GRAIN CALLS
Corn: 1 to 3 cents lower.
Soybeans: 1 to 3 cents lower.
Wheat: 7 to 9 cents lower.
GENERAL COMMENTS: Profit-taking was seen in the grain markets overnight, giving up portion of recent gains. Soybeans saw modest losses as well following a poke above $12.00 early in the overnight session. Outside markets are mixed this morning as front-month crude oil futures are modestly lower while the U.S. dollar index is around 475 points lower.
Latest on the war in the Middle East: --Brent crude oil hits four-year high on reports U.S. mulls Iran military options --U.S. seeks to deploy hypersonic missile for the first time against Iran --California gasoline price surges above $6 as Iran war spurs gains --One by one, Asian currencies are faltering as oil worries worsen --India’s rupee currency drops to record low as amid crude oil surge --U.S. seeks forfeiture of seized oil tankers linked to Iran President Trump will receive a briefing on new military options for action in Iran, signaling the potential for fresh escalation in the Middle East, Axios reported. Brent crude oil futures surged as much as 7.1% to surpass $126 a barrel — the highest since the aftermath of Russia’s invasion of Ukraine in 2022 — before paring gains to trade near $122. The head of U.S. Central Command Admiral Brad Cooper will brief Trump today, signaling a resumption of combat operations are seriously under consideration, Axios said, citing two unnamed people.
Export sales for the week ended April 23:
Corn: Net sales of 1.598 MMT for 2025-26, up 21% from the previous week and 22% the four-week average. Colombia led sales, followed by Mexico and Venezuela. Analysts expected sales of 1.0 to 1.9 MMT.
Soybeans: Net sales of 258,100 MT for 2025-26, down 29% from the previous week and 18% from the four-week average. Some purchases were changed from unknown destinations to China, while Egypt led new purchases. Analysts expected sales of 200,000 to 600,000 MT.
Wheat: Net sales of 226,100 MT for 2025-26, up 75% from the previous week and noticeably from the four-week average. Sales were in the middle of pre-report expectations ranging from 0 to 300,000 MT.
CORN: July corn futures hit a fresh high before reversing lower overnight. Resistance stands at $4.80, the overnight high, on a reversal higher. Support comes in at $4.75 then the 10-day moving average at $4.68 3/4 on persistent selling.
SOYBEANS: July soybeans continue to struggle tackling the psychological $12.00 mark. Above that stands resistance at the overnight high of $12.06 1/4. Support stands at $11.87 1/4, the 10-day moving average, on weakness.
WHEAT: July SRW futures continue to see profit-taking. Strong support persists at $6.31 3/4 on persistent selling pressure. Bulls are looking to take out Tuesday’s for-the-move high close at $6.57 3/4 on a turn back higher.
LIVESTOCK CALLS
CATTLE: Higher.
HOGS: Choppy/higher.
CATTLE: Live cattle futures are expected to open higher in a continuation of recent strength. Cash trade picked up early this week, with the five-area average at $254.58 so far this week, well above last week’s average of $246.18. That strength supports continued strength in the futures market despite overbought conditions. Choice beef meanwhile continues to flounder, sliding another 85¢ to $388.05, further pushing packer margins into the red.
HOGS: Lean hogs are expected to open higher in a continuation of recent strength. Gains in the cash market have helped boost prices in hog futures. The CME lean hog index is up 12 cents to $91.31 as of April 28, negating the past couple days of losses. Pork cutout slid $1.07 to $97.19 Wednesday, led by losses in bellies. Eyes remain on the cash market in lean hogs, as uncertainty over the near-term outlook could keep price action choppy.