GRAIN CALLS
Corn: 1 cent lower to 1 cent higher.
Soybeans: Steady to 2 cents lower.
Wheat: Winter wheat 3 to 6 cents higher; HRS steady to 2 cents higher.
GENERAL COMMENTS: Heightening tensions in the Middle East grabbed the attention of the marketplace overnight.That boosted crude oil futures overnight and pushed stock indices lower, which hit record highs late last week. The U.S. dollar index meanwhile rebounded and is up around 140 points this morning.
Latest on the war in the Middle East:
--Iran wavers on peace talks as tensions rise after U.S. seizes Iranian ship
--Strait of Hormuz shipping traffic grinds to a halt as tensions deepen
--Trump says envoy Witkoff heading to Pakistan for Iran talks
--Trump says Iran committed ‘serious violation’ of ceasefire: ABC
--IEA head pitches Iraq-Turkey oil pipeline to bypass Hormuz
--U.S. preparing to board Iran-linked ships in coming days: WSJ
--U.S. official says Iran attacked commercial ships in Hormuz: Axios
Iran wavered on whether to send diplomats to Pakistan for a second round of peace talks after the U.S. maintained a blockade of the Strait of Hormuz and seized an Iranian ship, dimming hopes of a breakthrough in efforts to end the war. Tehran has no plans to attend the potential negotiations though a final decision hasn’t been made, Foreign Ministry spokesman Esmail Baghaei told reporters on Monday and as reported by Bloomberg. “There are various indications that there is no seriousness on the U.S. side in advancing diplomacy,” he added. His comments added to uncertainty over the weekend about whether the two sides will meet before a nascent ceasefire announced April 7 expires late U.S. time on Tuesday. President Donald Trump said Sunday that special envoy Steve Witkoff is traveling to Pakistan for talks on Tuesday, according to Fox. Said Trump in a social media post: “We’re offering a very fair and reasonable DEAL, and I hope they take it because, if they don’t, the United States is going to knock out every single Power Plant, and every single Bridge, in Iran.” Trump added: “NO MORE MR. NICE GUY!”
China has tightened its border controls, fast-tracked vaccines and begun culling cattle after a small outbreak of foot-and-mouth disease in the northwest part of the country that officials say entered from abroad. China’s Ministry of Agriculture said it has started culling animals and disinfecting affected areas after outbreaks hit herds totaling 6,229 head in Gansu province and the Xinjiang Uighur Autonomous Region, said The Straits Times. “Industry analysts said it was the first time the SAT-1 serotype – a type of the disease endemic in Africa – had been detected in China, and that existing domestic vaccines for the more common O and A serotypes do not provide protection. Since 2025, SAT-1 has spread from Africa to parts of the Middle East, West Asia and South Asia,” said the report.
CORN: July corn futures continue to encounter staunch resistance at $4.60 1/2, the 40-day moving average. Bulls are eyeing support at Friday’s low of $4.52 1/4 on a push lower.
SOYBEANS: July soybeans continue to trade sideways. Support comes in at $11.75 1/2 on persistent selling. Bulls are eyeing resistance at the overnight high of $11.87 1/4 on resurgent strength.
WHEAT: July SRW futures favored the upside overnight. Bulls are looking to overcome resistance at $6.10 on continued strength. Support comes in at the psychological $6.00 mark then the 40-day moving average at $5.96 1/4 on a reversal lower.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Choppy/lower.
CATTLE: Live cattle futures are expected to open with a mostly firmer tone amid ongoing bullish fundamentals, though a continuation of recent selling pressure could limit gains after the open. Friday afternoon’s monthly USDA Cattle-on-Feed report showed U.S. cattle and calves on feed for the slaughter market on feedlots with capacity of 1,000 or more head totaled 11.6 million head on April 1. The inventory was 1 percent below April 1, 2025. Placements in feedlots during March totaled 1.71 million head, 7 percent below 2025. Net placements were 1.66 million head. Placements were the second lowest for March since the series began in 1996. Marketings of fed cattle during March totaled 1.63 million head, 6 percent below 2025. Marketings were the second-lowest for March since the series began in 1996. Cash trade picked up at higher prices late last week, which could give a boost to futures.
HOGS: Lean hogs are expected to open with a mostly weaker tone in a continuation of recent selling pressure, though oversold conditions could limit the downside after the open. Bears are in full control of the technical advantage, which is likely to hold true until the cash market shows signs of a reversal. The CME lean hog index is down 15 cents to $90.51 as of April 16, continuing the contra-seasonal decline. Pork cutout meanwhile surged $2.52 to $99.20 Friday, led by gins in butts, bellies and loins.