GRAIN CALLS
Corn: 4 to 7 cents lower.
Soybeans: 8 to 10 cents lower.
Wheat: SRW 5 to 7 cents lower; HRW12 to 15 cents lower; HRS 6 to 8 cents lower.
GENERAL COMMENTS: Corn, soybeans and wheat continue to fall under selling pressure and went into the break near session lows. The technical advantage is shifting to the bears amid the ongoing breakdown. Outside markets are mixed this morning as front-month crude oil futures continue to favor the downside, while the U.S. dollar index is down around 185 points.
The U.S. is waiting on Iran to respond to its proposal to reopen the Strait of Hormuz and end the war. Iran is expected to give an answer in the coming days, though its leaders have previously shown little sign of yielding on their nuclear program and accepting a moratorium on enriching uranium. The U.S. proposal calls for a moratorium on Iran’s uranium enrichment program and the removal of sanctions on Iran, with all conditions reversible if a wider nuclear deal can’t be reached.
The European Union failed to finalize a long-delayed U.S. trade deal during overnight talks, despite warnings from President Trump that he would soon impose fresh tariffs. “Negotiators from the European Parliament and EU countries met Wednesday night to discuss potential amendments to the transatlantic deal, which was initially struck in July. But they didn’t make any conclusive decisions, according to Cyprus, which holds the EU’s rotating presidency,” Bloomberg reported. Talks will continue in the coming weeks. EU officials are “committed to moving swiftly,” Cypriot Energy Minister Michael Damianos said in a statement. The EU is under mounting pressure from the U.S. to ratify the trade pact. Trump last week threatened to increase duties on EU cars and trucks to 25% from 15%, accusing the EU of not moving fast enough to adopt the agreement.
Export sales for the week ended April 30: Corn: Net sales of 1.692 MMT for 2025-26, down 15% from the previous week and 4% the four-week average. Taiwan, Colombia and South Korea led sales. Analysts expected sales of 1.0 to 1.8 MMT. Soybeans: Net sales of 141,900 MT for 2025-26 were a marketing year low -- down 45% from the previous week and 51% from the four-week average. Some purchases were changed from unknown destinations to China. Analysts expected sales of 200,000 to 500,000 MT. Wheat: Net sales of 78,800 MT for 2025-26, down 65% from the previous week and 45% from the four-week average. Sales were below pre-report expectations ranging from 100,000 to 300,000 MT.
CORN: July corn futures hit a two-week low overnight. Support lies at $4.60 3/4 on persistent selling. Bulls are looking to break prices back above $4.67, the 40-day moving average, on a bounce.
SOYBEANS: July soybeans are nearing support at $11.84 3/4, the 40-day moving average. That mark has capped most of the downside since March 16. Bulls are looking to overcome resistance at $11.92 then $11.96 1/4 on a reversal higher.
WHEAT: July SRW futures continue to slide. Support stands at yesterday’s low of $6.68. Resistance comes in at $6.82 1/4 on a reversal higher.
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 recent strength. Bulls have struggled to garner much bullish momentum the past couple sessions. The greatest headwind remains concerns over beef demand amid high fuel prices and reigniting inflation. Cash trade has taken place at $255-$257 so far this week, further supporting higher futures. Choice beef slid $2.72 to $389.62 Wednesday.
HOGS: Lean hogs are expected to open with a mostly firmer tone amid technical buying. June futures traded to the bottom end of the recent range, which could spur profit-taking today. The CME lean hog index is up another 9 cents to $91.19 as of May 5. Meanwhile, pork cutout slid 87 cents to $95.10 Wednesday, led by losses in ribs.