Corn futures are a penny to 2 cents lower at midmorning.
- Corn futures are extending this week’s declines amid fund long liquidation and technical selling.
- USDA reported corn export sales of 1.04 MMT for the week ended March 20, down 31% from the previous week but unchanged from the four-week average. Net sales were within the expected range of 600,000 MT and 1.6 MMT. Exports totaled 1.65 MMT.
- The Midwest will see three rounds of relatively widespread precip through the next two weeks that will leave much of the region with favorable soil moisture ahead of spring planting, though early-season fieldwork will be slowed.
- May corn futures are testing support at $4.47 1/2. Resistance stands at the 10- and 20-day moving averages of $4.59 and $4.61 1/4.
Soybeans are mostly 11 to 13 cents higher, while soymeal futures are chopping around unchanged. Soyoil is 120 to 140 points higher.
- Soybean futures are notably firmer amid support from sharply higher soyoil.
- The Trump administration has asked oil and biofuels producers to hash out a deal on the next phase of the nation’s biofuels policy to avoid the kind of political clashes that marked the president’s first term, four people familiar with the matter told Reuters. The group agreed in principle to ask that EPA significantly raise the mandate for renewable diesel and biodiesel from its current level, which is supporting soyoil.
- USDA reported soybean export sales of 338,500 MT for the week ended March 20, down 4% from the previous week and 28% from the four-week average. Exports totaled 922,100 MT.
- May soybean futures have extended above the 10- and 20-day moving averages at $10.09 3/4 and $10.11 3/4, with resistance now at $10.18 1/2. Initial support lies at $9.96.
Winter wheat futures are mostly 4 to 7 cents lower, while HRS futures are around a penny lower.
- SRW wheat futures have fallen to contract lows despite a weaker U.S. dollar.
- USDA reported weekly wheat export sales of 100,300 MT, which were down notably from the previous week and 65% from the four-week average. Exports totaled 428,700 MT.
- World Weather Inc. reports wildly swinging temps across the Plains will continue over the coming week with hot weather today and Friday and then freezing conditions during the early part of next week. The forecaster warns these conditions are indicative of drought.
- May SRW futures dropped below support at $5.30, making the $5.25 to $5.20 area as next support. Initial resistance is at $5.38 1/2.
Live cattle are modestly firmer while feeders are mostly lower at midmorning.
- Nearby live cattle are choppy in narrow trade, with seller interest limited by strengthening wholesale fundamentals.
- Choice boxed beef prices jumped another $3.11 to $338.30 on Wednesday, while Select firmed $2.48 to $316.53. Wholesale Choice beef has surged $12.85 in three days this week and $27.53 since Feb. 21 to a record for March. The only other times Choice beef values have been higher were June 2023, June and August 2021 and the record surge in May 2020.
- USDA reported net beef sales of 8,000 MT for 2025, down 22% from the previous week and 43% from the four-week average.
- April live cattle are hovering mostly above the 10-day moving average of $206.17, with additional support at $205.44. Initial resistance stands at $207.63.
Hog futures are sharply lower at midsession.
- Nearby lean hogs are weaker in corrective trade, erasing Wednesday’s gains, despite a discount to the cash index.
- The CME lean hog index is up 23 cents to $89.13 as of March 25.
- The pork cutout fell $1.90 to $95.65 on Wednesday, though movement stayed strong at 320.8 loads, signaling active retailer buying on weaker prices.
- USDA reported net pork sales of 31,900 MT for 2025, up 77% from the previous week and 13% from the four-week average.
- April lean hogs are trading within Wednesday’s range. Support is at the 20-day moving average around $86.04. Resistance is layered from $87.08 to the previous session high of $87.60.