Market Snapshot | March 15, 2024

Corn futures are mostly 3 to 4 cents higher.

Corn futures have regained a portion of Thursday’s losses amid corrective buying, though overhead technical resistance continues to limit the upside.
USDA reported daily corn sales of 125,000 MT to unknown destinations for 2023-24.
Legislation allowing year-round E15 sales is facing obstacles in the senate, according to Senator Deb Fischer (R-Neb), the bill’s author. Despite support from agriculture and oil companies, the measure is stuck in the Senate Environment and Public Works Committee, Chaired by Senator Tom Carper (D-Del).
May corn is trading mostly above the 10-day moving average of $4.35 3/4. Support lies at Thursday’s low of $4.31 3/4. The 40-day moving average of $4.41 is resistance.

Soybean futures are 3 to 5 cents lower, while soymeal is more than $2.00 lower. May soyoil is about 25 points higher.

Soybeans are being led lower by soymeal weakness but have rebounded well off earlier low amid strength in corn.
Analysts expect the National Oilseed Processors Association (NOPA) to report its members crushed 178.1 million bu. of soybeans during February. If realized, it would be down 4.2% from January but up 7.6% from last year and a record for the month, easily topping the current high of 166.3 million bu. in 2020. Soyoil stocks at the end of February are expected to total 1.591 billion lbs., which would be up 5.6% from January but down 12.1% from last year.
The U.S. ag attaché in Argentina lowered its forecast for the country’s soybean crop to 49.5 MMT, down 500,000 MT from USDA’s official forecast, as a “hot and dry spell hit the region in January and early February stressing the crop in a crucial growth stage.”
May soybeans are hovering above the 40-day moving average of $11.87 1/2 at midmorning. Resistance is at $12.00, while support lies at the 10-day moving average of $11.75 1/4.

SRW is mostly 2 cents lower, while HRW is around a nickel to 6 cents lower. HRS is 1 to 3 cents lower.

Wheat futures are lower for the third straight session as ample global supplies and tepid demand pressure the complex.
World Weather Inc. reports the heart of HRW wheat areas in the central and southwestern Plains will not get much moisture anytime soon, although some light precip will impact the region in a sporadic manner.
France’s ag ministry rated 66% of the country’s wheat crop as good or excellent as of March 11, down two percentage points from the previous week. That’s the lowest rating for this date since 2020.
Taiwan purchased an estimated 97,950 MT of U.S. milling wheat.
May SRW wheat is trading sideways to lower in consolidative trade between the 10-day moving average of $5.41 1/2 and initial support at $5.26.

Live cattle are posting moderate gains, while feeders are sharply higher.

Nearby live cattle are higher amid corrective buying following Thursday’s sharp selloff.
Despite sharp futures losses Thursday, cash cattle trade developed at higher prices late in the day. Based on some unconfirmed reports, the average price could challenge or exceed the all-time high posted in June 2023.
Wholesale beef values rose Thursday, with Choice rising 96 cents to $310.78, while Select gained 65 cents to $301.69. Movement totaled 106 loads.
April live cattle pushed above the 20-day moving averages of $187.57, though the 10-day moving average is limiting a move higher. Initial support is at $185.71.

Lean posting moderate- to strong gains at midsession.

April hog futures are posting followthrough gains amid corrective buying following hefty losses to start the week.
The CME lean hog index rose another 17 cents $82.19 as of March 13. The index has rallied $17.14 from the seasonal low and is $2.30 above year ago.
The pork cutout value rose $1.29 to $93.25 Thursday, which was $4.88 above last year. Movement was light, however, at only 189.4 loads.
April lean hogs extended above the 20-day moving average of $85.72 and are challenging resistance at $86.38. Initial support lies at the 10-day moving average of $85.03.

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