Corn is mostly 3 to 4 cents higher at midmorning.
- Corn futures are extending Friday’s gains, though technical resistance is crimping an extension higher in old-crop futures.
- USDA reported daily sales of 380,000 MT of corn to Mexico — of the total 220,000 MT is for the 2025-26 marketing year and 160,00 Mt is for 2026-27. Daily sales of 128,000 MT were also reported to South Korea during 2025-26.
- USDA reported weekly export inspections of 1.69 MMT during the week ended May 7, down 348,760 MT from the previous week but within the pre-report range of 1.4 to 2.45 MMT.
- A U.S. trade delegation is likely to visit India for talks, a New Delhi official said Monday and as reported by Bloomberg, as the two sides continue negotiations toward a bilateral agreement. “The visit dates have not yet been decided, the official told reporters, asking not to be identified as the discussions are not public.
- July corn futures continue to face resistance at the 10-day moving average of $4.75 1/2, which is backed by the May 5 high of $4.87 1/2. Support lies at the 20- and 40-day moving averages, each trading around $4.68.
Soybeans are mostly 7 to 8 cents higher. Soymeal is around $5.60 higher, while soyoil is 70 points lower.
- Soybeans are being supported by meal futures amid spread trading.
- USDA reported weekly export inspections of 655,294 MT for the week ended May 7, up 149,826 MT from the previous week and near the upper end of the pre-report range of 300,000 to 765,000 MT.
- Thursday and Friday, the highly anticipated summit meeting between President Trump and Chinese leader Xi Jinping in China will be very closely watched by grain traders and especially soybean traders. Bulls are upbeat about a positive outcome from the meeting that could mean China purchasing more U.S. soybeans. For more Pro Farmer perspective on the U.S.-China summit and other ag-related events this week, click here.
- China’s soybean imports rose sharply in April from the same month last year, although shipments were slightly below forecasts made by analysts expecting a surge of arrivals from the U.S. and Brazil. Imports totaled 8.48 MMT, up more than double from March and up 40% on the year.
- July soybeans are facing resistance at $12.23 /14,while support is layered at the 10- and 20-day moving averages of $12.03 and $11.92 1/4.
Wheat futures are 9 to 12 cents higher.
- SRW wheat futures are posting solid corrective gains, with support from strong export inspections last week.
- USDA reported weekly export inspections of 511,436 MT for the week ended May 7, up 8,934 MT from the previous week and above the pre-report range of 300,000 to 450,000 MT.
- No crop damaging cold occurred in U.S. HRW wheat areas last week despite some cold weather, according to World Weather Inc.
- July SRW futures are trading mostly between the 10- and 20-day moving averages, trading at $6.33 and $6.22. Greater resistance/support is at the April 29 high of $6.71 1/2 and the April 10 low of $5.77 3/4.
Live cattle and feeders are solidly higher at midsession.
- Cattle futures are firmer in corrective trade, though technical resistance is limiting an extension higher so far.
- Cash cattle trade firmed into late-week trade last week, though the final cash average will be released later this morning.
- Boxed beef rose on Friday, with Choice up $1.45 to $388.39, while Select rose 59 cents to $385.01. Movement totaled 120 loads.
- June cattle futures gapped higher at the open but remain limited by the 20- and 10-day moving averages, layered at $240.03 and $241.97. Initial support lies at the 40-day moving average of $236.84.
Hog futures are higher at midmorning.
- June lean hogs are solidly higher to start the week amid corrective buying following Friday’s fresh near-term low.
- The CME lean hog index is down another 23 cents as of May 7.
- The pork cutout value rose $1.96 to $97.56 amid gains in all cuts aside from primal picnics. Movement totaled 353.2 loads.
- June lean hogs are up against resistance at the 10-day moving average of $100.823, which is backed by the 20-day moving average. Support lies at last week’s low of $98.60.