GRAIN CALLS
Corn: Steady to 2 cents higher.
Soybeans: 4 to 6 cents higher.
Wheat: SRW 4 to 6 cents higher; HRW 7 to 9 cents higher; HRS 4 to 6 cents higher.
GENERAL COMMENTS: Corn, soybeans and wheat traded in narrow ranges overnight and were supported by strong export sales this morning, as each went into the break near session highs. Outside markets are mixed this morning as front-month crude oil futures are modestly higher while the U.S. dollar index is around 250 points higher.
Grain and livestock markets will observe normal trading hours today but are closed for Good Friday. As a result, there will be no Pro Farmer reports on Friday. Government offices are open Friday, though there are no USDA reports scheduled. Pro Farmer wishes you a blessed Easter.
President Donald Trump touted “big progress” in trade talks with Japan on Wednesday, in one of the first rounds of face-to-face negotiations since his barrage of tariffs on U.S. trading partners but gave no details of the discussions. Ryosei Akazawa, a close confidant of Japanese Prime Minister Shigeru Ishiba who serves in the relatively junior cabinet position of economic revitalization minister, gave few details of Wednesday’s talks but said the parties had agreed to hold a second meeting later this month and that Trump had said getting a deal with Japan was a “top priority.”
China’s commerce ministry urged the U.S. to stop putting “extreme pressure” on China and demanded respect in any trade talks, but the two sides remained at an impasse over who should start those talks. The commerce ministry has criticized U.S. tariffs, but unlike other countries, Beijing has taken a hardline approach, upping its own levies on U.S. goods in response and has not sought talks. China will pay no attention if the U.S. continues to play the “tariff numbers game,” China’s foreign ministry said.
Export sales for the week ended April 10:
Corn: Net sales of 1.562 MT for 2024-25 were nearly double a week ago and 39% from the four-week average. Increases came primarily for Mexico and Spain. Sales came in the upper end of pre-report expectations ranging from 600,000 MT to 1.8 MMT.
Soybeans: Net sales of 554,800 MT for 2024-25 were up noticeable from the previous week and 74% from the four-week average. Increases came primarily for Mexico and Germany. Sales were in the middle of pre-report expectations from 100,000 to 800,000 MT.
Wheat: Net sales of 76,500 MT for 2024-25 were down 29% from the previous week but up 2% from the four-week average. Sales were in the middle of expectations ranging from (100,000) to 200,000 MT. Export shipments totaled 483,500 MT and were up from the previous week and four-week average.
CORN: July corn futures continue to consolidate. Prices are gearing up for a test of key psychological resistance at $5.00, which is reinforced by resistance at $4.95 on the way. Support stands at $4.89 1/2 then the 10-day moving average at $4.85 1/2 on continued consolidation.
SOYBEANS: July soybean futures are poised to challenge this week’s highs. Resistance stand sat Monday’s high of $10.59. Support comes in at the psychological $10.50 mark then the 100-day moving average at $10.44.
WHEAT: July SRW futures bounced from uptrend support Wednesday and continued higher overnight. Bulls are once again challenging resistance at $5.65 3/4, the 40-day moving average. Additional strength targets resistance at $5.71. Support comes in at $5.58 on a reversal lower.
LIVESTOCK CALLS
CATTLE: Higher.
HOGS: Choppy/higher.
CATTLE: Live cattle futures and feeders are expected to open higher in a continuation of recent technical strength. Cash cattle trade remains light so far this week with feedlots and packers in no hurry to negotiate ahead of this afternoon’s Cattle on Feed Report from USDA. Placements will be the key figure as the resumption of Mexican feeder cattle into the U.S. remains slow. Still, a poll by Urner Barry shows expectations for a 3.7% rise in placements, largely due to a small number of cattle moved into feedlots in March 2024. Wholesale beef ended Wednesday lower with Choice cutout falling $1.90 to $333.53 while Select slid 85 cents to $314.39. USDA reported net beef sales of 17,500 MT for 2025, up 47% from the previous week and 78% from the four-week average.
HOGS: Lean hog futures are expected to open with a mostly firmer tone in a continuation of recent technical buying, though continued weakness in cash fundamentals could limit gains after the open. June lean hogs traded into the upper end of the range that capped most of the upside throughout March on Wednesday in an impressive show of strength. The CME lean hog index is down another 28 cents to $85.09 as of April 15 but given the recently building premiums futures hold to the index indicate traders believe a near-term bottom is close at hand. Pork cutout rose 31 cents to $92.04 yesterday, led by strength in ribs. USDA reported net pork sales of 20,500 MT for 2025, down 14% from the previous week and 35% from the four-week average.