Market Snapshot | General weakness across the ag complex

Corn futures are unchanged to a penny firmer at midmorning.

• Nearby corn futures have given up some of their earlier gains amid general selling across the ag complex, despite a sharply weaker U.S. dollar.
• An active weather pattern will be seen across much of the central U.S., with all major crop areas likely to be impacted during the next 10 days. The Ohio, Tennessee and lower Mississippi river basins will continue to deal with saturated fields and periodic flooding, causing planting delays.
• USDA reported corn export inspections of 1.7 MMT (67.0 million bu.) during the week ended April 17, down 127,167 MT from the previous week but above pre-report expectations of 1.2 MMT to 1.655 MMT.
• May corn futures continue to face resistance at $4.85 1/4, while the 10-day moving average of $4.79 1/2 stands as initial support.

Soybeans are 4 to 5 cents lower, while soymeal futures are around $1.50 lower. Soyoil is around 20 points lower.

• Soybean futures have turned weaker as trade and technical headwinds loom.
• Japan is considering increasing its soybean and rice imports as a concession in trade negotiations with the U.S. over President Donald Trump’s sweeping tariffs, Japan’s Yomiuri daily reported.
• The Trump administration introduced new port fees targeting Chinese-built and Chinese-operated ships as part of a broader effort to promote domestic shipbuilding and reduce China’s dominance in global maritime trade. The fees are a response to findings that China leverages unfair trade practices to dominate the shipping and shipbuilding sectors.
• China imported 2.44 MMT of soybeans from the U.S. in March, up 12% from last year. Imports from Brazil dropped 69% to 950,000 MT last month. For the first quarter of 2025, China’s soybean shipments from the U.S. rose 62% from a year earlier to 11.6 MMT, while arrivals from Brazil fell 55% to 4.5 MMT.
• China’s grain production is expected to reach a record 709 MMT this year, with soybeans leading the growth, state-run Xinhua news reported.
• USDA reported soybean export inspections of 550,924 MT (20.2 million bu.) for the week ended April 17, down 3,969 MT from the previous week but within the pre-report range of expectations from 400,000 to 750,000 MT.
• May soybeans are pivoting around the 40-day moving average of $10.35 1/2, while the 20- and 10-day moving averages, trading at $10.28 1/2 and $10.24 1/2 as support.

Wheat futures are mostly 3 to 6 cents lower.

• Wheat futures have given up earlier gains, despite heavy pressure on the U.S. dollar.
• USDA reported wheat export inspections of 510,250 MT (18.7 million bu.) for the week ended April 17, down 101, 196 MT from the previous week but above pre-report expectations of 200,000 to 450,000 MT.
• World Weather Inc. reports the best chances for rain in western HRW areas are expected from midweek through the end of the month. Rain will impact most of the region at one time or another, although a general soaking is not likely in the west.
• May SRW futures are being supported by the 20-day moving average, currently trading at $5.40 1/2. Meanwhile, the 40-day moving average of $5.50 3/4 remains resistance.

Live cattle are modestly weaker while feeders are moderately weaker at midmorning.

• Nearby live cattle have backed off earlier highs, though sharply higher cash trade last week is limiting seller interest.
• USDA estimated there were 11.638 million head of cattle in large feedlots (1,000-plus head) as of April 1, down 188,000 head (1.6%) from year-ago. Placements rose 5.1% during March, while marketings increased 1.1%. All three were close to the average pre-report estimates and won’t have much if any market impact, especially after an extended weekend. Click here for full details.
• Wholesale beef values slid on Friday, with Choice down $1.38 to $331.52, while Select dipped 84 cents to $315.55. Movement was light at 101 loads.
• June live cattle are facing resistance from the April 2 high of $207.725, while support lies tat $203.55.

Hog futures are mixed at midsession.

• Nearby lean hogs are choppy as traders pause in the wake of recent gains.
• The CME lean hog index is up 25 cents to $85.46 as of April 17, the second straight daily gain following a string of recent losses.
• The pork cutout value surged $4.22 on Friday, led by a $14-plus gain in primal bellies. Movement totaled 301.6 loads.
• China imported 90,000 MT of pork during March, down 1.2% from year-ago. For the first three months of the year, China imported 280,000 MT of pork, up 7.5% from the same period last year.
• June lean hogs are being limited by Thursday’s high of $98.85, which is backed by the 100-day moving average of $99.50. Initial support remains at $97.25.