Corn is mostly 3 to 4 cents lower at midmorning.
- Corn futures are weaker despite general strength across the ag complex, as traders pause ahead of USDA’s Prospective Plantings Report, due out Tuesday at 11 a.m. CT.
- USDA reported weekly corn inspections totaled 1.79 MMT during the week ended March 26, down 86,873 MT from the previous week and above analysts’ pre-report range of expectations of 1.2 to 1.65 MMT.
- USDA reported daily sales of 145,000 MT of corn to unknown destinations during 2025-26.
- AgRural reported 99% of the safrinha corn crop had been planted in Brazil’s center-south, with all states having completed planting, with the exception of Parana.
- May corn futures are testing support at the 20-day moving average, though additional support lies at $4.54 1/2. Initial resistance stands at the 10-day moving average of $4.62 3/4, then at the March high of $4.76.
Soybeans are mostly 6 to 7 cents higher. Soymeal is around 80 cents higher, while soyoil is around 160 points higher.
- Soybeans are being led higher by strong gains in soyoil, though a notable weekly drop in export inspections may limit extended buyer interest.
- USDA reported weekly soybean inspections totaled 586,427 MT during the week ended March 26, down 528,284 MT from the previous week and short of the expected pre-report range of 600,000 MT to 1.25 MMT.
- Indonesia’s President Prabowo Subianto stated the country will go ahead this year with its B50 palm oil based biodiesel program earlier today during an official visit with Japan.
- Brazilian farmers had harvested 75% of their 2025-26 soybean crop as of last Thursday, according to AgRural.
- May soybeans are facing initial support at the 40-day moving average, trading at $11.59, while the 20-day moving average, currently trading at $11.78 3/4 is initial resistance. Additional resistance stems from the March high of $12.38 3/4.
SRW wheat futures are mostly 3 to 4 cents higher, while HRW futures are around a penny lower. HRS wheat is mostly a nickel firmer.
- SRW wheat futures are firmer despite U.S. dollar strength, amid solid technical support.
- USDA reported weekly wheat inspections totaled 364,219 during the week ended March 26, down 95,248 MT from the previous week and near the lower-end of the pre-report range of 300,000 to 500,000 MT.
- Some shower and thunderstorm activity will occur in HRW country over the next seven days, though much of this will be in the eastern half of the region, notes World Weather Inc.
- May SRW futures remain supported by the 10- and 20-day moving averages, layered at $5.99 and $5.96 ½, while resistance stands at $6.12 1/2, then at the March high of $6.41 3/4.
Live cattle and feeders are solidly higher at midsession.
- Cattle futures have scored a fresh near-term high amid technical buying and continued fundamental support.
- Choice boxed beef rebounded $3.12 on Friday, while Select fell another $1.79 to $389.87. Movement totaled 107 loads.
- Cash cattle trade held a weaker tone last week, though the final cash average will be released later this morning.
- April cattle futures are up against resistance at $241.18, while support lies at the 40-day moving average of $236.89.
Hog futures are mixed at midmorning.
- Nearby lean hogs are narrowly weaker in consolidative trade as persistent cash weakness limits buyer interest.
- The pork cutout value rose $1.21 on Friday to $96.56, led by gains in primal loins and butts. Movement totaled 338.53 loads.
- The CME lean hog index is down 28 cents to $91.18 as of March 26.
- April lean hogs are hovering within the 100- and 200-day moving averages, trading at $90.94 and $90.38. Additional resistance is at the 10-day moving average, currently trading at $91.59, while further support is layered at $90.13 and $89.75.