Corn is mostly unchanged to a penny higher at midmorning.
- Corn futures are modestly firmer, with support from strength in crude oil.
- Senate Agriculture Chair John Boozeman said Monday he plans to soon take up a five-year farm bill, regardless of delays a similar bill may face in the House, according to Politico. Boozemen offered a scenario of “weeks, not months,” but did not detail any specifics.
- South American crop consultant Dr. Michael Cordonnier lowered his 2025-26 Brazilian corn production estimate by 1 MMT to 132 MMT due to late plantings and dryness developing in southern safrinha areas. He noted a neutral to lower bias going forward. Cordonnier maintained his Argentine corn estimate of 53 MMT, and holds a neutral bias going forward as weather continues to improve.
- May corn futures continue to find support at the 10- and 20-day moving averages, trading at $4.37 1/4 and $4.35 1/4, while resistance stems from the March 9 high of $4.76.
Old-crop soybeans are mostly a penny to 3 cents lower, while new crop is around a penny firmer. Soymeal is around $2.20 lower, while soyoil is 25 points higher.
- Old-crop soybeans are modestly weaker, while new-crop futures notch slight gains amid active spreading.
- The Trump administration will release its 2026-27 biofuel blending volumes obligations this week, according to Reuters. The rule will not differ materially from volumes proposed by the EPA prior to the onset of the Iran war, according to its sources.
- Dr. Michael Cordonnier left his 2025-26 Brazilian and Argentine soybean production estimates unchanged at 178 MMT and 47 MMT, respectively. He now holds a neutral bias toward both crops going forward.
- Brazil’s soybean exports in March fell to a daily average of about 633,400 MT through the third week, down 17.9% from last year’s full-March average, according to the Brazilian government.
- May soybeans continue to trade mostly between resistance at the 20- and 10-day moving averages, layered at $11.78 1/4 and $11.82 3/4 and the 40-day moving average of $11.48 1/2, which is backed by the 100-day moving average.
Wheat futures are mostly a penny to 4 cents lower.
- SRW wheat futures are favoring the downside amid pressure from a firmer U.S. dollar.
- A recent cool-down in U.S. HRW country was very short-lived and unusual warmth is already returning to the region today, according to World Weather Inc. The heat will become extreme again for this time of year Wednesday and Thursday, with more records likely to be broken, notes the forecaster. This will further raise crop and livestock stress and raise the need for meaningful rainfall to occur in the near future.
- Sovecon increased its Russian 2025-26 wheat export forecast by 1.1 MMT to 46.5 MMT, while the estimate for 2026-27 was increased by 2.1 MMT to 43.8 MMT.
- Wheat farmers in Australia - one of the world’s biggest agricultural exporters - are paring back plantings as concerns over fertilizer supplies mount, the latest sign of how the war in Iran is disrupting operations on farms around the world, according to Bloomberg.
- Farmers in South Africa are facing surging diesel prices and tightening supplies due to the Middle East conflict, threatening production in the country’s wheat-growing industry, Bloomberg says. “The combined effects of rising diesel and fertilizer prices present a significant cost shock to producers, with fuel and fertilizer accounting for about half of grain farmers’ production costs.”
- May SRW futures are testing support at the 20-day moving average, trading at $5.90 1/2, with additional support at $5.75 3/4. Resistance stands at the 10-day moving average of $5.98 ¼, then at the March 9 high of $6.41 3/4.
Live cattle are firmer while feeders are edging notably higher at midsession.
- Cattle futures are posting modest gains, with support from an improved technical posture.
- Cash cattle trade averaged $235.08 last week, up 25 cents from the previous week.
- Choice boxed beef fell 98 cents on Monday to $399.13, while Select rose 89 cents to $393.83. Movement totaled 73 loads.
- April cattle futures are up against resistance at $236.08, which is backed by the 40-day moving average. Initial support lies at the 20- and 10-day moving averages, layered at $234.27 and $233.48.
Hog futures mostly weaker at midmorning.
- Nearby lean hogs are modestly weaker with pressure from fading cash fundamentals.
- The CME lean hog index is down 17 cents to $91.78 as of March 22.
- The pork cutout value is up 40 cents to $99.60, amid gains in all cuts aside from primal hams and butts. Movement totaled 299.2 loads.
- April lean hogs are facing support at the 100- and 200-day moving averages, layered at $90.76 and $90.33, while initial resistance is at $91.14, which is backed by the 10-, 20- and 40-day moving averages.