Corn futures are mostly 3 to 5 cents higher at midmorning.
- Corn futures are higher for the fourth straight session amid fund-led buying and technical support.
- USDA reported corn export inspections of 1.6 MMT (63.4 million bu.) for the week ended Feb. 13, up 256,244 MT from the previous week and above the pre-report range of expectations from 975,000 MT to 1.4 MMT.
- South American crop consultant Dr. Michael Cordonnier cut his Argentine corn production forecasts by 1 MMT to 46 MMT due to irregular rainfall across the country, high temps and a continued decline in crop conditions. Cordonnier kept his Brazilian corn crop forecast at 123 MMT.
- AgRural reported safrinha corn planting jumped 16 percentage points to 36% as producers worked to get as much seeded before the ideal window closes, though the pace remained far behind last year’s 59% at this time.
- March corn futures extended above resistance at $5.00 for the first time since May 28. Resistance is at $5.03 1/2, while support lies at the 10-day moving average of $4.92 1/2.
Soybeans are 2 to 4 cents higher, while soymeal futures are just above unchanged and soyoil is around 50 points firmer.
- Soybean futures are modestly firmer in consolidative trade as looming technical resistance and a stronger U.S. dollar curb buyer interest.
- USDA reported soybean export inspections of 720,332 MT (26.5 million bu.) for the week ended Feb. 13, down 377,113 MT and short of the pre-report range of 875,000 MT to 1.25 MMT.
- Cordonnier lowered his Argentine soybean forecast by 1 MMT to 34 MMT, but maintained his Brazilian soybean forecast at 171 MMT. Given drier weather across central Brazil, he is less worried about delays with soybean harvest.
- Brazil’s soybean harvest reached 23% done as of last Thursday, according to AgRural, with notable progress in Mato Grosso. Harvest remained well behind 32% on this date last year.
- Analysts expect the National Oilseed Processors Association (NOPA) will report January soybean crush slowed to 204.5 million bu., down 1% from the all-time record in December but up 10.1% from year-ago. At that level, crush would be a record for the month and the second highest monthly figure behind December 2024. Soyoil stocks are expected to rise to 1.289 billion pounds.
- China crushed 1.94 MMT of soybeans during the week ended Feb. 14, with the country’s soymeal inventory declining for a fourth straight month, according to data from the China National Grains and Oils Information Center (CNGOIC).
- March soybeans are consolidating mostly between the 10-day moving average of $10.46 1/2 and the 40-day moving average of $10.27 1/2.
Wheat futures are mostly 4 to 6 cents higher.
- SRW wheat futures are posting followthrough gains despite a firmer dollar.
- USDA reported wheat export inspections of 249,812 MT (9.2 million bu.) for the week ended Feb. 13, down 320,486 MT from the previous week and below the pre-report range of 300,000 MT to 500,000 MT.
- Russian exporters will be able to deliver no more than 8.1 MMT of wheat by the end of the 2024-25 season, well below their permitted quota, the head of analysis at grain shipment company Rusagrotrans said.
- March SRW futures have extended to a four-month high, pushing above the 200-day moving average around $6.00 3/4, while support lies at $5.93 1/4.
Live cattle are weaker while feeders are sharply higher at midsession.
- Nearby live cattle are posting modest corrective gains in the wake of Friday’s heavy selling.
- Cash cattle averaged $202.91 last week, down $4.14 from the previous week and the second straight weekly decline. Given highly negative packer margins that have caused packers to slow slaughter runs, cash cattle prices are expected to weaken again this week.
- Choice boxed beef values rose $1.00 on Friday to $315.70 while Select fell 91 cents to $306.23. Movement was light at 87 loads.
- April live cattle are being pressured by the 10- and 40-day moving averages, currently trading at $196.73 and $197.27, while support lies at the 100-day moving average of $192.27.
Hog futures are sharply higher at midmorning.
- Nearby lean hogs are solidly higher amid continued cash strength.
- The CME lean hog index continues to rebound off the seasonal low posted in early January, with the latest quote as of Feb. 13 at $88.77, up 71 cents
- The pork cutout value rose $1.12 on Friday to $101.99, led by gains in primal bellies, picnics and hams. Movement totaled 268.2 loads.
- April lean hogs are facing resistance at last week’s high of $94.75 while support is at $93.08 and backed by the 10-day moving average of $92.38.