Corn futures are chopping around unchanged at midmorning.
- Nearby corn futures are chopping around unchanged, with technical headwinds and a notably firmer U.S. dollar crimping buyer interest.
- USDA reported corn export sales of 1.014 MMT during the week ended April 24, down 12% from the previous week and 13% from the four-week average. Increases came primarily from Mexico and South Korea. Sales were within pre-report expectations ranging from 700,000 MT to 1.5 MMT.
- In this afternoon’s USDA report, corn-for-ethanol use is expected to total 459.9 million bu. for March, up 32.7 million bu. (7.8%) from February but down 12.2 million bu. (2.6%) from last year.
- The U.S. Drought Monitor map showed some improvement in drought over the past week. Drought areas decreased by about 2.4 percentage points to 56.1% nationally as of Tuesday due to rainfall in much of the Plains and Midwest.
- July corn futures are hovering around the 40-day moving average at $4.75. The 100-, 10- and 20-day moving averages, each trading around $4.80, are resistance. Support is around $4.70.
Soybeans are mostly 1 to 3 cents lower, while soymeal futures are around $3.00 lower. Soyoil is about 30 points higher.
- Soymeal futures are pressuring soybeans, though soyoil strength is limiting seller interest.
- USDA reported soybean export sales of 428,200 MT for the week ended April 24, up 55% from the previous week and 27% from the four-week average. China led the list of buyers at 139,400 MT. Sales were within the pre-report range of expectations from 150,000 to 600,000 MT.
- Soybean crush is expected to total 205.9 million bu. for March, according to analysts polled by Bloomberg. That would be up 16.9 million bu. (8.9%) from February and 2.4 million bu. (1.2%) above March 2024.
- The U.S. has approached China seeking talks over President Donald Trump’s 145% tariffs, a social media account affiliated with Chinese state media said on Thursday. “The U.S. has proactively reached out to China through multiple channels, hoping to hold discussions on the tariff issue,” Yuyuan Tantian said in a post published on its official Weibo social media account, citing anonymous sources. However, Chinese officials continue to publicly deny any formal negotiations are currently underway.
- July soybeans are finding resistance at the 200- and 10-day moving averages, each trading around $10.50, while support lies at the 20- and 40-day moving averages, currently trading at $10.39 1/2 and $10.33 3/4.
Winter wheat futures are 3 to 5 cents firmer, while HRS futures are 2 to 3 cents higher.
- SRW wheat futures are posting modest followthrough short-covering gains, though technical pressure and a stronger dollar are curbing those efforts.
- USDA reported wheat export sales of 72,000 MT for 2024-25 during the week ended April 24, up from net cancellations the previous week but down 24% from the four-week average. Sales were in the middle of the range of expectations from (200,000) to 300,000 MT. New-crop sales totaled 238,300 MT, within expectations of 100,000 to 400,000 MT.
- Dryness has become more notable in the North China Plain and Yellow River Basin as well as in areas as far to the north as Inner Mongolia and southward to the northern Yangtze River Basin. World Weather Inc. says non-irrigated winter wheat development conditions may be deteriorating, though a large portion of the crop is irrigated.
- July SRW futures face resistance at the 10-, 20-, 40- and 100-day moving averages, layered from $5.42 to $5.69 1/2. Initial support is at $5.31 1/4, then at this week’s low of $5.23 1/4.
Live cattle are modestly weaker while feeders are posting sharp losses in most contracts.
- Deferred live cattle are weaker after a higher open. Technical support and supportive fundamentals are limiting seller interest.
- Wholesale Choice beef dropped $2.49 to $345.77 on Wednesday, halting the recent surge. Select beef dropped 67 cents to $323.15.
- Packer margins remain deep in the red, which has slowed cash cattle negotiations as they want to buy cattle at lower prices while feedlots have no urgency to move animals unless bids increase.
- USDA reported net beef sales of 12,900 MT for 2025, up 25% from the previous week and 6% from the four-week average.
- June live cattle futures are holding within Wednesday’s range, with initial support/resistance at $208.00 and $211.00.
Hog futures are modestly weaker in most contracts at midsession.
- Nearby lean hogs are holding near unchanged with technical support warding off bears.
- The CME lean hog index is up another 47 cents to $89.25 as of April 29.
- The pork cutout value rose a modest 2 cents on Wednesday to $96.61, with gains in primal bellies and ribs offsetting losses in all other cuts. Movement totaled 303.4 loads.
- USDA reported net pork sales of 34,500 MT, up notably from last week and 34% from the four-week average.
- June lean hogs are trading within Wednesday’s lower range, with support at the previous session low of $97.30, which is backed by the 40- and 20-day moving averages. Initial resistance stands at $98.60 and is backed by the 100- and 10-day moving averages.