Corn futures are 7 to 9 cents lower at midmorning.
- Corn futures are facing notable pressure, with spillover selling stemming from crude oil futures.
- In a statement today, China’s Ministry of Commerce confirmed there had been a “guiding target” set between the two countries with the goal of “expanding two-way agricultural trade,” but made no mention of the U.S. government’s claimed $17 billion number for U.S. ag product purchases from China, Bloomberg reported overnight.
- The Department of Agriculture will revive and expand a Biden administration program to boost U.S. fertilizer production, USDA Secretary Brooke Rollins said Tuesday, according to Politico. At a news conference with EPA Administrator Lee Zeldin and Energy Secretary Chris Wright, Rollins said USDA will shift the fertilizer program away from the prior administration’s focus on reducing greenhouse gas emissions.
- July corn futures are testing support at the 10- and 20-day moving averages, though additional support lies at the 40-day moving average, trading at $4.67 1/2. Resistance is layered at $4.80 1/2 and $4.87 1/2.
Soybeans are 7 to 8 cents lower, while meal is around $2.50 lower. Soyoil futures are around 35 points lower.
- Soybeans are weaker but selling so far has been limited by solid technical support.
- China has indicated it would accept some increase in U.S. tariffs to a level agreed upon last year and would continue talks to extend a trade truce. The Commerce Ministry in Beijing said trade teams from both countries would discuss extending the one-year agreement worked out at negotiations in Kuala Lumpur, said a Bloomberg report.
- China’s soybean imports from the U.S. in April more than doubled from a year earlier, as cargoes booked after Beijing resumed purchases late last year gradually arrived at Chinese ports, according to the General Administration of Customs.
- Abiove estimates final Brazilian soybean stocks in 2026 at 8.25 million tons, up from 6.76 million tons in an April forecast. Meanwhile, 2026 soybean exports are seen at 114.1 million tons, up from 113.6 million tons in its previous forecast.
- July soybeans are testing support at the 10-day moving average, though additional support lies at the 20-day moving average, which coincides with the psychological $12.00 level. Initial resistance stands at $12.17 1/2, which is backed by $12.35.
Wheat futures are 2 to 8 cents lower.
- SRW wheat futures are weaker amid general selling across the ag complex despite a weaker U.S. dollar.
- Cooling this week in U.S. hard red winter wheat areas was welcome. Some frost and freezes occurred in South Dakota without harming production potential. Some rain is expected in the next ten days, but some of the moisture will come a little too late for a serious improvement in crop conditions in the high Plains region.
- Jordan’s state grain buyer has issued an international tender to buy up to 120,000 metric tons of milling wheat sourced from optional origins, European traders said on Wednesday.
- July SRW futures are facing resistance at $6.77 1/2, which is backed by resistance at $6.88 1/4. Initial support lies at $6.59, which is backed by the 10- and 20-day moving averages.
Live cattle and feeders are notably lower at midsession.
- Nearby live cattle are notably weaker amid prospects of increased beef imports next year.
- Light cash trade has kicked off at slightly weaker prices so far this week.
- Mexico’s main meat industry group said on Tuesday it aims to double beef exports to the United States next year, seeking to offset losses from a border closure triggered by a screwworm outbreak that continues to paralyze livestock trade, according to Reuters.
- Choice boxed beef rose $3.61 on Tuesday to $395.75, while Select rose $3.35 to $393.58. Movement was light, however, at only 81 loads.
- June cattle futures are facing support at the 10- and 20-day moving averages, trading at 251.60 and $251.39. Resistance stands at $255.82, then at $256.625.
Hog futures are narrowly mixed at midmorning.
- June lean hogs have bounced off the fresh lows carved in early trade, but continue to face stiff technical resistance.
- The CME lean hog index is up a nickel to $90.55 as of May 18.
- Pork cutout fell $1.48 to $96.88 on Tuesday, led by declines in primal bellies and loins. Movement improved to 409.0 loads.
- June lean hogs gapped lower at the open and are facing support at $97.53 and $94.14, while resistance stands at $97.825.