Corn Retreats While Soybeans Hold Their Own

Corn

March corn futures came within a penny of the October 2nd high yesterday but backed off and settled 4 ¾ cents lower today to 443 ½.

Weekly Export Sales: Net sales of 946,900 MT for 2024/2025 were down 45 percent from the previous week and 32 percent from the prior 4-week average. Expectations ranged from 1,100,000-1,900,000. Last week's report came in at 1,732,394.

Soybeans

March soybeans continue to be mostly range bound, but it feels like the energy is building for a bigger directional move. March futures settled ½ of a cent higher to 1003 ¼.

Weekly Export Sales: Net sales of 1,173,800 MT for 2024/2025 were down 49 percent from the previous week and 42 percent from the prior 4-week average. Expectations ranged from 1,500,000-2,200,000. Last week's report came in at 2,312,720.

Flash Sale: Private exporters reported sales of 334,000 metric tons of soybeans for delivery to unknown destinations during the 2024/2025 marketing year.

Wheat

March wheat futures settled 4 ¾ cents lower to 558 ½.

Weekly Export Sales: Net sales of 290,200MT for 2024/2025 were down 23 percent from the previous week and 31 percent from the prior 4-week average. Expectations ranged from 275,000-600,000. Last week's report came in at 378,232.

Livestock Market Recap

Live Cattle

February live cattle futures traded to the highest level since March, only to reverse and finish the day 52 cents lower, settling at 190.85.

Weekly Export Sales: Net sales of 11,000 MT for 2024 were up noticeably from the previous week and up 32 percent from the prior 4-week average. Net sales of 5,400 MT for 2025.

Feeder Cattle

January feeder cattle tested but failed to take out the top end of the December range. That contract settled 70 cents lower to 258.35.

Lean Hogs

February lean hogs traded on both sides of unchanged today, trading within the previous day’s range (referred to as an inside day). At the close, February futures were 10 cents higher to 84.47.

Weekly Export Sales: Net sales of 22,500 MT for 2024 were down 36 percent from the previous week and 1 percent from the prior 4-week average. Net sales of 4,600 MT for 2025.

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