GRAIN CALLS
Corn: 2 to 4 cents higher.
Soybeans: Steady to 2 cents higher.
Wheat: SRW steady to 2 cents higher; HRW 3 to 5 cents lower; HRS 1 to 3 cents lower.
GENERAL COMMENTS: July corn is pushing higher for the fifth consecutive session, leading strength, while wheat and soybeans saw relative weakness overnight. Front-month crude oil futures continue to trend higher, erasing last week’s drop and are once again nearing the $100-mark. The U.S. dollar index is down around 100 points this morning.
Latest on the war in the Middle East:
--U.S. works to get Iran to the peace talks table; so far no success
--U.S. will sink any boat laying mines in Strait of Hormuz
--Iran war to keep gas market tight for two more years, IEA Says
--Goldman says Persian Gulf oil supply 57% below pre-war level
The U.S. increased pressure on Iran with its naval blockade, as it seeks to get Tehran to agree to talks, while Israel and Lebanon are set to extend a ceasefire for three weeks. President Trump ordered the U.S. Navy to shoot any boat putting mines in the Strait of Hormuz, after the military intercepted two oil supertankers that tried to evade restrictions on traffic to and from Iran’s ports. The move by Trump, who claimed Iran is laying sea mines in the strait, is part of the White House’s attempt to cut off the country’s oil exports, squeezing it economically and forcing it to make concessions that will help end the war. “I have all the time in the World, but Iran doesn’t — The clock is ticking!” Trump said in a Truth Social post, according to Bloomberg. Trump’s allies say the blockade will force Iran to start shutting down crude production — its main source of foreign-exchange earnings — within about two weeks. JPMorgan Chase & Co. analysts have said it may take closer to a month for the U.S. to achieve that goal.
Beijing is sending two pandas to the U.S., adding to signs of stabilizing ties between the nations. A male panda named Ping Ping and a female named Fu Shuang are part of an agreement reached with the China Wildlife Conservation Association, according to Zoo Atlanta. The new deal replaces the original one, which expired in 2024, and comes before President Trump’s planned meeting with China’s leader Xi Jinping in mid-May.
CORN: July corn futures continue to grind higher. Bulls are eyeing resistance at $4.71 on persistent strength. Meanwhile, support comes in at $4.61 1/2, the 10-day moving average.
SOYBEANS: July soybeans are trading near recent lows. Bulls are looking to close price above $11.75 today. Support comes in at last week’s low of $11.68. Resistance stands at $11.80 3/4 on a bounce.
WHEAT: July SRW futures hit a three-week high overnight before reversing lower. Bulls are looking to hold support at $6.09 on persistent selling. Resistance stands at the overnight high of $6.25 1/4, which coincides with the psychological $6.25 mark.
LIVESTOCK CALLS
CATTLE: Higher.
HOGS: Choppy/lower.
CATTLE: Live cattle futures are expected to open higher in a continuation of yesterday’s strength. Bulls defended 40-day moving average support, which remains a key technical mark at $241.05 in June futures. Discounts to the cash market should limit additional selling. Cash trade picked up mid-week, averaging $246.02 this far, weighed on by lower futures. Choice cutout fell 69 cents to $383.50 Thursday.
HOGS: Lean hogs are expected to open with a mostly weaker tone as technical selling persists. Gains have been capped the previous three sessions by 20-day moving average resistance, which stands at $103.75 in June futures. Meanwhile, the cash market continues to show signs of a bottom, rising another 38 cents to $91.43 as of April 22, which could ignite additional strength. Pork cutout slid 73 cents to $97.82 Thursday, led by losses in hams.