GRAIN CALLS
Corn: Steady to 2 cents lower.
Soybeans: 5 to 7 cents higher.
Wheat: 2 to 5 cents lower.
GENERAL COMMENTS: Meal prices surged higher overnight, supporting soybeans and extending the recent rally. Corn and wheat saw relative weakness, extending recent losses. Front-month crude oil futures saw modest selling pressure overnight and are basing below the $100 mark. The U.S. dollar index is around 100 points lower, extending the recent slide.
USDA reported daily export sales of 125,640 MT of corn for delivery to unknown destinations and 100,000 MT of soybean cake and meal for delivery to Italy during the 2025-26 marketing year.
The consumer price index rose 3.3% year over year in March, accelerating from 2.4% in February, led by a spike in energy prices as a result of the Iran war, the government said Friday. On a monthly basis, CPI rose 0.9% after a 0.3% February increase. The figures matched analyst expectations. The index for energy saw a 10.9% monthly rise in March, led by a 21.2% jump for gasoline. Core CPI, which strips out food and energy, was up 2.6% year over year in March, compared with 2.5% in February and a touch slower than the 2.7% average analyst forecast. On Thursday, the February core personal consumption expenditures index, the Fed’s preferred inflation gauge, came in at 3% year-over-year in February, matching expectations and down from 3.1% in January but well above the central bank’s 2% target.
Latest on the war in the Middle East:
--Ceasefire agreement between U.S. and Iran appears to be largely holding
--U.S. and Iranian delegations are set to meet in Pakistan on Saturday
--Israeli strikes into Lebanon continued, as did Hezbollah’s rocket volleys across border
--Trump demands reopening of Strait of Hormuz ahead of U.S.-Iran peace talks
--Russian-flagged tanker transits Hormuz into Persian Gulf in rare passage
--Trump warns Iran not to charge fees for ships transiting Hormuz
President Trump demanded Iran reopen the Strait of Hormuz while Israel and Hezbollah exchanged fire, complicating upcoming talks aimed at turning a fragile ceasefire into lasting peace. The truce announced on Tuesday remains shaky, with Kuwait reporting large-scale drone attacks on “vital” facilities overnight and accusing Iran and its proxy groups of violating the terms of the agreement. There were no further reports of strikes on Friday, said a Bloomberg report. Meantime, Israel continued to target towns in south Lebanon, where its parallel campaign against Tehran-backed Hezbollah threatens to undermine negotiations. Hezbollah said it launched drones and rocket salvos toward Israel, while Israeli medics reported treating several people injured while rushing to shelters in central and southern Israel. U.S. and Iranian delegations are set to meet in Pakistan on Saturday, with shipping through Hormuz — which handled about a fifth of the world’s oil and liquefied natural gas before the war — a central sticking point. Vice President JD Vance is expected to lead the U.S. delegation in discussions scheduled for Islamabad, Pakistan’s capital.
CORN: May corn futures are trading near recent lows. Support comes in at $4.42 then $4.40. Bulls are looking to overcome resistance at $4.46 then $4.49 1/2 on a turn higher.
SOYBEANS: May soybeans are trying to push above key resistance at $11.70. Additional resistance comes in at $11.75. Support lies at $11.65 1/2 then $11.59 1/4 on resurgent selling.
WHEAT: May SRW futures continue to slide lower. Stiff support stands at $5.68 3/4 on persistent selling. Bulls are eyeing resistance at $5.84 1/4 on a bounce.
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. While prices have traded sideways this week, the downside has been limited with dips being bought. Cash trade remains slow so far this week with modest trade taking place at $245.89. Choice beef traded slightly higher Thursday, rising $1.43 to $381.09.
HOGS: Lean hogs are expected to open with a mostly firmer tone on technical buying. June futures are trading near recent lows. The CME lean hog index continues to show choppy action, falling a penny to $90.29 as of April 8. Pork cutout rose 47 cents to $97.38 Thursday, led by strength in bellies and hams.