GRAIN CALLS
Corn: Steady to 3 cents higher.
Soybeans: 1 to 3 cents lower.
Wheat: SRW 5 to 7 cents higher; HRW 3 to 5 cents higher; HRS 1 to 3 cents lower.
GENERAL COMMENTS: Winter wheat futures led strength overnight with old-crop corn following to the upside. New-crop corn traded near steady as the July-Dec corn spread saw corrective strength following the recent rout. Soybeans saw action on either side of unchanged and are nearing the lower end of the recent sideways range. Front-month crude oil futures are higher on corrective strength this morning while the U.S. dollar index is around 400 points lower.
Canadian Prime Minister Mark Carney will meet President Donald Trump in Washington today for critical talks on the future of the U.S.-Mexico-Canada Agreement (USMCA) and escalating U.S./Canada tariff disputes. This is Carney’s first official U.S. visit since taking office. Talks are expected to be tense but pivotal. Trump seeks swift concessions; Carney says he’s willing to wait for a deal “on our terms.” The result may reshape North American trade ahead of the 2026 USMCA review.
Heavy rainfall in April provided Brazil’s safrinha corn crop with ample soil moisture as the crop moves through pollination and grain fill. As a result, South American crop consultant Dr. Michael Cordonnier raised his Brazilian corn crop forecast 1 MMT to 126 MMT, while maintaining a higher bias. Cordonnier left his Brazilian soybean crop estimate at 169 MMT. He also left his Argentine crop forecasts at 50 MMT for soybeans and 49 MMT for corn, with a neutral-to-higher bias toward both.
USDA rated the winter wheat crop 51% “good” to “excellent” and 18% “poor” to “very poor.” On the weighted Pro Farmer Crop Condition Index (0 to 500-point scale, with 500 being perfect), the HRW crop improved 2 points to 327.0, despite a 1.3-point decline in top producer Kansas. The SRW crop improved 2.1 points to 369.3, driven by a 1.9-point increase in top producer Illinois. The HRW crop is rated 9.5 points above year-ago, while the SRW crop is 23.4 points below last year at this time. Click here for full details.
CORN: July corn futures saw corrective strength overnight. Initial resistance stands at $4.60 and is reinforced by resistance at $4.67 1/2. Support stands at yesterday’s low of $4.53 1/4 then the psychological $4.50 mark.
SOYBEANS: July soybean futures saw action on either side of unchanged overnight. Prices are nearing the lower end of the recent range. Bulls are seeking to hold support at $10.42 3/4, which is reinforced by support at $10.36 3/4. Hefty resistance comes in at the psychological $10.50 mark on a bounce.
WHEAT: July SRW futures saw corrective buying overnight. Bulls are looking to overcome initial resistance at $5.38 on continued strength, which is reinforced by the 20-day moving average at $5.44. Support comes in at $5.31 1/4 then the psychological $5.25 mark on a reversal back lower.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Choppy/higher.
CATTLE: Live cattle futures and feeders are expected to open with a mostly firmer tone in a continuation of recent strength, though overbought conditions and anticipation of a downturn in the cash market could limit gains after the open. June futures posted fresh contract highs amid record cash cattle trade, as last week’s average was up another $4.65 from the previous week to $220.97. Packer margins remain deep into the red and packers bought the most amount of cattle this year last week, which could weigh on cash prices this week. Wholesale beef posted gains on Monday as Choice rose 67 cents to $343.57 while Select surged $2.72 to $328.07.
HOGS: Lean hog futures are expected to open with a mostly firmer tone as technical buying is expected to support prices, though waning strength in cash fundamentals could limit buyer interest after the open. The 10-day moving average supported June futures Monday and will remain key support. The CME lean hog index is up another 18 cents to $89.87 as of May 2, though gains in recent days are a far cry from where they were a week ago. Pork cutout fell $1.72 to $96.66 Monday as all cuts except ribs weakened.