GRAIN CALLS
Corn: 1 cent lower to 1 cent higher.
Soybeans: 1 to 3 cents lower.
Wheat: 4 to 6 cents lower.
GENERAL COMMENTS: Corn and soybeans saw modest selling pressure following Thursday’s impressive gains, while wheat saw more sustained selling. Outside markets remain volatile, with today’s non-farm payrolls report from the Bureau of Labor Statistics adding a catalyst this morning. The U.S. economy added 151k jobs in February, up from a downwardly revised 125k jobs in January and below expectations of 160k jobs. Front-month crude oil futures are posting modest gains from recent lows while the U.S. dollar index continues to work lower, currently down around 450 points.
President Donald Trump in an interview Friday suggested that tariffs on Mexico and Canada could rise above the stated 25%. While he paused tariffs until April 2 for goods under the USMCA agreement, Trump hinted that higher tariffs might still come, stating, “The tariffs could go up as time goes by.”
Canadian Prime Minister Justin Trudeau described his 50-minute phone call with President Trump as “colorful” and “heated.” A senior official revealed that Trump used profanity while discussing dairy products and became animated over fentanyl. Despite the heated exchanges, the call ended on a somewhat friendly note, with both leaders agreeing to explore potential tariff exemptions for U.S.-Mexico-Canada Agreement (USMCA)-compliant products. As the 2026 USMCA review approaches, the U.S. is expected to push for further reforms to secure better market access for American dairy producers, with calls for swift diplomatic resolutions to avoid prolonged economic impacts.
China imported 13.61 MMT of soybeans during the first two months of this year, up 570,000 MT (4.4%) from the same period last year, as importers brought in U.S. supplies before an anticipated trade disruption. Analysts expect March imports will be less than 6 MMT, despite tightening stocks held by crushers, given trade tensions with the U.S. and delays in Brazilian shipments. On March 10, China will impose an additional 10% tariff on U.S. soybeans.
CORN: May corn futures saw modest weakness overnight. Bulls are seeking to hold support at $4.58 1/4 then $4.52 3/4 on a move lower. Resistance comes in at $4.66 3/4 then the 200-day moving average at $4.69, which limited gains yesterday.
SOYBEANS: May soybean futures consolidated near the 10-day moving average overnight, which remains initial resistance at $10.27 1/2. Additional strength targets yesterday’s high of $10.36 1/2. Support comes in at $10.23 then $10.11 3/4 on heightened selling pressure.
WHEAT: May SRW futures saw resurgent selling pressure overnight. Initial support stems from $5.41 while continued weakness eyes support at $5.36 3/4. Resistance stands at the psychological $5.50 mark then the 10-day moving average at $5.60.
LIVESTOCK CALLS
CATTLE: Choppy/lower.
HOGS: Choppy/higher.
CATTLE: Live cattle and feeders are expected to open with a mostly weaker tone as continued cash market weakness is expected to weigh on futures. While cash cattle trade remained light through Thursday, prices are generally trending around $1.00 lower. Feedlots are in no hurry to price cattle at lower prices while packers are slow to raise bids amid poor margins. Wholesale beef ended Thursday mixed as Choice cutout fell 42 cents to $313.12 while Select climbed 98 cents to $303.51, narrowing the Choice/Select spread to $9.61.
HOGS: Lean hog futures are expected to open with a mostly firmer tone in a continuation of yesterday’s strength, though the recent choppy action suggests gains could be limited after the open. Futures have shown persistent strength the past couple of days as discounts to the cash market got too steep. Meanwhile, the CME lean hog index continues to chop, most recently falling another 2 cents to $90.18 for the March 5 quote. Wholesale pork continues to struggle garnering any momentum either, rising a penny to $96.49 Thursday, led by strength in hams and ribs.