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Corn is a penny to 3 cents lower at midmorning.
- Corn futures are weaker in step with wheat futures despite a weaker U.S. dollar and firmer crude oil.
- Commodity prices outside of oil are likely to remain supported once the Strait of Hormuz is finally reopened, Peter Boockvar, chief investment officer of One Point BFG Wealth Partners, told CNBC’s Squawk Box program Tuesday morning. That’s likely to be a scenario in which Iran’s regime is still in place, he said.
- Crop consultant Dr. Michael Cordonnier maintained his Brazilian and Argentine 2025-26 corn production estimates of 133 MMT and 53 MMT, respectively. He holds a neutral to lower bias toward both crops going forward.
- May corn futures are now facing resistance at the 10-day moving average of $4.82 1/2, while initial support lies at the 20-day moving average of $4.74 1/4.
Soybeans are unchanged to 12 cents higher while soymeal is around $4.00 lower. Soyoil is 180 points higher.
- Corrective gains in soyoil are supporting soybean futures.
- President Donald Trump Monday afternoon said the timetable for a planned summit meeting with Chinese leader Xi Jinping, scheduled to take place in China March 31 to April 2, was now in flux as he deals with the conflict in the Middle East. “I don’t know, we’re working on that right now,” Trump told reporters.
- Dr. Michael Cordonnier maintained his Brazilian and Argentine 2025-26 soybean production estimates of 178 MMT and 47 MMT, respectively. He holds a neutral to lower bias toward both crops going forward. He did increase his estimate for the Paraguayan soybean crop by 500,000 MT to 11.5 MMT.
- Emater has lowered their estimate for soybean production in Rio Grande do Sul to 19 MMT, or a reduction of 2.4 MMT (11.3%) compared to its previous estimate of 21.4 MMT. The lower production resulted from insufficient and irregular rainfall and high temps during critical periods of crop development.
- May soybeans are now facing initial support at the 40-day moving average, trading at $11.52 1/4. Initial resistance stands at the 20-day moving average of $11.89 1/4.
Wheat futures are mostly 8 to 13 cents lower.
- SRW wheat futures are posting followthrough selling despite a weaker dollar.
- A significant warm-up is beginning in HRW wheat country. Temps later this week will become extreme for this time of year, according to World Weather Inc.
- Coceral cut its forecast for soft wheat production in the European Union and Britain this year, to 142.6 MMT, down from its previous estimate of 143.9 MMT.
- May SRW futures have edged below support at the 10-day moving average, though additional support lies at the 20-day moving average, trading at $5.84 1/2. Initial resistance is at $6.09 ¼, which is backed by the March 9 high of $6.41 3/4.
Live cattle and feeders are posting notable gains at midsession.
- Cattle futures are firmer for a second straight day amid wholesale support.
- Cash cattle trade averaged $234.83 last week, down $5.11 from the week prior.
- Boxed beef values continued to firm on Monday, with Choice up $.474 to $402.6, while Select rose $2.97 to $394.51. Movement totaled 56 loads.
- Packer margins are steadily improving amid weakening cash trade and firmer boxed values.
- April cattle futures are now facing initial support at the 10-day moving average, currently trading at $233.45, while resistance stands at the 20- and 40-day moving averages, layered at $235.87 and $237.08.
Hog futures are narrowly mixed at midmorning.
- Lean hog futures are mostly weaker in consolidative trade as technical hurdles continue to limit buyers.
- The CME lean hog index is up 16 cents to $91.76 as of March 13.
- The pork cutout value rose 25 cents to $100.44 on Monday. Movement totaled 227.8 loads.
- April lean hogs continue to face initial support at $93.22, while initial resistance stands at $93.97, which is backed by the 20-, 10- and 40-day moving averages.