Corn is mostly 3 to 4 cents lower at midmorning.
- Corn futures are extending losses for a third straight session, with pressure stemming from followthrough selling in crude oil amid reports of a pending peace proposal.
- USDA reported weekly corn sales totaled 1.36 MMT during the week ended April 30, down 15% from the previous week and 4% from the four-week average. Net sales of 122,800 MT were reported for 2026-27.
- A key measure of bulk-shipping rates jumped to the highest level since December of 2023, driven by rising demand for Capesize vessels along with tightening supply of ships that haul bulk commodities. The Baltic Dry Index surged 5.6% to 2,991 points Wednesday, extending gains for a fourth session.
- July corn futures are testing support at 40- and 20-day moving averages, with additional support at the 10-0 and and 200-day moving averages, trading at $4.57 1/4 and $4.54 3/4.
Soybeans are mostly 7 to 8 cents lower. Soymeal is around 50 cents higher, while soyoil is 130 points lower.
- Soybeans are weaker for the third straight session amid pressure from soyoil.
- USDA reported weekly sales of 141,900 MT during the week ended April 20, a marketing year low, net sales were down 45% from the previous week and 51% from the four-week average. Net sales of 5,500 were also reported for the 2026-27 marketing year.
- Malaysian palm oil futures slipped below MYR 4,600 per MT Thursday, extending losses on a stronger ringgit and weakness in edible oils on Dalian and Chicago markets. Sentiment was further pressured by reports that the U.S. and Iran are working on a memorandum to establish a framework for talks aimed at ending the war.
- July soybeans are testing support at the 40-day moving average, with additional support at $11.75 1/4. Resistance stands at the 10-day moving average, currently trading at $11.96 3/4, then at the May 4 high of $12.26 1/4.
SRW wheat futures are mostly 11 cents lower, while HRW futures are around 22 cents lower. HRS wheat is 13 to 14 cents lower.
- SRW wheat futures are facing additional pressure amid general selling across the grain and soy complex.
- USDA reported weekly wheat sales of 78,800 MT for the week ended April 30, down 65% from the previous week and 45% from the four-week average. Net sales of 187,500 were also reported for the 2026-27 marketing year.
- Algeria’s state grains agency OAIC has bought around 390,000 to 420,000 MT of milling wheat in an international tender which closed on Wednesday, according to European traders.
- July SRW futures are facing resistance at the 20-day moving average of $6.17 ½, while initial support lies at $6.06 1/2, $6.00, then at the April 10 low of $5.77 3/4.
Live cattle and feeders are lower at midsession.
- Cattle futures are under pressure but have rebounded well off earlier lows amid corrective buying.
- Boxed beef edged lower on Wednesday, with Choice down $2.72 to $389.62 and Select down $2.61 to $389.63. Movement totaled 107 loads.
- USDA reported net beef sales of 10,000 MT for 2026, down 27% from the previous week and 32% from the four-week average.
- June cattle futures have tested support at the 10- and 20-day moving averages, with additional support at the 40-day moving average, currently trading at $243.77. Resistance stems from last week’s record high of $256.625.
Hog futures are firmer at midmorning.
- June lean hogs are firmer after forging fresh near-term lows earlier in the session.
- The CME lean hog index is up another 9 cents to $91.19 as of May 5.
- The pork cutout value slid another 87 cents on Wednesday to $95.10 amid declines in all cuts aside from primal bellies and hams. Movement 313.7 loads.
- USDA reported net pork sales of 30,800 Mt for 2026, down 33% from the previous week and 6% from the four-week average.
- June lean hogs forged a fresh near-term low of $98.90, which will now serve as support. Resistance remains at the 10-, 20- and 200-day moving averages, layered from $101.44 t o $102.43.