Corn futures are steady to 2 cents higher.
- Nearby corn futures are challenging key technical resistance.
- USDA reported daily sales of 235,000 MT of corn for delivery to Mexico. Of the total, 130,000 MT is for delivery during the 2024-25 marketing year, while the remaining 105,000 MT is slated for delivery during 2025-26.
- A U.S./India trade agreement under discussion will cover 19 categories, including greater market access for ag goods, e-commerce, data storage and critical minerals, Bloomberg reported. India is a key buyer of U.S. ethanol, along with cotton and soybeans.
- Ukrainian farmers have sown 2 million hectares of grain as of April 24, including 702,100 hectares of spring barley, 199,800 hectares of spring wheat, 705,000 hectares of corn, 201,800 hectares of peas and 154,200 hectares of oats, the agriculture ministry said. The planting pace was 17% less than at the same date in 2024 after a slow start due to cold weather early this month.
- July corn futures are testing downtrend resistance stemming from the April high at $4.86 1/2. Strength above that mark targets resistance at $4.90. Support comes in at $4.84 1/2 on a reversal back lower.
Soybeans are steady to 3 cents lower with old-crop leading losses. Soymeal futures are around steady while soyoil is about 20 points lower.
- Soybeans marked a fresh for-the-move high but reversed lower this morning.
- Rain is expected to be persistent across the Midwest over the coming two weeks, but much of the rain will be light enough to allow for planting to advance during drier periods, says World Weather Inc.
- China plans to exempt some U.S. imports from its 125% tariffs and is asking firms to identify critical goods they need duty-free. Soybeans were not on any unofficial, preliminary lists.
- President Donald Trump says his administration will announce trade deals “over the next three to four weeks.” Some countries “may come back and ask for an adjustment, and I’ll consider that,” Trump told Time magazine
- July soybeans failed to overcome the 200-day moving average, which will remain stiff resistance at $10.66 3/4. Support comes in at $10.59 then the psychological $10.50 mark on continued selling pressure.
Winter wheat futures are around 2 cents higher while spring wheat futures are around 3 cents higher.
- Wheat futures are struggling to build on yesterday’s reversal higher.
- Rain is expected over the coming week in the Plains that would boost topsoil moisture and improve conditions for winter wheat development, says World Weather Inc.
- Indonesia is prioritizing its national interests in its ongoing negotiations over American tariffs, its senior economic minister and top negotiator said, noting it wants a “fair and square” trade relationship with the United States. The minister noted increased purchases of wheat and soybeans.
- France’s ag ministry rated the country’s wheat crop as 74% good/excellent as of April 21, down one percentage point from the previous week.
- July SRW futures failed to challenge key psychological $5.50 resistance, which is backed by the 20-day moving average at $5.54 3/4. Support comes in at $5.43 1/2 then the contract low of $5.32 1/2 on a reversal lower.
Live cattle are modestly lower while feeders are posting fractional gains at midmorning.
- Nearby live cattle are consolidating, awaiting direction from the cash cattle market.
- Cash cattle trade remains light this week as packers are putting off negotiations given heavily negative margins. There were 266 head that traded hands yesterday at $212.44, which would mark a weekly gain, but this week’s average so far is $211.05.
- Cutout worked higher Thursday with Choice beef marking a fresh weekly high, though movement slowed. Choice rose $1.73 to $333.70 while Select climbed $1.83 to $316.35.
- The feeder cattle index is working lower and is near this month’s, most recently down $1.73 to $287.24.
- June live cattle are struggling to build on recent gains. Resistance stands at $208.10 then the contract high of $208.80. Support comes in at $206.775 then the psychological $205.00 mark on continued selling.
Hog futures are mildly higher at midsession.
- Nearby lean hogs are modestly higher but continue to work higher on the daily bar chart.
- The CME lean hog index is up another 52 cents to $87.27 as of April 23, the highest quote since April 9.
- Pork cutout rose $1.78 to $95.86 Thursday as all cuts except bellies posted gains. Cutout continues to chop in a largely sideways range between $95.00 and $100.00.
- June lean hogs continue to grind higher on the daily bar chart, bouncing off uptrend support at $99.00 on Thursday. Strength looks to challenge Wednesday’s for-the-move high of $100.15.