Corn is mostly unchanged to a penny higher at midmorning.
- Corn futures are chopping around unchanged, though strength in SRW wheat futures and technical support are limiting seller interest.
- Argentina’s government said earlier today it will allow local firms to voluntarily blend up to 15% ethanol into gasoline, in a bid to curb the impact from higher oil prices on local fuel costs, according to Reuters.
- Soil moisture in some Brazil safrinha crop areas, mostly in the south, is low and a boost in precip is needed to ensure the best crop development over the next few weeks, according to World Weather Inc. Mato Grosso and Goias crops are rated quite favorably and alternative periods of rain and sunshine will continue to support aggressive crop development.
- May corn futures are facing initial resistance at $4.69 3/4, which is backed by the March 9 high of $4.76. Initial support remains at the 10- and 20-day moving averages, trading at $4.62 3/4 and $4.58 3/4.
Soybeans are mostly a penny to 7 cents lower. Soymeal is around $$2.70 lower, while soyoil is around 30 points higher.
- Soybeans are facing pressure from meal futures.
- USDA reported daily sales of 105,000 MT to unknown destinations during 2025-26.
- China started a pair of investigations into U.S. trade practices, retaliating against similar probes by the Trump administration as the superpowers stake out positions before an expected presidential summit in May. “The move, announced by the Ministry of Commerce on Friday, is a direct mirror of steps U.S. President Donald Trump took to revive his tariff agenda after the Supreme Court last month struck down some of his duties,” said a Bloomberg report.
- May soybeans are facing resistance at the 20-day moving average, which is backed by the March 12 high of $12.38 3/4. Initial support lies at the 20- and 40-day moving averages, trading at $11.63 and $11.57.
SRW wheat futures are mostly a penny higher, while HRW futures are around 7 cents higher. HRS wheat is 3 cents higher.
- SRW wheat futures are firmer amid technical buying.
- India’s wheat harvest is expected to rise in 2026 from a year earlier but fall short of initial estimates after unseasonal rains and hailstorms hit the maturing crop, according to trade and industry officials. “We now expect the crop to come in at 113.5-114 MMT, lower than our previous estimate of 115 MMT, but still comfortably above our estimate for last year’s crop of 109.5-110 MMT,” noted Navneet Chitlangia, president of the Roller Flour Millers Federation of India.
- Snow free conditions are present in Ukraine and Russia’s Southern Region where warming this month should set the stage for some early season fieldwork and winter crop development, according to World Weather Inc.
- May SRW futures continue to be supported by the 10- and 20-day moving averages, layered at $5.98 1/2 and $5.95 1/4. Resistance stems from the March 9 high of $6.41 3/4.
Live cattle and feeders are solidly higher at midsession.
- Cattle futures are posting solid end-of-week gains amid technical buying despite fading cash and wholesale fundamentals.
- Cash cattle trade so far this week is at an average of $234.76, down from last week’s average.
- Boxed beef values declined on Thursday, with Choice down $1.84 to $389.85, while Select fell $3.83 to $391.66. Movement totaled 93 loads. The decline in boxed beef has pressured the recent uptick in packer margins, though they still remain in the black.
- April cattle futures have moved above resistance at the 40-day moving average, with additional resistance serving at $238.28, which is backed by the February highs of $244.125 and $244.575.
Hog futures are mixed at midmorning.
- Nearby lean hogs are modestly weaker as wholesale and cash fundamentals continue to pressure futures.
- The CME lean hog index is down another 19 cents to $91.46 as of March 25.
- The pork cutout value fell $1.05 on Thursday to $95.35 amid declines in all cuts aside from primal picnics. Movement totaled 319.1 loads.
- April lean hogs are facing support at the 200-day moving average, trading at $90.37, while initial resistance stands at $91.24, which is backed by the 10–day moving average.