Corn is mostly a penny higher at midmorning.
- Corn futures are modestly firmer with support from the soy complex, while profit-taking in wheat and technical resistance are curbing buyer interest.
- USDA reported weekly export inspections totaled 2.0 MMT during the week ended April 2, up 122,259 MT from the previous week. Net inspections topped the expected pre-report range of 1.3 to 1.85 MMT.
- A good mix of rain and sunshine is expected for much of Brazil’s agricultural areas during the next two weeks, according to World Weather Inc. Some of the drier areas of the interior south will get rain, but much more will be needed to fix long term moisture deficits.
- May corn futures are facing resistance at the 10- and 200-day moving averages, each trading around $4.44 1/2. The 20- and 100-day moving averages, each trading around $4.42 are serving up support.
Soybeans are mostly a penny to 2 cents higher. Soymeal is around $1.00 higher, while soyoil is around 50 points higher.
- Soybeans are firmer, in step with soyoil and meal, with support from noteworthy export inspections.
- USDA reported weekly export inspections totaled 779,352 MT during the week ended April 2, up 85,276 MT from the previous week. Net inspections were above analysts’ pre-report range of 400,000 to 750,000 MT.
- Too much rain has impacted portions of central through southern Argentina recently, causing local flooding and stalling fieldwork, notes World Weather. There will be a chance to dry down, temporarily, during the middle to latter part of this week into early next week.
- May soybeans continue to face initial support at the 10-day moving average, trading at $11.65, with additional support at the March low of $11.45 1/4. Resistance stands at the 20-day moving average, trading at $11.76 1/4, then at the March 12 high of $12. 38 3/4.
SRW wheat is mostly 2 to 3 cents lower, while HRW futures are 7 to 9 cents lower. HRS wheat is around 3 cents lower.
- SRW wheat futures are extending Friday’s selling as technical resistance is limiting buyer interest.
- USDA reported weekly export inspections totaled 334,106 MT during the week ended April 2, down 52,148 MT from the previous week. Net inspections were within the expected pre-report range of 300,000 to 500,000 MT.
- A bulk cargo vessel transporting wheat sank in the Sea of Azov, Russian-installed authorities in the Kherson region of southeastern Ukraine said on Sunday and as reported by Bloomberg.
- Hedge funds have turned net bullish on wheat futures for the first time in nearly four years, according to a Bloomberg report, “betting on higher prices driven by dry weather in the U.S. and a shortage of fertilizer and fuel arising from the war in the Middle East.”
- May SRW futures are being limited by resistance at the 10- and 20-day moving averages, each trading around $6.00, while support lies at the 40-day moving average, trading at $5.81 1/4.
Live cattle and feeders are weaker at midsession.
- Cattle futures are modestly weaker amid profit-taking after a reach to fresh contract highs.
- Workers at the world’s largest meat company, JBS, agreed to return to work at the firm’s beef plant in Greeley, Colorado after it agreed to resume negotiations with labor, bringing a three-week work stoppage to an end, their union said in a statement on Saturday and as reported by Reuters.
- Boxed beef declined on Friday, with Choice down $1.80 to $387.78 and Select down $1.51 to $386.19. Movement improved to 102 loads.
- June cattle futures have scored a fresh contract high, with additional resistance at $247.95, while initial support lies at $240.325, which is backed by the 10-day moving average.
Hog futures are solidly firmer at midmorning.
- June lean hogs are posting solid corrective gains amid wholesale support.
- The CME lean hog index is down 24 cents to $90.01 as of April 2.
- The pork cutout value rose $1.76 on Friday to $98.95 amid gains in all cuts aside from primal ribs. Movement totaled 219.9 loads.
- June lean hogs are testing resistance at the 20-day moving average, with additional resistance at the 40-day moving average of $107.52. Initial support lies at the 10- and 100-day moving averages, currently trading at $105.06 and $104.19.