Corn futures are 9 to 13 cents lower at midmorning.
- Corn futures are extending risk-off losses amid mounting trade tensions.
- President Donald Trump’s new tariffs on imports from Canada, Mexico and China went into effect at 12:01 a.m. ET, marking a significant escalation in global trade tensions. See our Special Report for more details.
- South American crop consultant Dr. Michael Cordonnier kept his production forecasts unchanged this week for both the Brazilian and Argentine corn crops at 123 MMT and 46 MMT, respectively.
- May corn futures are challenging support at $4.42 3/4, with additional support at $4.31 1/4.
Soybeans are mostly 19 to 21 cents lower, while soymeal futures are around $6.00 lower. Soyoil is around 80 points lower.
- Soybean futures are facing selling for the fifth straight session, with tariff concerns loom throughout the marketplace.
- Effective on March 10, China will put an additional 10% tariff on U.S. soybean imports.
- China’s customs authority suspended the soybean import qualifications from three U.S. exporters and halted the imports of U.S. lumber, effective immediately. The three U.S. companies affected are CHS Inc, Louis Dreyfus Company Grains Merchandising LLC and EGT.
- Cordonnier maintained his Brazilian and Argentine soybean forecasts at 170 MMT and 48 MMT, respectively. He did note concerns of dryness in parts of southern Brazil, especially in Rio Grande do Sul, western Parana, western Santa Catarina and southern Mato Grosso do Sul, as well as excessive moisture in parts of central Brazil as soybeans mature.
- USDA reported daily soyoil sales of 20,000 MT to unknown destinations for 2024-25.
- May soybean futures are testing support at $9.93 1/2, with additional support at $9.79 1/4. Resistance stands at $10.16 3/4.
Winter wheat futures are mostly 15 to 20 cents lower, while HRS futures are around a dime lower.
- Wheat futures are facing notable pressure despite fading U.S. crop conditions and U.S. dollar weakness.
- USDA reported daily white wheat sales of 130,000 MT to South Korea for 2024-25. This was the first daily sale of white wheat since October 2020.
- State-level winter wheat condition ratings showed deterioration in the HRW crop during February. Click here for more details.
- World Weather Inc. notes the U.S. wheat crop is losing winter hardiness due to unusually warm temps, though there will be no threatening cold for the next 10 days. Snow is expected in Colorado into South Dakota and Nebraska, protecting some wheat from cooler temps.
- May SRW futures are lower despite being oversold. Support lies at today’s new for-the-move low of $5.30, which is backed by $5.22 1/2. Tough resistance stands at $5.52 1/4.
Live cattle are mixed, while feeders are sharply lower.
- Nearby live cattle have rebounded well off earlier lows amid technical buying and traders limiting futures’ discounts to the cash market.
- Last week’s cash cattle average was down another $1.99 to $197.65. Lower cash prices are expected again this week.
- Wholesale beef values rose on Monday, with Choice up $2.10 to $313.93 and Select up 36 cents to $302.41. Movement was light at only 100 loads for the day.
- April live cattle are working on a potential bullish reversal. Support is at the 200-day moving average of $189.71, while resistance stands at the 100-day moving average of $192.91.
Hog futures are posting heavy losses at midmorning.
- Nearby lean hogs are facing sharp losses amid retaliatory tariff concerns, as Mexico, China and Canada are three of the top five importers of U.S. pork.
- The CME lean hog index is up 50 cents to $89.94 as of Feb. 28. Over the last eight days, the index has risen and fallen four times each, though there was a net $1.04 decline during that span.
- The pork cutout value rose $1.37 to $99.79 amid gains in all cuts aside from primal ribs. Movement totaled 238.3 loads.
- April lean hogs have extended to a new for-the-move low, testing support at $80.78. Resistance stands at the 200-day moving average, trading around $84.21.