Corn is mostly 10 to 11 cents lower at midmorning.
- Corn futures are facing followthrough selling amid fund liquidation, with additional pressure from the U.S. dollar.
- Outside of rain events Saturday into Tuesday and May 22-24, the Midwest will see more sunshine and rain than during the next two weeks, according to World Weather Inc. Planting should advance well while soil moisture is favorable for summer crop germination, establishment and development.
- Southern safrinha corn areas of Brazil will experience scattered showers and thunderstorms from late this week into mid-week next week to help reproducing and filling crops, notes World Weather. Mato Grosso and Goias, however, will continue to dry down in many areas, hurting some yields in the driest areas.
- July corn futures are testing support at the 100-day moving average, trading at $4.58 1/2, which is backed by the 200-day moving average of $4.55 1/2. Resistance is at the 40-, 20- and 10-day moving averages, layered from $4.67 1/2 to $4.73 1/4.
Soybeans are 15 to 18 cents lower, while meal is around 70 cents higher. Soyoil futures are narrowly mixed.
- Soybeans are facing technical selling and lacking optimism around additional U.S. soybean purchases from China.
- USDA reported daily sales of 155,000 MT soybean meal to Italy during 2025-26.
- U.S. Trade Representative Jamieson Greer says he anticipates that China will commit to billions in American agricultural purchases, as Presidents Trump and Xi Jinping just completed their summit in Beijing. “We expect to also see an agreement for double-digit billion purchases of ags over the next three years, per year, coming out of this visit, and that’s more general, that’s aggregate, that’s not just soybeans, that’s everything else,” Greer told Bloomberg Television in an interview on Friday.
- July soybeans are testing support at the 20-day moving average, trading at $11.76 3/4, which is backed by the 40-day moving average. Initial resistance stands at the 10-day moving average of $11.88 1/2, which is backed by the May 13 high of $12.14.
Wheat futures are 21 to 26 cents lower.
- SRW wheat futures are under extended pressure after reaching fresh highs this week, along with general selling across the ag complex.
- The final estimate from the Wheat Quality Council’s annual crop tour put the average yield for Kansas at 38.9 bushels per acre after 394 field stops, according to Bloomberg. That’s well below last year’s forecast of 53 bushels per acre, with a survey of the tour’s participants pegged Kansas wheat production at 218 million bushels, the second-lowest going back to 1972.
- Wheat yield potential in Kansas was expected to drop to a three-year low of 38.9 bu. Per acre. Crop scouts estimated the Kansas crop would total just 218 million bu., above the USDA’s forecast of 214.6 million bu., but down sharply from the agency’s 2025 crop estimate of 346.8 million bu. The tour’s 2026 yield estimate was also above the USDA’s outlook of 37 bu. per acre.
- July SRW futures are facing support at the 10- and 20-day moving averages, layered at $6.39 1/2 and $6.33 1/2, while resistance stands at this week’s high of $6.88 1/4.
Live cattle and feeders are posting solid gains at midsession.
- Cattle futures are posting gains amid firmer cash trade and solid technical support.
- Cash trade so far this week has averaged 262.30, firmly higher from last week.
- Choice boxed beef fell $1.23 to $387.45, while Select rose 42 cents to $389.00. Movement totaled 99 loads.
- June cattle futures are hovering above the 10-day moving average, trading at $250.01, while resistance remains at the May 14 record high of $256.625.
Hog futures are lower at midmorning.
- June lean hogs are extending Thursday’s losses, though technical support lies at this week’s low.
- The CME lean hog index is up 26 cents to $90.74 as of May 13.
- The pork cutout value rose to $96.55 despite losses in all cuts aside from primal ribs and loins. Movement totaled 248.3 loads.
- Mexico, the largest export market for U.S. pork, suspended imports of U.S. of breeding pigs, semen, viscera and pork offal products after U.S. authorities detected pseudorabies virus antibodies in some swine, Reuters said Thursday, citing the head of Mexican pork producers’ group Opormex.
- June lean hogs continue to face resistance at the 10-day moving average of $99.66, which is backed by the 20-, 200- and 40-day moving averages. Initial support lies at $98.51, which is backed by this week’s low of $98.35.