Corn futures are unchanged to 4 cents higher at midmorning.
- Corn futures are posting followthrough gains amid support from strength in crude oil and solid export sales.
- USDA reported weekly corn sales of 1.5 MMT for the week ended March 13, up 55% from the previous week and 45% from the four-week week average. Net sales were within the pre-report range of 800,000 MT to 1.7 MMT.
- EPA finalized a one-year delay in implementing the 1-psi waiver for year-round E15 fuel sales in Ohio and nine South Dakota counties. The rule, published in the Federal Register, pushes the effective date to April 28, 2026.
- The International Grains Council (IGC) forecasts global corn production for 2025-26 at 1.269 billion metric tons, up from1.217 billion in 2024-25.
- May corn futures are being limited by the 100- and 20-day moving averages of $4.66 1/2 and $4.70 3/4, while support lies at $4.60 1/4.
Soybeans are a penny to 4 cents lower, while soymeal futures are around $1.50 lower. Soyoil is fractionally weaker.
- Soybean futures are modestly weaker in consolidative trade as technical pressure continues to curb buyer interest.
- USDA reported weekly soybean sales of 352,600 MT during the week ended March 13, down 53% from the previous week and 29% from the four-week average. Net sales missed the pre-report range of 400,000 to 900,000 MT.
- Both U.S. and Canadian biofuel companies are throttling biofuel production to limit losses amid uncertainty regarding President Trump’s approach to green fuel subsidies and the potential for a worsening trade war. Tariffs are quickly pricing out feedstocks made from crushing and oilseed subsidies are at risk, making production of renewable fuels too expensive.
- China’s soybean imports from the U.S. jumped 84.1% from year ago in the first two months of 2025. China brought in 9.13 MMT of soybeans in the first two months of 2025, up from 4.96 MMT last year. Competition from Brazil is expected to limit imports in the coming months.
- President Trump’s plan to revive U.S. shipbuilding using massive fees on China-linked vessels could weigh on agricultural exports as exporters struggle to find ships to send goods abroad. Trump is drafting an executive order that would levy fines of up to $1.5 million on China-made ships or vessels from fleets that include ships made in China.
- May soybean futures continue to be limited by the 10-day moving average of $10.12 1/4, while support remains at $10.04 1/2, which is backed by psychological support at $10.00 and the March low of $9.91.
Winter wheat futures are 7 to 8 cents lower, while HRS futures are mostly 3 cents lower.
- Winter wheat futures are under pressure for a second straight session amid a firming U.S. dollar.
- USDA reported net wheat reductions of 248,800 MT for the week ended March 13, a marketing-year low, and down noticeably from the previous week and four-week average. Net sales missed the pre-report range of 300,000 to 700,000 MT.
- The International Grains Council (IGC) projects a larger global wheat crop in 2025-26 at 132.9 MMT, up from 119.4 in 2024-25.
- May SRW futures are being limited by the 200-day moving average of $5.96 1/4, while support lies at the 10- and 20-day moving averages, currently trading at $5.85 1/2 and $5.84 1/4.
Live cattle are modestly firmer, while feeders are mostly favoring the downside.
- Nearby live cattle are modestly firmer after carving a fresh for-the-move high early on.
- Choice boxed beef soared $6.29 on Wednesday to $329.61, while Select fell 55 cents to $308.68. Movement totaled 110 loads.
- USDA reported net beef sales of 10,200 MT for 2025, down 29% from the previous week and 405 from the four-week average.
- April live cattle are facing resistance at $207.66, while initial support lies at $206.32, then at $205.48.
Hog futures are mixed at midsession.
- Nearby lean hogs are slightly firmer, with discounts to the cash index limiting an extension lower.
- The CME lean hog index is up another 9 cents to $89.41.
- The pork cutout value slipped another 45 cents on Wednesday to $95.19 amid declines in primal ribs, loins and butts. Movement totaled 296.2 loads.
- USDA reported net pork sales of 18,100 MT, a marketing-year low, for 2025, down 11% from the previous and 40% from the four-week average.
- April lean hogs are being pressured by the 20- and 10-day moving averages, currently trading at $86.17 and $86.79, while support lies at Wednesday low of $85.575, which is backed by support at $84.83.