Market Snapshot | Grains firmer in corrective trade

Corn is mostly 3 to 4 cents higher at midmorning.

• Corn futures are firmer, with support from corrective strength in SRW wheat, though technical challenges continue to limit buyer interest.
• USDA reported weekly export inspections totaled 1.78 MMT during the week ended April 9. Net inspections were down 269,890 from the previous week, but within analyst’s pre-report expectations, which ranged from 1.5 MMT to 1.825 MMT. Corn inspections are running 34% ahead of year-ago at this time.
• The U.S. military will enforce a blockade in the Gulf of Oman and Arabian Sea, east of the Strait of Hormuz that will apply to all vessel traffic regardless of flag, according to the U.S. Central Command earlier today.
• May corn futures continue to be limited by the 200- and 100-day moving averages, layered at $4.46 1/2 and $4.49 3/4, while initial support lies at $4.41 3/4, then at last week’s low of $4.38.

Soybeans are mostly 3 to 8 cents lower. Soymeal is around $4.20 higher, while soyoil is around 15 points lower.

• Soybeans have retreated from the overnight high, though solid technical support is limiting momentum.
• USDA reported weekly soybean inspections totaled 814,562 during the week ended April 9. Net inspections rose 9,670 MT from the previous week and were within pre-report expectations, which ranged from 400,000 MT to 1.365 MMT. Soybean inspections are trailing year-ago totals by 25.2%.
• Brazilian farmers had harvested 87% of their 2025-26 soybean crop as of last Thursday, according to AgRural.
• May soybeans are facing initial resistance at $11.81 3/4, while support lies at the 40-, 10- and 20-day moving averages, layered from $11.70 to $11.64 1/2.

SRW wheat futures are 13 to 15 cents higher, while HRW futures are 18 to 19 cents higher. HRS futures are mostly 15 cents higher.

• SRW wheat futures gapped higher at the open amid corrective buying, though resistance at the 40-, 10- and 20-day moving averages is dampening those efforts.
• USDA reported weekly wheat inspections totaled 320,797 MT for the week ended April 9. Net inspections were down 22,087 MT from the previous week, but were within the expected range of 300,000 to 500,000 MT. Wheat inspections are running 14.6% ahead of year-ago at this time.
• Argus lowered its forecast for Ukraine’s 2026 wheat crop after cutting its harvested area projection, but the outlook remained the highest since Russia’s full-scale invasion in 2022 and above the four-year average, according to Reuters.
• Ukrainian APK-Inform agriculture consultancy revised its forecast for the 2026 grain harvest down to 58.2 MMT, down from its previous estimate of 58.6 MMT and down from the 2025 harvest of 61.1 MMT.
• May SRW futures are testing resistance at the 40-day moving average of $5.87 1/2, which is backed by the 10- and 20-day moving averages. Initial support lies at $5.76 1/2, then at $5.72.

Live cattle are modestly weaker while feeders are mixed at midsession.

• Cattle futures are modestly weaker to start the week as traders wait for USDA to confirm last week’s cash trade data.
• A tentative agreement has been reached between JBS and the union representing workers at the company’s Greeley, Colorado, plant following a three-week strike, the union announced Friday, according to the Denver News 7 TV station. The agreement comes after workers returned to work last Tuesday, and the company and union came back to the bargaining table last Thursday.
• Boxed beef declined modestly on Friday, with Choice down 19 cents to $380.90 and Select down 23 cents to $381.34. Movement was light at only 84 loads.
• June cattle futures are trading within Friday’s upper range, limited by last week’s high of $249.95. Initial support lies at $247.58, which is backed by the 10-day moving average, trading at $245.82.

Hog futures are lower at midmorning.

• June lean hogs have slid to the lowest intraday level since early January amid technical selling.
• The CME lean hog index is down a penny to $90.30, with tomorrow’s projected index down another penny to $90.29.
• The pork cutout value rose $1.32 on Friday to $98.70, led by gains in primal butts, hams and loins. Movement totaled 295.0 loads.
• June lean hogs have carved a more than three-month low, which will now serve as support. Additional support lies at $102.32, then at the 200-day moving average, trading at $102.05. Initial resistance stands at $103.92, which is backed by the 100-, 10- and 20-day moving averages.