Corn futures are mostly 3 to 5 cents lower at midmorning.
- Corn futures are edging lower amid pressure from crude oil futures and a firmer U.S. dollar.
- USDA reported weekly export 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.
- World Weather Inc. maintains there is still some potential that some of the Brazilian safrinha corn crop will be planted late enough to raise some production concern later this year, especially with a lighter than usual rainfall bias likely in March.
- March corn futures Bulls are looking to break prices back above $5.00 resistance, which is backed by Wednesday’s high of $5.04 1/2. Support is layered at the 10-day moving average, then $4.91.
Soybeans are a penny to 4 cents lower, while soymeal futures are around 20 cents lower. Soyoil is around 50 cents lower.
- Soybean futures are modestly weaker as technical resistance limits buyer interest.
- USDA reported weekly export 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.
- 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.
- March soybeans are facing 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.
Winter wheat futures are mostly 4 to 6 cents higher, while HRS futures are a penny to 3 cents higher.
- SRW wheat futures are posting modest gains despite a firmer dollar.
- USDA reported weekly export 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.
- 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.
- March SRW futures are meeting 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.
Live cattle are firmer while feeders are sharply higher at midsession.
- Nearby live cattle are facing moderate technical buying ahead of this afternoon’s Cattle on Feed Report.
- Analysts surveyed by Reuters expect USDA to show the Feb. 1 large feedlot inventory (1,000-plus head) down 0.8% from year-ago in this afternoon’s Cattle on Feed Report. Placements are expected to be up 2.2% from last year, though the pre-report range extends from down 1.7% to up 6.1%, making that the key figure in the report. The U.S. had not reopened the border to Mexican cattle imports in January, though the year-ago figure was the lowest in eight years. January marketings are expected to be up 2.1% from last year.
- Choice boxed beef prices fell another $1.26 to $312.63 while Select dropped 58 cents to $303.18. Packers are slowing slaughter runs amid deeply negative margins, but that hasn’t supported wholesale prices as retailer beef buying remains seasonally weak.
- USDA reported net beef sales of
- April live cattle are trading narrowly within Thursday’s range, with resistance standing at $194.61 while initial support lies at $193.03.
Hog futures are mixed at midmorning.
- Nearby lean hogs are facing followthrough selling stemming from fading wholesale values.
- The CME lean hog index is up another 24 cents to $91.22 as of Feb. 19, extending the rebound from the seasonal low on Jan. 9, though that’s the smallest daily gain in a couple of weeks.
- The pork cutout fell another $1.49 to $94.03 Thursday, pressured primarily by primal bellies that dropped another $7.46.
- USDA reported net pork sales of
- April lean hogs are facing resistance at the 100- and 40-day moving averages, while support is layered at $87.83 and $87.3.