: Live cattle futures and feeders are expected to open with a mostly firmer tone, supported by technical buying off recent lows. Price action is likely to remain choppy ahead of this afternoon’s Cattle on Feed report from USDA. Placements will be the key figure in the report. They are seen as rising 2.2% from last year’s eight year low, but since the Mexican border was still closed in January, estimates for placements varied widely. Cash cattle trade remains light this week with small trade taking place at lower prices. Wholesale beef prices continue to fall, with Choice down another $1.26 to $312.63 while Select sunk 58 cents to $303.18. USDA reported net beef sales of 21,500 MT for 2025, up 64% from the previous week and 35% from the four-week average.
HOGS: Lean hog futures are expected to open with a mostly weaker tone in a continuation of recent selling pressure, though oversold conditions could limit losses after the open. Hog futures continue to face sustained selling pressure, led by weakness in pork cutout. Wholesale pork is down another $1.49 to $94.03 as bellies continue to lead the way lower. The CME lean hog index is up another 24 cents to $91.22 as of Feb. 19. While the index continues to climb, that is the smallest daily gain in a couple of weeks. USDA reported net pork sales of 25,600 MT for 2025, up 3% from the previous week but down 27% from the four-week average.