GRAIN CALLS
Corn: 1 cent lower to 1 cent higher.
Soybeans: 4 to 6 cents higher.
Wheat: 3 to 5 cents lower.
GENERAL COMMENTS: Corn and wheat saw modest selling pressure overnight while soybeans led strength. Uncertainty regarding the Iran conflict has traders going to the sidelines. Outside markets are mixed this morning as both front-month crude oil futures and the U.S. dollar index are modestly lower.
Latest on the war in the Middle East:
--U.S. allies pushing for last-minute ceasefire in Middle East war
--U.S. rescues missing airman as Iran strikes Gulf Arab states
--Trump to hold news conference today at noon CDT
--Oil tanker carrying Iraqi cargo seen transiting Strait of Hormuz
--U.S. deploys bulk of its stealthy long-range missiles for Iran war
--Trump threatens Tuesday strike on Iran power plants, bridges
--Japan, Singapore to ensure Australia fuel supply, minister Says
U.S. allies are reportedly pressing for a last-minute deal with Iran, as President Trump extended his deadline to Tuesday for Tehran to reopen the Strait of Hormuz, keeping markets on edge over whether a breakthrough can be reached. Axios reported that Pakistan, Egypt and Turkey are pushing to secure a potential ceasefire — lasting about 45 days — to head off threatened U.S. strikes on Iran’s energy infrastructure and retaliation by the Islamic Republic against countries in the region. Fighting continued, with Israel, Kuwait and the United Arab Emirates reporting Iranian attacks overnight into Monday. Trump on Sunday threatened to destroy Iran’s power plants and blow up “everything over there,” before announcing what appeared to be a new Tuesday 8 p.m. deadline, without offering details.
Workers at the world’s largest meat company, JBS, agreed to return to work at the firm’s beef plant in Greeley, Colorado after it agreed to resume negotiations with labor, bringing a three-week work stoppage to an end, their union said in a statement on Saturday and as reported by Reuters. The union representing about 3,800 plant workers said the new round of talks would resume on April 9 and 10 after last month’s strike, to press for wages that reflect inflation and a halt to company charges for replacing protective equipment. “Workers remain united and will continue to fight until JBS fully ends its unfair labor practices,” said Kim Cordova, president of the local union representing the Greeley workers. It is calling for a contract offer that protects workers, shows them the respect they deserve, and pays them a livable wage, he added in a statement. There had been no new deal or change to the original offer, a JBS spokesperson told Reuters.
CORN: May corn futures are finding firm support at $4.50. Bulls are looking to maintain prices above that key psychological level today. Resistance stands at $4.56 1/4 on a bounce.
SOYBEANS: May soybeans continue to trade sideways. Resistance stands at $11.75 while bulls need to hold support at $11.66 3/4.
WHEAT: May SRW futures saw modest selling pressure overnight. Bulls are eyeing resistance at the $6.00 mark on a bounce. Support comes in at $5.90 on persistent selling pressure.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Choppy/lower.
CATTLE: Live cattle futures are expected to open with a mostly firmer tone. Bulls are looking to reclaim some of Thursday’s losses. The technical and fundamental outlook remain bullish and supportive of higher prices. Cash trade picked up late in the week, with last week’s average at $244.86 going into Friday’s trade. That is well above the prior week’s average of $235.69. Choice beef meanwhile continues to trade sideways, falling $1.80 to $387.78 Friday.
HOGS: Lean hogs are expected to open with a mostly weaker tone in a continuation of recent selling pressure. Bears remain in control of the technical advantage and bearish cash fundamentals continue to reinforce that. The CME lean hog index is down another 24 cents to $90.17 as of April 2. Pork cutout meanwhile climbed $1.76 to $98.95 Friday, led by gains in bellies.