Corn is mostly unchanged to a penny lower at midmorning.
- Corn futures are modestly weaker, though support at the 200-day moving average continues to curb seller interest.
- Iranian Foreign Minister Abbas Araqchi said the Strait of Hormuz was open following a ceasefire accord agreed with Lebanon, while President Donald Trump said he believed a deal to end the Iran war would come “soon”, though the timing remains unclear, according to Reuters.
- The U.S. is urging G20 members and the International Monetary Fund and World Bank to take coordinated action to ensure fertilizer access amid disruptions in food trade supply chains caused by the war in the Middle East, according to Reuters.
- The Buenos Aires Grains Exchange forecasts a record harvest in Argentina of 61 MMT, up from 57 MMT last year, due to an upward revision in area planted.
- July corn futures are facing resistance from the 40- and 20-day moving averages, each trading around $4.63. Initial support lies at the 200-day moving average of $4.53 3/4.
Soybeans are mostly a penny to 2 cents lower. Soymeal is around $1.00 lower, while soyoil is around 130 points lower.
- Soybeans are weaker amid pressure from soyoil, but have rebounded from earlier lows.
- Rain in Argentina Sunday into Monday and more later in the week next week will limit fieldwork, though temporary drying is expected today into Saturday, notes World Weather Inc. Greater drying is needed nationwide to expedite crop maturation and harvest progress.
- Malaysian palm oil futures hovered below MYR 4,500 per MT on Friday, set for a second weekly decline, down about 1.4% so far. Weakness stemmed from softer soyoil prices in Chicago markets and sluggish exports, with cargo surveyors noting April 1–15 shipments fell over 34% mom amid muted festive demand.
- July soybeans are up against resistance at the 10- and 20-day moving averages, each trading around $11.80. Support lies at $11.69 1/2, which is backed by the April 8 low of $11.56 3/4.
Winter wheat futures are mostly 6 to 9 cents lower, while HRS futures are 2 to 4 cents lower.
- SRW wheat futures are correctively weaker after notching gains in the past four sessions.
- Farmers in Argentina are considering a reduction in wheat plantings due to high urea costs, with some switching to corn or soybeans due to limited profit margins.
- Australia’s wheat acreage for the 2026/27 crop is expected to fall to a seven-year low due to weak prices and shortages of fertilizer and fuel, Bloomberg reports. “The total wheat area is forecast to shrink by about 7.5% from a year earlier to 11.5 million hectares, with production expected to drop by about a fifth year-on-year to 29.8 million tons.
- July SRW futures are now facing support at $5.88 1/4, while resistance stands at $6.07, then at $6.16.
Live cattle are notably lower, while feeders are under heavy pressure at midsession.
- Nearby cattle futures are facing followthrough selling as traders pause in the wake of recent gains.
- Cash cattle continue to exchange hands at slightly weaker prices, averaging $247.94 so far.
- Choice boxed feel fell 41 cents to $381.57, while Select fell a dime to $378.48. Movement totaled 104 loads.
- June cattle futures are facing support at the 20-day moving average, trading at $243.08, while the 10-day is serving as initial resistance. This week’s high of $252.00 continues to stand as greater resistance.
Hog futures are notably weaker at midmorning.
- June lean hogs have carved a fresh for-the-move low amid persistent technical selling.
- The CME lean hog index is up 6 cents to $90.66 as of April 15.
- The pork cutout value rose $1.54 on Thursday to $96.68, led by $7 rebound in primal bellies. Movement totaled 276.9 loads.
- June lean hogs are facing support at $100.49, while the 200-day moving average of $102.12 stands as initial resistance.