Corn futures are mostly 2 to 5 cents lower at midmorning.
- Corn futures are weaker for the third straight session and have carved a fresh for-the-move low amid continued technical selling.
- USDA estimated corn plantings were 93% complete as of Sunday, while emergence was estimated at 76%. The portion of the crop rated good to excellent was 67%, which was below year-ago and the long-term average.
- The White House says it will reduce tariffs on agricultural equipment, such as combines and harvesters, in order to reduce costs for U.S. farmers and manufacturers. Under a proclamation issued late Monday, those tariffs would drop to 15% from 25%.
- Crop consultant Dr. Michael Cordonnier left his Brazilian and Argentine corn production estimates at 136 MMT and 63 MMT, respectively.
- The Brazilian National Council of Energy Policy will meet in early June to formalize the decision that has already been made to increase the ethanol mixture in gasoline from E30 to E32, according to Dr. Cordonnier.
- South Korea’s Feed Leaders Committee (FLC) purchased around 60,000 to 68,000 MT of animal feed corn to be sourced from option origins, according to Reuters.
December corn futures have tested support at the 200-day moving average, trading at $4.68 1/2, while resistance stands at the 100-day moving average of $4.75 1/2.
Soybeans are 5 to 10 cents lower, while meal futures are around 40 cents lower. Soyoil futures are around 60 points lower.
- Soybeans have notched a for-the-move low, but have rebounded from earlier lows as solid technical support continues to limit sellers.
- USDA estimated the soybean crop was 87% planted as of Sunday, while emergence stood at 65%. In its first weekly condition rating, USDA rated the soybean crop as 66% good to excellent.
- Dr. Michael Cordonnier left his Argentine soybean production estimate unchanged at 49 MMT and holds a neutral bias going forward.
- India’s palm oil imports rose modestly in May from the previous month’s four-month low, but stayed below average as refiners turned to rival soyoil as palm oil’s price advantage waned.
- July soybeans have tested support at the 100-day moving average of $11.65 1/2, with additional support at $11.57 1/2. Resistance stands at $11.84 1/4, which is backed by the 10-, 40- and 20-day moving averages, layered from $11.90 1/2 to $11.98.
SRW wheat futures are 5 to 6 cents lower, while HRW and HRS wheat futures are mostly 10 to 11 cents lower.
- SRW wheat futures are weaker for the third straight session amid technical selling, though support at the 100-day moving average is limiting the downside.
- USDA reported the winter wheat crop was 26% good to excellent, unchanged from from last week. The crop was estimated to be 87% headed and 5% harvested.
- Australia’s upcoming wheat harvest will be the smallest in three years, as high fertilizer costs and dry conditions in some areas reduce planting and yields, according to its government earlier today.
- July SRW futures have breached support at the psychological $6.00 level, though additional support lies at the 100-day moving average of $5.96 1/4. Resistance stands at $6.11 1/2, which is backed by the 40-, 10- and 20-day moving averages.
Live cattle and feeders are lower at midsession.
- Nearby live cattle are facing pressure amid fading cash fundamentals and technical resistance.
- Cash cattle trade averaged $256.86 last week, down $3.63 from the previous week.
- Choice boxed beef rose $1.36 on Monday to $392.83, while Select fell 9 cents to $383.09. Movement totaled 79 loads.
- June cattle futures continue to find support at the 100-day moving average, trading at $236.69, while resistance stands at the 10-, 20- and 40-day moving averages, layered from $241.31 to $243.94.
Hog futures are firmer at midmorning.
- Lean hog futures have rebounded from a fresh near-term low to post modest gains amid cash and wholesale support.
- The CME lean hog index rose 11 cents to $91.51 as of May 29.
- The pork cutout value rose 30 cents to $99.75 on Monday. Movement totaled 342.8 loads.
- August lean hogs have carved a fresh for-the-move low, though support remains at $97.04 and $96.48. Resistance stands at $97.98, which is backed by the 10-day moving average, trading at $99.84.