Corn futures are 2 to 3 cents firmer at midmorning.
- Corn futures have scored a fresh for-the-move high, though SRW wheat weakness is limiting buyer interest.
- Usage updates in USDA’s World Agricultural Supply and Demand Estimates (WASDE) Report at 11:00 a.m. CT will reflect March 1 stocks and trade policies currently in effect. Typically, the April report is rather uneventful, though how USDA will handle usage forecasts in the face of the trade/tariffs turmoil adds some uncertainty. Click here for pre-report estimates.
- The Rosario Grain Exchange raised its Argentine corn production forecast 4 MMT to 48.5 MMT. The soybean crop estimate was lowered 1 MMT to 45.5 MMT.
- Conab increased its estimate for the Brazilian corn crop to 124.74 MMT, up from 122.76 MMT previously.
- USDA reported corn export sales of 785,600 MT, down 33% from the previous week and the four-week average. Net sales were near the low end of pre-report expectations of 700,000 MT to 1.3 MMT.
- May corn futures bounced from support at the 40-day moving average of $4.72 1/4, while resistance is layered from $4.77 3/4 to $4.81 1/2.
Soybeans are 8 to 12 cents firmer, while soymeal futures are around $2.00 higher. Soyoil is around 20 points lower.
- Soybean futures are extending short-covering gains for the fourth straight session and have filled the early April chart gap.
- Conab raised its Brazilian soybean crop estimate to 167.87 MMT, up from its previous forecast of 167.37 MMT.
- Grain ships will be unable to dock or leave Argentina’s Rosario port hub today because of a CGT union strike against government policies that went into effect at midnight, the head of the private port chamber CAPyM said. CGT’s action brings together numerous unions in the country. “We will not be able to dock and moor the ships,” Guillermo Wade, manager of the Chamber of Port and Maritime Activities, told Reuters, citing the strike by the Maritime Workers Union and the river navigators’ union.
- USDA reported soybean export sales of 172,300 MT for the week ended April 3, down 58% from the previous week and 63% from the four-week average. Net sales fell short of pre-report expectations from 200,000 to 700,000 MT.
- May soybeans pushed above the 40-day moving average and are testing the 100-day, trading at $10.24 1/2, while support lies at the 20- and 10-day moving averages, each trading at $10.10 1/4.
Wheat futures are mostly a penny to 3 cents lower.
- Wheat futures are weaker despite a diving U.S. dollar.
- CME Group, parent of the Chicago Board of Trade, declared force majeure for wheat shipping terminals on the Ohio River due to flooding, the exchange said. High water and/or flooding made grain load-out impossible at delivery points for CBOT wheat futures on the river.
- As of April 8, the Drought Monitor showed 58% of the U.S. was covered by abnormal dryness/drought, down eight percentage points from the previous week. USDA estimated 32% of the U.S. winter wheat crop was experiencing D1-D4 drought conditions, down five points from last week but 14 points more than last year at this time. View the maps here.
- USDA reported wheat export sales of 107,300 MT for the week ended April 3, which were down 68% from the previous week and 56% from the four-week average. Net sales were within the expected range of (100,000) MT to 400,000 MT.
- May SRW futures continue to trade mostly between the 10- and 20-day moving averages, currently at $5.36 3/4 and $5.44 3/4. Additional support/resistance is at $5.32 and $5.51, respectively.
Live cattle and feeders are posting moderate to sharp losses at midsession.
- Nearby live cattle under corrective pressure following Wednesday’s late-session gains.
- Wholesale beef values dipped on Wednesday, with Choice down 24 cents to $337.86, while Select dropped $1.45 to $320.61. Movement was strong at 154 loads, indicating strong underlying demand on weaker values.
- USDA reported net beef sales of 11,900 MT for 2025, up 25% from the previous week and 14% from the four-week average.
- June live cattle are trading within Wednesday’s upper range, pivoting around the 40-day moving average at $197.05, while resistance stands at the previous session high of $199.375.
Hog futures are mixed at midmorning.
- Nearby lean hogs are weaker amid fading wholesale and cash fundamentals. Deferred contracts are posting strong ggains.
- The CME lean hog index is down another 16 cents to $88.00 as of April 8, marking the lowest level since Feb. 12.
- The pork cutout value extended losses on Wednesday, dropping to $90.76 amid a $2.69 decline amid drops in all cuts aside from picnics. That was the lowest since Jan. 22.
- USDA reported net pork sales of 23,900 MT for 2025, down 55% from the previous week and 23% from the four-week average.
- June lean hogs are testing resistance at the 10-day moving average of $93.61, while initial support lies at $90.76.