Corn is mostly 4 to 5 cents higher at midmorning.
- Corn futures are posting solid end-of-week gains amid technical buying and support from a weaker U.S. dollar.
- USDA reported daily sales of 148,240 MT to unknown destinations. Of the total, 78,240 MT were for 2025-26 and 70,000 MT during 2026-27.
- World Weather notes some crops were likely burned back by frost and light freezes from the northwestern Corn Belt to northeastern Kansas through west-central and northernmost Illinois and Wisconsin to parts of western and central Michigan, with some frost noted in northeastern Ohio as well. However, few crops have likely emerged where temps were cold enough to cause permanent crop damage, notes the forecaster.
- July corn futures are trading within Thursday’s range, with resistance at $4.79 1/2 and support at $4.71 1/2, which is backed by the 10- and 40-day moving averages.
Soybeans are mostly 3 to 6 cents higher. Soymeal is around 30 cents higher, while soyoil is 60 points higher.
- Soybeans are being led higher by both soyoil futures, which have notched the highest level since June 2022.
- Analysts expect U.S. soybean processors crushed 231.1 million bushels of soybeans in March. If realized, the crush would be up 7.9% from February and up 11.8% from March 2025. U.S. soyoil stocks were estimated at 2.555 billion pounds as of March 31, on average, according to a Reuters poll of five analysts.
- Most of Argentina will see an improving trend for harvesting through the next two weeks as dry weather will be most common with notable exceptions today, according to World Weather.
- July soybeans continue to face resistance at $12.04 ½, while support lies at the 10- and 20-day moving averages, layered from $11.87 1/2 to $11.83 3/4.
SRW wheat futures are mostly unchanged to a penny lower, while HRW futures are 2 to 5 cents higher. HRS futures are mostly a penny higher.
- SRW wheat futures are modestly weaker, but are trading off earlier lows as technical support at the 10-day moving average is curbing seller interest.
- Drought relief in U.S. HRW wheat areas is unlikely to be very great, despite some scattered showers in the next ten days, notes World Weather. Frost and freezes in Nebraska, northern Kansas, northeastern Colorado as well as the Midwest this weekend should not induce any serious threat to production.
- July SRW futures are being supported by the 10-day moving average of $6.27 ¾, while resistance stems from this week’s high of $6.71 1/2.
Live cattle are firmer while feeders are notably firmer at midsession.
- Cattle futures have scored a fresh record high, with strong support from improving cash fundamentals.
- Cash cattle trade so far this week has averaged $255.01, up $8.99 from this time last week. This should continue to bode well for futures in the near-term.
- Boxed beef prices rose on Thursday, with Choice up $1.47 to $389.52 and Select up $1.92 to $388.17. Movement totaled 118 loads.
- June cattle futures have marked a fresh record high of $256.625, though resistance stands at $256.57, while support lies at $253.37.
Hog futures are weaker at midmorning.
- June lean hogs are weaker amid followthrough technical selling, but are trading well off earlier lows.
- The CME lean hog index is up a dime to $91.41 as of April 29.
- The pork cutout value fell 43 cents to $96.76 on Thursday. Movement totaled 296.0 loads.
- June lean hogs gapped lower at the open, with resistance standing at the 200-, 10- and 20-day moving averages, layered from $102.38 to $103.11. Initial support lies at $100.825, which is backed by the April 17 low of $100.175.