Corn futures are 4 to 10 cents lower at midmorning.
- Corn futures under pressure for the seventh straight session as retaliatory tariff concerns continue to feed risk-off selling.
- USDA reported daily corn sales of 114,000 MT to Mexico during 2024-25.
- Brazils safrinha corn planting surged 16 percentage points to 80% as of last Thursday, though that was still six points behind year-ago, according to AgRural.
- Analysts expect USDA to report corn-for-ethanol use at 465.8 million bu. in January, which would be down 7.4 million bu. (1.6%) from December but up 24.7 million bu. (5.6%) from last year.
- USDA reported corn export inspections of 1.351 MMT (53.2 million bu.) for the week ended Feb. 27, up 185,005 MT from the previous week and near the upper end of analysts’ pre-report range of expectations from 950,000 MT to 1.4 MMT.
- May corn futures dropped below the 100-day moving average, currently trading at $4.63 1/4 for the first time since early December. Additional support lies at the 200-day moving average of $4.57 1/4.
Soybeans are 13 to 16 cents lower, while soymeal futures are around $3.00 lower. Soyoil is around 90 points lower.
- Soybean futures have dropped to a seven-week low amid heightened risk aversion as the marketplace awaits additional tariffs and likely retaliation.
- China is preparing countermeasures against new U.S. import tariffs, with American agricultural exports in its sights, according to China’s state-backed Global Times. This move comes after President Donald Trump threatened an additional 10% duty on Chinese products.
- Brazil’s soybean harvest jumped 11 percentage points to 50% done as of last Thursday, according to AgRural. That was two points ahead of the same date last year.
- Analysts expect USDA to report January soybean crush totaled 210.9 million bu., according to a Bloomberg survey. That would be down 6.8 million bu. (3.1%) from the all-time record in December but up 16.1 million bu. (8.3%) from year-ago.
- USDA reported soybean export inspections of 695,158 MT (25.5 million bu.) for the week ended Feb. 27, down 183,457 MT from the previous week and within the pre-report expectations from 350,000 to 975,000 MT.
- May soybean futures have extended below support at $10.18 1/2 and $10.11 1/2. The 100-day moving average of $10.30 3/4 is serving as initial resistance.
Wheat futures are mostly 4 to 8 cents lower.
- Wheat futures are under continued pressure amid trade concerns and growing global supply prospects, though a sharply lower U.S. dollar is somewhat limiting seller interest.
- USDA reported wheat export inspections of 389,593 MT (14.3 million bu.) for the week ended Feb. 27, up 1,738 MT from the previous week and within the pre-report range of 250,000 and 550,000 MT.
- ABARES raised its 2024-25 Australian wheat production forecast by 2.2 MMT to 34.1 MMT, the third largest ever. ABARES noted yields were better than expected, especially in Western Australia and New South Wales.
- May SRW futures will find support from the psychological $5.50 level to the January low at $5.37 3/4.
Live cattle are posting moderate losses, while feeders are sharply lower.
- Nearby live cattle are posting hefty followthrough selling amid technical pressure.
- China’s customs authority suspended beef imports from six meat processing plants in Brazil, Argentina and Uruguay, following a safeguard investigation into beef imports initiated in December. The exact distribution of affected plants by country remains unspecified, and no official reason for the suspension was provided.
- Wholesale beef prices firmed 65 cents for Choice to $311.83 and slipped 8 cents for Select to $302.05 on Friday. After recent heavy price pressure, wholesale values have stabilized around current levels.
- April live cattle are facing resistance at the 100-day moving average of $192.89, while support lies at $191.47.
Hog futures are mixed at midmorning.
- Nearby lean hogs are trying to bounce a little from last week’s losses.
- The CME lean hog index is up a nickel to $89.44 as of Feb. 27, though it has declined four of the last six days.
- The pork cutout fell $2.54 to $98.42 on Friday amid a $22.88 plunge in primal bellies. Belly prices have been volatile, with large daily prices swings over the past week driving movement in cutout.
- April lean hogs are pivoting around Friday’s low of $83.60. Support lies at the intraday low of $82.725 while resistance stands at $84.95.