Corn is mostly a penny lower at midmorning.
- Corn futures are modestly weaker in step with SRW wheat futures as technical challenges limit buyer interest.
- USDA reported daily sales of 136,000 MT to South Korea during 2025-26.
- USDA reported weekly corn sales totaled 1.36 MMT during the week ended April 2, up 18% from the previous week and 8% from the four-week average. Net sales were within the expected pre-report range of 750,000 MT to 1.6 MMT. Net sales of 11,400 MT for 2026-27 were for Mexico.
- The U.S. Climate Prediction Center on Thursday said El Nino has a 61% chance of developing between May and June 2026 and is expected to persist through at least the end of 2026.
- Argentina’s 2025-26 corn harvest should reach a record 67 MMT, according to the latest update from the Rosario grains exchange, which raised its estimate from a prior 62 MMT, due to higher acreage than originally expected.
- May corn futures are facing resistance at the 100-day moving average, trading at $4.48 1/4, which is backed by the 40-, 10- and 20-day moving averages. Initial support lies at $4.43 ½, which is backed by this week’s low of $4.42 1/4.
Soybeans are mostly 3 to 4 cents higher. Soymeal is around $1.40 higher, while soyoil is around 100 points higher.
- Soybeans are firmer, with corrective strength in crude driving gains in soyoil, which are underpinning the complex.
- USDA reported soybean sales totaled 295,400 MT during the week ended April 2, down 16% from the previous week and 34% from the four-week average. Net sales were within the expected pre-report range of 200,000 to 600,000 MT.
- Brazil’s government is looking at ways to accelerate testing of higher biodiesel blends in diesel, aiming to reach a conclusion this year, according to the head of a soy crushers association this week, amid a spike in fuel prices due to the Iran war, according to Reuters.
- May soybeans are up against resistance at the 40- and 20-day moving averages, each trading around $11.69. Initial support lies at this week’s low of $11.40 1/2, which is backed by the 100-day moving average.
Wheat futures are mostly a penny to 3 cents lower.
- SRW wheat futures are modestly weaker despite support from continued weakness in the U.S. dollar.
- USDA reported weekly wheat sales totaled 163,600 MT during the week ended April 2, which were up noticeably from the previous week but down 39% from the four-week average. Net sales were within the pre-report range of 0 to 150,000 MT. Net sales of 90,700 MT were reported for 2026-27.
- Consultancy Expana raised its forecast for the European Union’s 2026-27 soft wheat harvest to 128.7 MMT, up from 128.6 MMT last month, citing favorable growing conditions. However, that’s still well below the 2025-26 estimate of 137.1 MMT
- May SRW futures are facing resistance at the 40-day moving average, trading at $5.86 1/4, while initial support lies at this week’s low of $5.77, which is backed by support at $5.75 1/4.
Live cattle and feeders are weaker at midsession.
- Cattle futures are weaker in sideways trade, with a strong technical posture and supportive fundamentals limiting seller interest.
- Boxed beef values declined further on Wednesday, with Choice down $3.08 to $379.66, while Select fell $4.06 to $382.27. Movement totaled 122 loads.
- USDA reported beef sales totaled 17,400 MT for 2026 during the week ended April 2. Net sales rose 47% from the previous week and 36% from the four-week average.
- June cattle futures are trading within Wednesday’s lower range, with initial support serving at $244.47, which is backed by the 10-day moving average of $243.16. Resistance stems from the April 6 high of $248.45.
Hog futures are mixed at midmorning.
- June lean hogs are extending losses for the third straight session amid technical and wholesale pressure.
- The CME lean hog index is up 24 cents to $90.30 as of April 7.
- The pork cutout value fell 91 cents to $96.91 on Wednesday amid declines in all cuts aside from primal hams and loins. Movement totaled 298.5 loads. Wholesale weakness and firmer cash trade continues to pressure packer margins, which are now deep in the red.
- USDA reported net pork sales totaled 31,300 MT for 2026 during the week ended April 2. Net sales were down 41% from the previous week and 14% from the four-week average.
- June lean hogs are testing support at the 100-day moving average, trading at $104.41, which is backed by the March 25 low of $102.95. Resistance stands at the 10- and 20-day moving averages, trading at $105.41 and $105.70.