Corn futures are 3 cents higher at midmorning.
- Corn futures are modestly firmer with support from crude oil and notable daily export sales.
- USDA reported daily sales of 493,700 MT of corn for delivery during 2025-26 and 268,700 MT for delivery 2026-27 to Mexico. Additional sales of 110,000 MT were reported to unknown destinations. Of the total 50,000 MT is for 2025-26 and 60,000 MT is for 2026-27.
- The National Weather Service today said active weather will occur across the eastern half of the country the next few days, including multiple rounds of showers and thunderstorms, particularly from the southern Plains and deep South to the Ohio Valley.
- The EU will temporarily lift customs duties on key nitrogen-based fertilizers such as urea and ammonia for one year to mitigate the effects of the Iran war, the Council of the EU said on Friday.
- July corn futures are being limited by resistance at the 40-, 10-, and 20-day moving averages, layered from $4.66 3/4 to $4.72 1/2. Support remains at the 200- and 100-day moving averages, layered from $4.58 3/4 to $4.56 1/4.
Soybeans are 2 cents lower, while meal is around $3.00 lower. Soyoil futures are around 50 points higher.
- Soybeans are firmer in corrective trade, but are consolidating in a sideways pattern as technical resistance is curbing near-term buyer interest.
- USDA reported daily sales of 252,000 MT of soybean cake and meal to unknown destinations. Of the total 117,000 MT is for 2025-26 and 135,000 Mt is for 2026-27.
- The Australian government is planning to open consultation on introducing mandates for biofuels as part of a plan to boost energy security, lower transport emissions and take advantage of the nation’s billion-dollar agricultural industry, said a Bloomberg report.
- July soybeans are being limited by resistance at the 20- and 10-day moving averages, trading at $12.02 and $12.05. Initial support lies at the 40-day moving average of $11.91 1/2.
Wheat futures are unchanged to 4 cents lower.
- SRW wheat futures are weaker for the third straight session amid technical selling.
- For the 2025-26 marketing year, the AAFC outlook reflects Statistics Canada’s March 31, 2026 stocks data , showing total stocks of principal field crops up 15.4% year-over-year and 19.3% above the 2021-25 average. This increase is largely due to the record 2025 harvest.
- French cereal crop ratings held mostly stable last week and remained above year-ago levels in the European Union’s largest grain producer, suggesting rain in the month of May helped crops after a parched April, before the arrival of an expected heatwave next week, according to Reuters.
- July SRW futures are trading mostly between the 10- and 20-day moving averages, trading at $6.56 3/4 and $6.45. Additional resistance/support is at the May 14 high of $6.88 1/4 and the 40-day moving average.
Live cattle are lower, while feeders are posting heavy losses at midsession.
- Nearby live cattle are modestly weaker, while feeders are posting heavy losses amid long liquidation as recent headlines have returned focus on elevated beef prices.
- Cash cattle trade has developed at firmer prices, averaging $264.35 so far.
- Boxed beef prices edged lower on Thursday, with Choice down $2.14 to $391.48 and Select down $5.48 to $385.65. Movement totaled 109 loads.
- June cattle futures have tested support at the 40-day moving average of $248.85, which is backed by support at $247.48. The 10- and 20-day moving averages, trading at $251.66 and $251.93 are serving up resistance.
Hog futures are firmer at midmorning.
- June lean hogs are modestly firmer in corrective trade following a hefty selling on Thursday.
- The CME lean hog index is up 7 cents to $91.07 as of May 20.
- The pork cutout value rose 17 cents to $95.64 on Thursday. Movement totaled 274.0 loads.
- June lean hogs are trading within Thursday’s lower range, with support at this week’s low of $94.775. Initial resistance is at $96.625, which is backed by the 10- and 20-day moving averages.