Corn is mostly 2 to 3 cents higher at midmorning.
- Corn futures are firmer in step with wheat futures to start the week, though technical resistance continues to limit buyer interest.
- President Donald Trump said it’s “highly unlikely” he would extend the two-week ceasefire with Iran if a deal is not reached before it ends, and said the Strait of Hormuz would remain blocked until an agreement is finalized, according to Bloomberg.
- USDA reported weekly export inspections totaled 1.67 MMT during the week ended April 16, up 46,936 MT from the previous week and near the upper end of the expected pre-report range of 980,000 to 1.75 MMT.
- Frost and freezes occurred in much of the Midwest during the weekend and early-planted corn and soybeans in a few areas may have been burned back by the cold, but most areas where crops have emerged are near and south of the Ohio River and much of this region stayed above freezing, notes World Weather Inc.
- July corn futures are facing resistance at the 40- and 20-day moving averages, each trading around $4.80, while the 10-day moving average, trading at $4.75 1/4 is serving as initial support.
Soybeans are mostly a penny to 2 cents lower. Soymeal is around $5.00 lower, while soyoil is around 100 points higher.
- Soybeans are modestly weaker amid pressure from meal futures, though soyoil is lending solid support.
- USDA reported weekly export inspections totaled 748,678 MT during the week ended April 16. Net inspections were within the expected pre-report range of 300,000 to 820,000 MT
- AgRural estimates Brazilian farmers had harvested 92% of the 2025-26 soybean crop as of last Thursday, up 5 percentage points from the previous week.
- Safras & Mercado increased its 2025-26 soybean production forecast to 178.11 MMT, up from its previous estimate of 177.72 MMT.
- China is expected to import fewer soybeans, pork, beef and dairy products in 2026, according to an agriculture ministry-backed outlook released on Monday.
- July soybeans continue to find support at the 20-day moving average of $11.51 3/4, while resistance stems from the March 9 high of $11.74 1/4.
Winter wheat futures are mostly 6 to 9 cents higher, while HRS futures are 2 to 3 cents higher.
- SRW wheat futures edging higher amid technical support and global production challenges.
- USDA reported weekly export inspections totaled 518,141 MT during the week ended April 16, up 245,172 MT from the previous week.
- “Another wild swing in temperatures occurred in the central U.S. Plains during the weekend, maintaining a harsh environment for winter wheat,” said World Weather Inc. in a special report. “The crop has already been beaten up by drought and wild temperature swings over the past few months and speculation is running high over the impact of all this on production.” Weekend temperatures plummeted well below freezing from Nebraska to northwestern parts of Texas Panhandle and Colorado.
- India has approved an additional 2.5 MMT of wheat exports to support farmers and stabilize markets, according to its government in a statement released earlier today.
- July SRW futures are being supported by the 20-, 40- and 10-day moving averages, layered from $6.04 to $5.07, while resistance stands at $6.10, then $6.28 3/4.
Live cattle and feeders are moderately firmer at midsession.
- Nearby cattle futures are modestly firmer amid corrective buying following last week’s selling.
- Friday afternoon’s monthly USDA Cattle-on-Feed report showed U.S. cattle and calves on feed for the slaughter market on feedlots with capacity of 1,000 or more head totaled 11.6 million head on April 1. The inventory was 1 percent below April 1, 2025. The inventory included 7.26 million steers and steer calves, down slightly from the previous year. This group accounted for 63 percent of the total inventory. Heifers and heifer calves accounted for 4.32 million head, down 1 percent from 2025. Placements in feedlots during March totaled 1.71 million head, 7 percent below 2025.
- USDA Secretary Rollins and Lieutenant General Butch Graham of the U.S. Army Corps of Engineers on Friday led groundbreaking for the new sterile fly production facility at Moore Air Base in Edinburg, Texas. USDA is partnering with the Corps of Engineers to construct the facility.
- Boxed beef edged lower on Friday, with Choice down 51 cents to $281.06, while Select slipped $1.88 to $376.60. Movement totaled 92 loads.
- China has tightened its border controls, fast-tracked vaccines and begun culling cattle after a small outbreak of foot-and-mouth disease in the northwest part of the country that officials say entered from abroad.
- June cattle futures are facing resistance at the 10-day moving average, trading at $248.14, which is backed by last week’s high of $252.00. Initial support lies at $246.25, then at the 20-day moving average.
Hog futures are mixed at midmorning.
- June lean hogs are modestly firmer in corrective trade, but remain limited by overhead technicals.
- The CME lean hog index is down 15 cents to $90.51 as of April 16.
- The pork cutout value rose $2.52 on Friday to $99.20 amid gains in all cuts. Movement totaled 307.5 loads.
- June lean hogs are trading within Friday’s range, limited by the 200-day moving average of $102.14, while support lies at $101.20 then at last week’s low of $100.175.