Happy Easter! Markets will be closed for Good Friday and there will be no Pro Farmer daily reports. Have a blessed weekend with your family!
Corn is mostly a penny to 2 cents lower at midmorning.
- Corn futures are modestly weaker as technical challenges curb gains despite strong gains in crude oil.
- USDA reported weekly corn sales of 1.15 MMT for the week ended March 26, down 8% from the previous week and 20% from the four-week average. Net sales were within the expected pre-report range of 900,000 MT to 1.6 MMT.
- Russian President Vladimir Putin reported on Thursday that Russia and Egypt could discuss plans to create a “grain and energy hub.” Putin raised the idea at a meeting in the Kremlin with Egypt’s foreign minister Badr Adnelatty as Russia seeks new ways of distributing energy and commodities exports in response to Western sanctions due to the ongoing war in Ukraine. Egypt is the world’s largest wheat importer and buyer of Russian wheat.
- May corn futures are facing resistance at the 20- and 10-day moving averages, each trading around $4.60, while support lies at the 40-day moving averages, currently trading at $4.50 1/2. Additional support lies at the 200-day moving average.
Soybeans are mostly a penny to 2 cents lower. Soymeal is around $2.00 lower, while soyoil is around 140 points higher.
- Soybeans are facing modest pressure into the holiday weekend, with corrective strength in soyoil curbing seller interest.
- USDA reported weekly soybean sales of 353,300 MT during the week ended March 26, down 49% from the previous week and 18% from the four-week average. Net sales were within the expected pre-report range of 300,000 to 700,000 MT.
- India’s palm oil imports fell nearly 19% in March to a three-month low as a rally in tropical oil prices, in tandem with oil markets, prompted refiners to curb purchases and wait for a correction, according to Reuters.
- May soybeans are being supported by the 10-day moving average, trading at $11.64 3/4, while resistance stands at the 20-day moving average, currently at $11.77 3/4. Additional support lies at $11.56, while greater resistance stems from the March 12 high of $12.38 3/4.
Wheat is mostly a penny to 4 cents higher.
- SRW wheat futures have turned from overnight highs to post slight gains, amid technical challenges and pressure from a firmer U.S. dollar.
- USDA reported weekly wheat sales of 23,500 MT, a marketing-year low, were down 51% from the previous week and 33% from the four-week average. Net sales were well below the expected pre-report range of 200,000 to 500,000 MT.
- Ukraine’s grain deliveries by rail to Black Sea ports for export rose 9% in MArch compared to February, amid favorable weather conditions, according to state railway Ukrzaliznytsia.
- May SRW futures are facing resistance at the 10- and 20-day moving averages, each trading around $6.00, while support lies at $5.86 1/4, then at the 40-day moving average, currently trading at $5.81 1/2.
Live cattle and feeders are higher at midsession.
- Cattle futures have firmed to forge a fresh contract high, with firmer cash trade aiding gains.
- Cash trade has commenced at higher prices, which should limit seller interest into the long weekend.
- Wholesale beef prices weakened on Wednesday, with Choice down $1.07 to $394.42, while Select fell 34 cents to $392.59. Movement totaled 97 loads.
- USDA reported weekly beef sales of 11,900 MT for 2026, up 12% from the previous week, but down 6% from the four-week average.
- June cattle futures have carved fresh contract highs, with resistance now serving at $245.82, while support lies at $241.58, which is backed by the 10-day moving average.
Hog futures are weaker at midmorning.
- Nearby lean hogs are weaker as cash and wholesale fundamentals remain under pressure.
- The CME lean hog index is down 7 cents to $90.41 as of March 31.
- USDA reported net pork sales of 53,000 MT for 2026, up 32% from the previous week and 65% from the four-week average.
- The pork cutout value fell 67 cents on Wednesday amid declines in all cuts aside from primal ribs. Movement totaled 229.6 loads.
- June lean hogs are falling support at the 100-day moving average, trading at $104.07, while resistance stems from the 20- and 40-day moving averages, layered at $106.59 and $107.62.