GRAIN CALLS
Corn: 1 to 3 cents higher.
Soybeans: Steady to 3 cents higher.
Wheat: 2 to 5 cents higher.
GENERAL COMMENTS: Corn, soybeans and wheat are each poised to work higher on a technical basis. Wheat is looking the best from that regard, trading above downtrend resistance, while corn looks ready for a test of last week’s highs. Soybeans continue to struggle garnering much bullish momentum, but gains in the other two big crops could help out. Front-month crude oil futures are working higher this morning and are again nearing the $100 mark. The U.S. dollar index is above the key $100 mark and is up around 175 points.
USDA reported daily sales of 105,000 MT of soybeans for delivery to unknown destinations during the 2025-26 marketing year,
Latest on the war in Iran:
--Trump delays Iran energy attack deadline by 10 days, claims U.S.-Iran are talking
--Pentagon mulling sending as many as 10,000 more U.S. troops to region: WSJ
--Iran continues drone and missile strikes across Middle East
--Oil rises as traders brace for longer war, European stocks slide, bond yields rise
--Iran says it turned back 3 vessels of different nationalities trying to transit Hormuz
-- Two Chinese container ships attempt Hormuz exit before U-turning
--Brace for $200 oil If war lasts until June, Macquarie warns
President Trump on Thursday said his administration will today announce actions to help U.S. farmers, as the White House prepares to host hundreds of farmers, ranchers and executives for an event highlighting the agricultural sector. The move comes as the administration is expected to release long-awaited biofuel blending quotas under the Renewable Fuel Standard, a policy closely watched by corn growers, ethanol producers and oil refiners that dictates how much renewable fuel must be mixed into the nation’s gasoline and diesel supply. Reuters reported the Trump administration will release its 2026-27 biofuel blending volume obligations this week, according to two sources familiar with the matter. The rule will not differ materially from volumes proposed by the EPA prior to the onset of the Iran war, the sources said.
China started a pair of investigations into U.S. trade practices, retaliating against similar probes by the Trump administration as the superpowers stake out positions before an expected presidential summit in May. “The move, announced by the Ministry of Commerce on Friday, is a direct mirror of steps U.S. President Donald Trump took to revive his tariff agenda after the Supreme Court last month struck down some of his duties,” said a Bloomberg report. “China expresses its strong dissatisfaction and firm opposition to these actions,” a Chinese Commerce Ministry spokesperson said in a statement, referring to the so-called Section 301 investigations initiated on March 11.
CORN: May corn futures are near key resistance at $4.70. A push above that mark eyes last week’s high of $4.73 3/4. Support comes in at $4.63 3/4, the 10-day moving average, on a reversal.
SOYBEANS: May soybeans are struggling to garner much bullish momentum above the 10-day moving average. That level stands as support at $11.71 1/2, with reinforcement from $11.70. Resistance stands at $11.80 on a push higher.
WHEAT: May SRW futures are poking above resistance. Bulls closed prices above the key psychological $6.00 mark Thursday, which now stands as key support. Bulls are eyeing resistance at $6.16 on continued strength.
LIVESTOCK CALLS
CATTLE: Choppy/lower.
HOGS: Choppy/higher.
CATTLE: Live cattle futures are expected to open with a mostly weaker tone amid technical selling pressure. Prices are in the upper end of the recent sideways range, which could entice selling efforts. Cash cattle trade has picked up at lower prices, with trade averaging $234.76 so far this week. Choice beef slid another $1.84 to $389.85 Thursday.
HOGS: Lean hogs are expected to open with a mostly firmer tone in a continuation of recent corrective strength. Bulls are looking to build on recent momentum, but stalling cash gains could continue to limit the upside. The CME lean hog index is down another 18 cents to $91.46 as of March 25, extending the recent slide. Pork cutout fell another $1.05 to $95.35 Thursday, led by losses in ribs.