GRAIN CALLS
Corn: 2 to 4 cents higher.
Soybeans: Steady to 2 cents higher.
Wheat: SRW 1 to 3 cents higher; HRW steady to 2 cents lower; spring wheat steady to 2 cents higher.
GENERAL COMMENTS: The grain market continues to lead strength while soybeans trade sideways. The range has tightened further in beans the past couple of session. Outside markets are favorable for grain bulls this morning as front-month crude oil futures are trading solidly higher, while the U.S. dollar index is around 260 points lower.
Latest on the war in the Middle East:
--Iran told Pakistan the war could end if the Americans lift a naval blockade
-- Traffic in Strait of Hormuz remains halted with blockades firmly in place
--U.S. says Navy intercepted Iran-linked vessel in Arabian Sea
--Germany readies naval units for possible Hormuz mission
Iran has given the U.S. a new proposal to reopen the Strait of Hormuz and end the war, which includes postponing nuclear negotiations. The plan calls for extending the ceasefire so the parties can work toward a permanent end to the fighting, with nuclear talks to come later after a U.S. blockade of the Strait of Hormuz is lifted. Pakistani mediators have given the proposal to the White House, but it’s unclear whether the U.S. wants to explore it, with the White House saying the U.S. will only make a deal that puts the American people first, according to a report from Axios.
A man armed with guns and knives stormed the lobby outside a high-profile journalists’ dinner at the Washington Hilton attended by President Trump, Vice President Vance and multiple senior U.S. leaders on Saturday night. The man rushed toward the ballroom before Secret Service agents swarmed him and took him into custody. The president and vice president were uninjured and were hustled away. One law enforcement official said a gunman had opened fire. A law enforcement officer was shot in the bullet-resistant vest but is expected to be OK, several sources told The Associated Press.
CORN: July corn futures pushed to fresh highs overnight. Bulls are looking to overcome resistance at $4.70 on persistent strength. Support comes in at the 10-day moving average at $4.62 on a turn lower.
SOYBEANS: July soybeans continue to trade sideways. Resistance stands at $11.85 on a push higher. Support comes in at $11.76 1/2 on a push lower.
WHEAT: July SRW futures continue to grind higher on the daily bar chart. Resistance stands at the overnight high at $6.25 1/2. Support come ins at the 10-day moving average at $6.10 on a push lower.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Choppy/higher.
CATTLE: Live cattle futures are expected to open with a mostly firmer tone in a continuation of the recent rally. Gains stalled Friday near 10-day moving average resistance at $245.50, which remains a technical hurdle today. Cash trade is likely to drop from a week prior as trade averaged $246.00 going into Friday afternoon. Choice cutout meanwhile bounced $3.50 to $387.00 Friday.
HOGS: Lean hogs are expected to open with a mostly firmer tone on corrective buying. Sharp losses Friday could be bought but price action remains volatile as contra-seasonal cash market weakness persists. The CME lean hog index is up a penny to $91.44 as of April 23.Pork cutout rebounded Friday, rising $1.79 to $99.61, led by strength in loins and butts.