Old-crop corn is around 7 cents lower while new-crop is mostly 3 cents lower.
- Nearby corn futures have extended to the lowest level since Oct. 22 amid bear spreading and persisting technical pressure. July futures are now trading below new-crop December corn.
- USDA reported corn plantings advanced to 62% complete as of Sunday, ahead of the five-year average of 56%.
- South American crop consultant Dr. Michael Cordonnier raised his Brazilian corn production forecast 1 MMT to 127 MMT, noting favorable yields and increased harvested area. Cordonnier also raised his Argentine corn crop estimate 1 MMT to 50 MMT.
- July corn futures have dropped to a for-the-move low, with next support at $4.29 3/4. Near-term resistance extends from $4.42 1/4 to $4.50 3/4.
Soybeans are 8 to 11 cents lower, while soymeal futures are around $4.00 lower. Soyoil is about 25 points higher.
- Soybeans are taking back a good portion of Monday’s gains, with soymeal providing pressure.
- USDA reported 48% of the soybean crop was planted as of Sunday, well ahead of the five-year average of 37%.
- Cordonnier left his Brazilian and Argentine soybean crop estimates unchanged at 169 MMT and 50 MMT, respectively.
- July soybeans are trading inside Monday’s range, with support at the 20-, 10-, 200- and 100-day moving averages, layered from $10.50 3/4 to $10.44 1/4, while resistance is at Monday’s high of $10.74 3/4.
SRW wheat futures are around a penny higher, while HRW is 3 to 4 cents higher and HRS futures are mostly 2 cents lower.
- Wheat futures have worked off their contract lows earlier today, though U.S. production prospects are limiting buying.
- The Wheat Quality Council’s annual HRW tour through Kansas and remote areas of surrounding states kicked off this morning in Manhattan, Kansas. Scouts will sample fields today across central and far northwestern areas of Kansas enroute to Colby, including some areas of far southern Nebraska. Day 1 results will be released this evening.
- USDA rated the winter wheat crop 54% “good” to “excellent” and 11% “poor” to “very poor.” On the weighted Pro Farmer Crop Condition Index (0 to 500-point scale, with 500 being perfect), the HRW crop improved 1.3 points to 328.6, despite a decline in top producer Kansas. The SRW crop improved 5.6 points to 374.9, despite a decline in top producer Illinois. Click here for full details.
- USDA reported spring wheat plantings were 66% complete as of Sunday, well ahead of the five-year average of 49%.
- July SRW futures bounced from the contract low of $5.06 1/4. Resistance stands at $5.20, which is backed by the 10-day moving average.
Live cattle are mostly firmer, while feeders are narrowly mixed.
- Nearby live cattle are firmer in narrow trade as traders tread lightly amid technically overbought conditions.
- Mexico has stated the recent U.S. suspension of live cattle, horse and bison imports from Mexico in response to the spread of the New World screwworm (NWS) should only last for 15 days and is not expected to have a significant economic impact on the country. Mexican Agriculture Minister Julio Berdegué emphasized the suspension is intended to be temporary.
- Cash cattle prices jumped another $3.83 to a record $224.80 last week and have surged $17.10 the past four weeks. Wholesale Choice beef prices have risen nearly $14.00 during that span but haven’t kept pace with the cash market, driving packer margins even deeper into the red.
- June live cattle are trading within Monday’s range, limited by resistance at yesterday’s all-time high of $217.75, while initial support is at $215.83.
Hog futures are holding around unchanged at midsession.
- Nearby lean hogs are chopping around unchanged with buyer interest limited by a fading cash and wholesale fundamentals.
- The CME lean hog index is down 7 cents to $89.92 as of May 9, the third straight daily decline, though those losses total only 24 cents.
- The pork cutout value fell $1.32 to $96.51 on Monday amid declines in all cuts except bellies and remain in the extended sideways price range.
- June lean hogs are facing resistance at the 20-day moving average of $98.59, while support lies at $97.56.