Corn futures are 5 to 8 cents lower at midmorning.
- Corn futures are facing pressure for the fifth straight session amid disappointing weekly export sales, a higher U.S. corn acreage projection for this year and technical selling pressure.
- Based on the February WASDE Report, USDA projects 94.0 million corn planted acres, with production of 15.585 billion bushels. Ending stocks: 1.965 billion bushels. Average cash price: $4.20.
- USDA reported corn export sales of 794,700 MT for 2024-25, down 45% from the previous week and 47% from the four-week average. Sales came in below pre-report expectations of 900,000 MT to 1.65 MMT.
- May corn futures triggered sell stops below the 40-day moving average of $4.61 3/4 and are testing the early February low of $4.84. Resistance stands at the 20-day moving average of $4.70.
Soybeans are mostly 4 cents higher, while soymeal futures are trading just below unchanged. Soyoil is about 30 points higher.
- Soybean futures are modestly firmer despite selling in corn and wheat.
- Based on the February WASDE Report, USDA projects soybean planted acreage of 84.0 million, with production of 4.370 billion bushels. Ending stocks: 320 billion bushels. Average cash price: $10.00.
- USDA reported soybean export sales of 410,900 MT for 2024-25, down 14% from the previous week but 10% above the four-week average. Sales were in the middle of the range of pre-report expectations from 200,000 to 600,000 MT.
- May soybean futures are trading mostly between the 100- and 10-day moving averages, currently trading at $11.58 3/4 and $10.43 1/4. Additional resistance/support is at $10.80 and $10.36 3/4.
Wheat futures are 8 to 18 cents lower, with SRW contracts leading declines.
- SRW wheat futures are sharply lower amid weak export data and a strong dollar.
- Based on the February WASDE Report, USDA projects wheat planted acreage of 47.0 million, with production of 1.926 billion bushels. Ending stocks: 826 million bushels. Average cash price: $5.50.
- USDA reported net wheat export sales of 269,000 MT for 2024-25, down 50% from the previous week and 46% from the four-week average. Sales fell shy of traders’ expectations ranging from 300,000 to 600,000 MT.
- India is poised to enter its summer season with one of the warmest Marchs on record. Above-average temperatures next month will threaten to cut yields of the maturing wheat crop, two weather bureau sources told Reuters.
- May SRW futures have plunged below the 40-day moving average of $5.73 3/4, with additional support serving at $5.58 1/2. The 100-day moving average of $5.79 3/4 is serving as initial resistance.
Live cattle are moderately to sharply higher while feeders are sharply higher.
- Nearby live cattle and feeders are firmer, with selling in corn lending support.
- Packers have been slow to establish cash cattle bids. The few bids that have surfaced are much lower than last week and far below feedlots’ asking prices – as packers continue to work with highly negative margins. It appears active cash trade won’t be seen until sometime Friday and negotiated sales are likely to be low again this week.
- USDA reported net beef sales 18,200 MT for 2025, down 15% from the previous week.
- April live cattle are consolidating between support at $193.97 and the 20-day moving average of $196.77.
Hog futures are posting hefty losses at midmorning.
- Nearby lean hogs are sharply lower amid technical pressure.
- The CME lean hog index is up 2 cents to $89.49 as of Feb. 25, halting a three-day slide.
- The pork cutout firmed $1.01 on Wednesday, driven by a $10.30 jump in primal bellies.
- USDA reported net pork sales of 32,200 MT for 2025, up 26% from the previous week.
- April lean hogs have extended below support at $87.05, $85.80 and $85.04, with additional support at $84.23. Initial resistance stands at $87.83.