Note: Due to Monday’s holiday, export sales data for the week ended May 22 will be released on Friday morning.
Corn futures are 3 to 5 cents lower.
- Nearby corn futures continue to fade amid followthrough bear-spreading, with crude weakness also pressuring price action.
- USDA reported daily corn sales of 104,000 MT to Mexico and 101,096 MT to unknown destinations for 2024-25.
- World Weather Inc. reports wetter areas from Kentucky to Ohio and Michigan will have some opportunities for planting Saturday into Tuesday, but rain into Friday should be great enough to prevent some fields from drying out enough for fieldwork to occur before rains return next Wednesday.
- July corn futures continue to face resistance at the 10-day 20-day moving averages, each trading around $4.53 1/2, while support at $4.46 1/4 is being tested.
Soybeans are mostly 5 to 7 cents lower, while soymeal is trading near unchanged and soyoil is around 100 points lower.
- Soybeans are posting followthrough selling amid sharp weakness in soyoil.
- The rapid planting pace of the soybean crop and seasonally slowing export demand are weighing on soybean futures.
- A three-judge panel at the U.S. Court of International Trade delivered a significant blow to President Donald Trump’s trade agenda on Wednesday, ruling that his sweeping “Liberation Day” tariffs and other global levies imposed under the International Emergency Economic Powers Act (IEEPA) were unlawful. The ruling invalidates Trump’s April 2 “reciprocal” tariff order.
- Argentina will see drier weather for a while, supporting or improving harvest conditions, though portions of eastern Argentina are still too wet.
- July soybeans have extended below the 100-day and 200-day moving averages but have found support at $10.42 1/2. Meanwhile, the 20- and 10-day moving averages, each trading around $10.55, stand as resistance.
SRW wheat futures are 1 to 2 cents lower, HRW wheat is around 3 cents higher and HRS futures are 3 to 4 cents higher.
- SRW wheat futures are chopping around unchanged in narrow trade as technical pressure along with selling in corn and soybeans continues to limit buying.
- India produced a record 117.5 MMT of wheat this year, the ag ministry said, above its March forecast of 115.4 MMT, as higher prices prompted farmers to expand the area planted with high-yielding seed varieties. That would be up 4.3 MMT (3.8%) from last year. However, a leading trade body in the country said the wheat crop was nearly 6.25% lower than the government’s estimate.
- SovEcon raised its 2025-26 Russian wheat export forecast by 1.1 MMT to 40.8 MMT. The firm expects Russia to export 49.4 MMT of grain during the upcoming marketing year, down from an estimated 50.2 MMT this year.
- July SRW futures are holding an inside range, limited by the 10- and 40-day moving averages, trading at $5.35 3/4 and $5.40 3/4. Initial support remains at $5.26.
Live cattle and feeders are posting strong gains at midsession.
- Nearby live cattle are firmer as solid wholesale and cash fundamentals continue to prove supportive.
- Cash cattle trade remains slow to develop, though what has traded has been at higher prices.
- Wholesale beef prices rose another $3.57 to $365.42 for Choice and 91 cents to $351.74 for Select on Wednesday. During the past five weeks, Choice beef prices have surged $33.69 to the second highest level behind the 2020 peak and are now nearly $52.00 above last year at this time.
- June live cattle continue to find support at the 10- and 20-day moving averages, now trading at $214.05 and $213.86. Initial resistance is at $215.975, which is backed by the May high of $218.625.
Hog futures are mildly firmer in midmorning trade.
- Nearby lean hogs are modestly firmer after initially favoring the downside.
- The CME lean hog index is up 47 cents to $93.52 as of May 27.
- The pork cutout value fell $1.33 on Wednesday to $102.40, amid declines in all cuts aside from primal ribs.
- June lean hogs have pushed above Wednesday’s $100.30, marking the April 28 high of $101.975 as resistance. The 10-, 100- and 20-day moving averages, layered from $99.59 to $98.94 are support.