Corn futures are around 5 cents higher in old-crop contracts and near unchanged in new-crop.
- Nearby corn futures are posting modest corrective gains, aided by strong weekly export sales outside market support.
- USDA reported corn export sales of 1.153 MMT for the week ended April 17, down 26% from the previous week but up 1% from the four-week average. Net sales were within the pre-report range of expectations from 800,000 MT to 1.3 MMT.
- The Advanced Biofuels Association (ABFA) met Wednesday with EPA officials to advocate for a higher 2026 Renewable Volume Obligation (RVO), citing record domestic production capacity. According to a Lipow Oil Associates report, U.S. producers generated nearly 4.9 billion gallons of advanced biofuels in 2024 and could reach 7.2 billion gallons in 2025.
- July corn futures are trading inside Wednesday’s range, with support lying at the 20- and 100-day moving averages, each trading at $4.77 3/4, while resistance starts at $4.83 1/2.
Soybeans are a penny to 5 cents higher with old-crop leading gains. Soymeal futures are around $2.00 lower and soyoil is about 80 points higher.
- Soybeans are higher for a third straight day, underpinned by soyoil gains, though selling in meal is limiting buyer interest.
- China denied President Donald Trump’s assertion the two sides were involved in active negotiations over tariffs. “China’s position is consistent, and we are open to consultations and dialogues, but any form of consultations and negotiations must be conducted on the basis of mutual respect and in an equal manner,” said a ministry of commerce spokesperson.
- USDA reported soybean export sales of 277,000 MT for the week ended April 17, down 50% from the previous week and 25% from the four-week average. Net sales were near the low end of pre-report expectations from 200,000 to 600,000 MT.
- July soybeans are testing the 200-day moving average, currently trading at $10.50 1/2, with additional resistance at $10.56 3/4. The 10-day moving average of $10.47 1/2 is initial support.
Wheat futures are fractionally to 3 cents lower.
- Wheat futures continue to face technical headwinds, though a weaker U.S. dollar is curbing downside momentum.
- Warmer temps in mid-April were mostly favorable for development of winter and spring grains in most of Ukraine, state meteorologists said. Soil moisture was generally sufficient to offset a lack of rainfall.
- USDA reported net wheat export sales reductions of 145,000 MT for 2024-25. Net sales of 371,700 MT were reported for 2025-26.
- July SRW futures have extended to the lowest level since April 7. Support lies at $5.40 1/4 and is backed by the March 28 low of $5.32 1/2. Initial resistance stands at $5.46 1/4.
Live cattle are modestly lower while feeders are posting moderate losses at midmorning.
- Nearby live cattle have retreated from earlier highs as traders pause in anticipation of any development in cash cattle trade.
- USDA will detail frozen meat stocks at the end of March in this afternoon’s Cold Storage Report. The five-year average is a 10.7-million-lb. decline in beef stocks.
- There hasn’t been enough cash cattle activity to establish a trend for the week. Packers want to buy cattle at lower prices given highly negative margins. Feedlots are hopeful of higher prices again after a nearly $4.00 jump last week.
- June live cattle are trading inside Wednesday’s range, with resistance at the previous session high of $208.80, while support remains at $206.80.
Hog futures are mildly weaker at midsession.
- Nearby lean hogs are pulling back from recent gains following comments from China, which indicated there has been no progression towards a trade deal.
- USDA will detail frozen meat stocks at the end of March this afternoon. The five-year average is a 7.7-million-lb. drop in pork stocks during the month.
- The CME lean hog index firmed another 67 cents to $86.75 as of April 22, the fifth straight daily gain during which the index is up $1.66.
- June lean hogs gapped below the 100-day moving average of $99.475, which is now serving as resistance. Initial support lies at $98.53.