Market Snapshot | April 4, 2024

Corn futures are mostly a penny higher at midmorning.

Corn futures are notching corrective modest gains for the second straight day after price pressure to start the week. Techincal resistance continues to limit buyer interest.
USDA reported corn export sales of 948,000 MT during the week ended March 28, down 21% from both the previous week and the four-week average. Traders expected sales to range from 800,000 MT to 1.4 MMT for 2023-24. Meanwhile, exports of 1.641 MMT were a marketing-year high.
In Brazil, safrinha corn areas of Mato Grosso do Sul, Parana, Sao Paulo and southern Minas Gerais will be dry into next Monday before rains are expected to offer some relief from recent drying, according to World Weather Inc.
May corn futures have tested resistance at the 40- and 10-day moving averages of $4.33 3/4 and $4.34 1/2, with additional resistance at the 20-day moving average of $4.36 1/2. Initial support lies at $4.27 1/4.

Soybean futures are mostly 3 to 4 cents lower, while soymeal is around $2.50 higher. May soyoil is nearly 80 points lower.

Nearby soybeans are lower amid pressure from soyoil, while meal strength is limiting the downside.
USDA reported daily soybean sales of 152,404 MT to Mexico for 2023-24.
USDA reported weekly soybean sales of 194,200 MT for 2023-24, down 26% from the previous week and 54% from the four-week average. Traders expected sales to range between 200,000 and 600,000 MT.
May soybeans are trading within the previous session’s range, limited by Wednesday’s high of $11.86 3/4, which is backed by the 20- and 10-day moving averages of $11.90 1/2 and $11.91 1/2. Initial support lies at $11.71 1/2.

SRW wheat is mostly 2 to 4 cents lower, while HRW is mostly a penny higher. HRS is 4 to 5 cents higher.

Wheat futures continue to hold in the recent consolidation ranges.
USDA reported net wheat sales of 16,100 MT for 2023-24, down 95% from the previous week and 89% from the four-week average. China purchased 74,800 MT of old-crop wheat. Net sales of 262,000 MT for 2024-25. Traders expected (100,000) to 400,000 MT for 2023-24 and 75,000 to 250,000 MT for 2024-25.
Russian grain trader Aston denied a Reuters report that Russian authorities halted some its grain shipments due to quality issues. Aston said its export program was being implemented in line with plans agreed with partners, and there were no changes to the schedule of product shipments form sea and river ports.
May SRW wheat continues to face resistance at the 40-day moving average of $5.61 1/4, while support lies at the 10- and 20-day moving averages of $5.51 3/4 and $5.46 1/4.

Live cattle are mildly higher, while feeders are posting strong gains at midmorning.

Nearby live cattle are modestly favoring the upside in narrow trade as traders remain cautious and continue to wait for active cash cattle trade to develop.
As expected, cash trade has remained limited so far this week, though some cattle traded hands at lower prices.
Wholesale prices continued to move lower, with Choice dropping $2.86 to $301.30, while Select slipped $2.07 to $296.92. Movement improved to 151 loads.
USDA reported net beef sales of 18,700 MT for 2024, up 48% from the previous week and 53% from the four-week average.
June live cattle continue to face resistance at the 100-day moving average of $176.63, while support lies at $173.98.

Lean hog futures are mostly firmer at midsession.

Deferred lean hog futures are pausing following a recent string of contract highs.
The CME lean hog index is up another 23 cents to $85.15 as of April 2.
The pork cutout value slipped $2.22 to $94.91 amid a drop in all cuts. Movement did improve to 274.6 loads, but retailer buying has been tepid, suggesting they are selective buyers with cutout in the mid- to upper-$90.00 range.
USDA reported net pork sales of 28,700 MT for 2024, down 48% from the previous week and 24% from the four-week average.
June lean hogs are trading with Wednesday’s range, with initial support at $103.925. Wednesday’s contract high of $105.725 stands as resistance.

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