Corn futures are 2 to 3 cents lower at midmorning.
- Corn futures are weaker amid long liquidation as traders wait for concrete evidence of a peace deal in the Middle East.
- USDA reported weekly export inspections of 1.582 MMT for the week ended May 21, up 182,089 MT from the previous week. Net inspections are running 28% ahead of year-ago at this time.
- USDA’s weekly Crop Progress Report, delayed a day by the Memorial Day holiday, will be released this afternoon.
- Crop consultant Dr. Michael Cordonnier increased his Argentine corn production estimate by 1.0 MMT to 63 MMT and holds a neutral bias going forward. The increase comes after the Buenos Aires Grain Exchange increased their production estimate by 3.0 MMT to 64 MMT last week. He left his Brazilian production estimate unchanged at 136 MMT. He holds a neutral bias going forward for both crops.
- Dr. Cordonnier estimates Brazil’s 2026-27 corn production at 135 MMT, down 5 MMT from 2025-26, but he notes farmers may reduce plant populations in fear of dryness from el Nino and may reduce fertilizer applications to save money. He estimates Argentine corn production at 60 MMT.
- July corn futures are testing support at the 100-day moving average, with additional support at the 200-day moving average, trading at $4.56 1/4. Resistance stands at the 40-, 10- and 20-day moving averages, layered from $4.66 1/2 to $4.72 1/4.
Soybeans are 4 to 6 cents lower, while meal futures are around $1.20 lower. Soyoil futures are around 15 points higher.
- Soybeans are weaker amid general risk-off trade across the ag complex.
- USDA reported weekly export inspections of 571,620 MT for the week ended May 21, up 1,056 MT from the previous week. Net inspections are running 20.8% behind year-ago at this time.
- Indian traders have cancelled 25,000 MT of soymeal export contracts for the first time since 2021 and booked 80,000 MT of imports from African countries after soaring prices reversed trade flows, according to Reuters who cited trade sources.
- Dr. Michael Cordonnier left his Brazilian and Argentine soybean production estimates for 2025-26 unchanged at 49 MMT and holds a neutral bias going forward.
- Dr. Cordonnier estimates Brazilian soybean production of 180 MMT, unchanged from 2025-26 while he estimates Argentine production at 52 MMT in 2026-27. He does note a low level of confidence in the Argentine estimates because El Nino may impact planting and the worldwide fertilizer situation.
- July soybeans are being limited by the 40-day moving average, trading at $11.92, which is backed by the 20- and 10-day moving averages, each trading around $12.02 3/4. Initial support lies at $11.85, with greater support at the April low of $11.56 3/4.
Winter wheat futures are 3 to 7 cents lower. HRS futures are around 4 cents higher.
- SRW wheat futures are weaker for a fourth straight session amid technical selling.
- USDA reported weekly export inspections of 368,455 MT, up 132,097 MT from the previous week. Net inspections are running 10.2% ahead of year ago at this time.
- Some of the minor wheat areas in the southern U.S. from the Delta into the southeastern states may experience some harvest delay and quality declines because of expected rain, notes World Weather Inc. The southern U.S. Plains are also expected to trend wetter which warrants a closer watch on crop conditions.
- Ukraine has almost completed its 2026 spring grain sowing, seeding 94% of the expected area, according to the country’s economy ministry earlier today.
- July SRW futures are up against resistance at the 20-day moving average of $6.45 1/2, which is backed by the 10-day moving average of $6.57 1/2.
Live cattle and feeders are correctively higher at midsession.
- Nearby live cattle are correctively firmer after a mostly bearish Cattle on Feed Report on Friday, an indication that near-term weakness was overdone.
- Boxed beef values declined on Friday, with Choice down $1.21 to $390.27, while Select fell 65 cents to $385.00. Movement totaled 75 loads.
- USDA reported cattle and calves on feed for the slaughter market in the United States for feedlots with capacity of 1,000 or more head totaled 11.6 million head on May 1, 2026. The inventory was 2 percent above May 1, 2025 and slightly higher than market expectations. Placements in feedlots during April totaled 1.70 million head, 6 percent above 2025 and well above market expectations. Net placements were 1.65 million head. Click here for more details.
- June cattle futures are facing resistance at the 10- and 20-day moving averages, layered at $251.45 and $251.85. Support lies at $247.66 and $246.02.
Hog futures are mixed at midmorning.
- June lean hogs are modestly weaker as strong technical challenges loom.
- The CME lean hog index is down 19 cents to $90.88 as of May 21.
- The pork cutout value rose 62 cents on Friday to $96.26. Movement totaled 326.2 loads.
- June lean hogs are facing resistance at $96.08 and $96.40, which are backed by the 10- and 20-day moving averages. Support lies at $95.52, $95.20, then at last week’s low of $94.775.