Commodities Split as Hogs and Cotton Rally, Wheat Slips, Corn Firms

Overview

• A U.S. Supreme Court ruling limiting IEEPA for tariffs was followed by the president’s plan for a 10% blanket tariff under Trade Act Section 122, with markets treating the shift as a fresh policy risk.
• Corn drew support from heavy export flows, with 2.05 MMT inspected for shipment in the week of Feb. 19 and a 125,000 MT private sale to Colombia reported, as futures added 1 to 3.5 cents on Wednesday.
• Soybean shipments fell to 669,865 MT for the week ending Feb. 19, even as futures posted small gains, with Brazil’s harvest progress reported behind normal at about 30% for soy and 28% for first-crop corn.
• Wheat prices weakened into Wednesday after recent gains, as Algeria was estimated to have bought roughly 600,000 MT and SovEcon trimmed Russia’s 2025/26 export outlook to 45.4 MMT.
• Livestock and fiber outperformed, with lean hogs extending Tuesday’s rally as the national base price reached $91.85 and the pork cutout neared $98.45, while cotton futures advanced after a marketing-year high 466,253 RB in weekly sales.