Corn futures are a penny to 2 cents lower at midmorning.
- Corn futures have turned from a near six-week low carved in overnight trade, though stiff technical resistance is limiting buyer interest.
- USDA estimated the corn crop was 89% planted as of May 24, up 13 percentage points from the previous week and three points ahead of the five-year average. Emergence was estimated at 60%, two points ahead of average.
- China has issued export quotas for urea, a move that could help ease soaring global prices for one of the world’s most widely used crop nutrients after supply disruptions linked to the Iran war, according to Reuters who cited sources with direct knowledge of the matter.
- July corn futures have tested support at the 200-day moving average of $4.56 1/4, though additional support lies at $4.55 and $4.52 1/2. The 100-day moving average of $4.58 3/4 serves as initial resistance, and is backed by the 10-, 40- and 20-day moving averages.
Soybeans are 4 to 5 cents higher, while meal futures are around $1.50 higher. Soyoil futures are around 80 points higher.
- Soybeans are being led higher by soyoil futures, which are extending corrective gains amid optimism around biofuel demand.
- USDA estimated the soybean crop was 79% planted as of May 24, up 12 percentage points from the previous week and 11 points ahead of the five-year average. Emergence was estimated at 49%, 9 points ahead of average.
- U.S. Trade Ambassador Jamieson Greer said his agency would issue a notice in the Federal Register “shortly” to seek public comments on a Board of Trade with China, a formal step to establish a new mechanism to manage economic relations between the two nations. “We’ll be putting out a Federal Register notice shortly,” Greer said at a Council on Foreign Relations event Tuesday, Bloomberg reported.
- July soybeans are being limited by the 40-day moving average, trading at $11.92 1/4, which is backed by resistance at the psychological $12.00 level, which lies between the 10- and 20-day moving average.
SRW wheat is around 11 cents lower, while HRW and HRS futures are mostly 4 to 5 cents lower.
- SRW wheat futures are weaker for the fifth straight session amid technical selling as traders position for a potential deal between the U.S. and Iran.
- USDA rated the winter wheat crop as 26% good to excellent as of May 24, down one percentage point from the previous week and the lowest for this time of year in records dating to 1986.
- A group of South Korean flour mills bought an estimated 100,000 Mt of wheat to be sourced from the U.S. and Canada in an international tender on Wednesday. The purchase involved 50,000 MT from the U.S. and 50,000 MT from Canada.
- Ukrainian farmers used less fertilizer in the 2026 spring sowing period due to the conflict in the Gulf, potentially negatively affecting crop yields, according to Ukraine’s Deputy Economy Minister Taras Vysotiskiy earlier today.
- July SRW futures have tested support at the 40-day moving average, trading at $6.26, while resistance stands at the 20- and 10-day moving averages, layered at $6.43 3/4 and $6.51 3/4.
Live cattle and feeders are posting notable gains at midsession.
- Nearby live cattle are solidly higher in corrective trade as the marketplace continues to focus on long-term supply fundamentals.
- Cash cattle trade averaged $258.77 last week, down $4.08 from the previous week’s record high of $262.85.
- Boxed beef firmed on Tuesday, with Choice up $2.63 to $392.90, while Select rose $5.30 to $390.30. Movement was light at only 67 loads.
- June cattle futures are facing resistance at the 10- and 20-day moving averages, each trading around $251.75, while support lies at Tuesday’s close of $248.225, which is backed by support at $246.47.
Hog futures are higher at midmorning.
- June lean hogs are posting solid corrective gains, with support from improving wholesale fundamentals.
- The CME lean hog index is down 18 cents to $90.70 as of May 22.
- The pork cutout value rose $2.59 on Tuesday to $98.85 amid gains in all cuts aside from primal loins. Movement totaled 350.8 loads.
- June lean hogs Are up against resistance at $97.425, which is backed by the 10- and 20-day moving averages. Initial support lies at $94.81, which is backed by last week’s low of $94.775.