Happy Easter! Markets will be closed for Good Friday and there will be no Pro Farmer daily reports. Have a blessed weekend with your family!
GRAIN CALLS
Corn: 4 to 6 cents higher.
Soybeans: 2 to 4 cents higher.
Wheat: 8 to 10 cents higher.
GENERAL COMMENTS: Corn and wheat led strength overnight, supported by a surge in crude oil futures. The correlation between grains and crude remains strong, indicating the war in the Middle East continues to heavily influence price action. Soybeans saw modest strength overnight and continue to trade in the recent sideways range. Front-month crude oil futures are over 10% higher this morning while the U.S. dollar index is up over 450 points.
Latest on the war in Iran:
--Trump says U.S. will hit Iran “extremely hard” in next two to three weeks
--Core U.S. goals in Iran “are nearing completion,” Trump says in national address
--U.S. will hit Iran’s electric plants if there is no deal: Trump
--Iran and Israel continue to trade strikes as hopes for end to war fade
--News reports say Iran not willing to negotiate with U.S.
--Crude oil prices sharply up; global stock markets sell off
--U.S. Treasury yields rise as inflation worries resurface
--U.S. and Israeli attacks batter Iran’s civilian Infrastructure
--Gold plunges as Trump gives mixed signals on Iran war resolution
“President Trump sought Wednesday evening to explain his rationale for the war against Iran at a pivotal moment at home and abroad, but he offered few new details,” said the Associated Press. “Notably missing from Trump’s primetime address was his oft-repeated assertion that negotiations with Iran were underway. He softened his rhetoric against NATO allies and did not indicate he was preparing to send in ground troops, particularly to retrieve Iran’s enriched uranium,” said the AP.
Cofco International Ltd. said it is loading a bulk cargo of Argentine corn to China, in what will be the first such shipment in more than 15 years as the two countries expand agricultural trade, Bloomberg reports. The deal comes after China cleared Argentine corn imports in 2024, and as the South American nation has recently kicked off a bumper harvest. China also booked a rare cargo of Argentine wheat last year, the first shipment in decades. The shipment of about 34,000 metric tons of corn will load at Cofco’s Timbúes port terminal in Argentina and is destined for China’s feed sector, the agricultural giant’s trading unit said in a statement Wednesday. “The cargo reflects increasing alignment between the two markets and provides an additional origin option for Chinese buyers,” Cofco said. “China has increasingly been turning to South America for crop trading, said Bloomberg.
CORN: May corn futures made up Wednesday’s loss overnight. Resistance stands at $4.59 1/2 then $4.65 on persistent strength. Support comes in at $4.53 1/2 on a reversal back lower.
SOYBEANS: May soybeans are pivoting near the 20-day moving average at $11.68 1/4. Support stands at $11.57 3/4 on a turn lower, while resistance stands at $11.75 on strength.
WHEAT: May SRW futures defended key support ta the 20-day moving average overnight. That stands as a key mark at $5.97. Bulls are looking to topple resistance at $6.10 before challenging the $6.20 mark.
LIVESTOCK CALLS
CATTLE: Higher.
HOGS: Choppy/lower.
CATTLE: Live cattle futures are expected to open higher in a continuation of recent strength. Bulls scored contract highs in the June contract on Wednesday, fully cementing bulls’ technical advantage. Some profit-taking is possible today, but higher cash trade to start the week could underpin prices. Choice beef fell $1.07 to $394.42 Wednesday. Lower boxed beef and higher cash cattle are likely to once again start to pressure packer margins.
HOGS: Lean hogs are expected to open with a mostly weaker tone in a continuation of recent selling pressure, though corrective buying could limit the downside after the open. Relative strength is returning to the cash market as the CME lean hog index is down just 7 cents to $90.41 as of March 31. Despite the recent downturn, summer futures are still reasonably priced. Pork cutout slid 67 cents to $95.58, led by losses in bellies and butts.