Corn futures are 4 to 5 cents lower.
- Nearby corn futures have dropped to the lowest level since early December, as traders ignore export demand news.
- USDA reported corn sales of 1.66 MMT for the week ended May 1, up 64% from the previous week and 47% from the four-week average. Net sales topped the pre-report range of expectations from 700,000 MT to 1.4 MMT. Exports totaled 1.82 MMT for the week.
- USDA reported daily corn sales of 205,000 MT to Mexico – 40,000 MT for 2024-25 and 165,000 MT for 2025-26 – and 165,000 MT to unknown destinations for 2024-25.
- July corn futures have carved a fresh for-the move low and are testing support at $4.44. Next support is at the November low of $4.36 3/4. The March low of $4.50 1/2 is resistance.
Soybeans are 1 to 2 cents higher, soymeal futures are marginally lower and soyoil is 90 points higher.
- Nearby soybeans are firmer in consolidative trade, with soyoil providing support.
- China watchers Trivium China note the planned talks between top U.S. and Chinese trade officials this weekend are only the start of what’s likely to be a long and bumpy negotiation. They said: “Unlike recent negotiations between the U.S. and its trading partners — which have been held in Washington — this meeting was set in a third country to avoid the optics of one side bending to the other
- USDA reported soybean sales of 376,700 MT for the week ended May 1, down 12% from the previous week but up 11% from the four-week average. Net sales were within pre-report expectations from 200,000 to 500,000 MT.
- Brazil’s soybean exports could fall to 12.6 MMT in May despite record supplies and China importing more amid a trade spat with the U.S., according to projections from grain exporters association Anec. AgRural analyst Daniele Siqueira told Reuters soybean shipments in March and April largely reflected front-loaded demand from Chinese buyers ahead of U.S. tariffs.
- China has resumed shipments of Brazilian soybeans from five companies previously suspended over phytosanitary issues, a source familiar with the matter told Reuters. The source confirmed that the resumption of supplies began on April 25, weeks before a planned state visit to China by President Luiz Inácio Lula da Silva and at a time when Beijing is trying to form a global coalition against the trade war with the United States.
- July soybeans are consolidating between the 200-, 20- and 10-day moving averages, layered from $10.48 to $10.49 1/2 and the 40-day moving average of $10.36.
Winter wheat futures are 6 to 7 cents lower, while HRS futures are 2 to 3 cents lower.
- SRW wheat futures are weaker in consolidation trade above the recent lows.
- USDA reported wheat 2024-25 sales of 69,700 MT for the week ended May 1, down 3% from the previous week but up notably from the four-week average. Net sales were within the pre-report range of (100,000) to 150,000 MT. Sales of 493,000 MT for 2025-26 topped expectations. Exports totaled 493,500 MT during the week.
- Total Canadian wheat stocks fell 1.2% from last year to 15.4 million metric tons (MMT) as of March 31, according the Statistics Canada. Exports increased 9.1% to 18.3 MMT, driven by a 56.1% jump in durum shipments.
- July SRW futures are testing support at $5.29 3/4, which is backed by the April 30 low of $5.23 1/4. Resistance stands at the 10-day moving average of $5.34.
Live cattle are mildly firmer while feeders are posting moderate to strong gains at midmorning.
- Nearby live cattle have firmed from earlier weakness given their steep discount to the cash market.
- Wholesale beef values rose on Wednesday, with Choice up $1.48 to $346.15 while Select fell $1.03 to $334.00
- USDA reported beef sales of 7,600 MT for 2025, down 41% from the previous week and 42% from the four-week average.
- June live cattle are trading narrowly within Wednesday’s range, with resistance at this week’s high of $214.325, while support lies at the 10-day moving average of $210.99.
Hog futures are narrowly mixed at midsession.
- Nearby lean hogs are chopping around unchanged in directionless trade.
- The CME lean hog index is up another 3 cents to $90.16 as of May 6, though that’s the smallest daily gain during the extended price climb, suggesting it may be stalling.
- Pork cutout slipped 16 cents to $95.54 on Wednesday, holding within the choppy range of the past six weeks.
- USDA reported pork sales of 24,200 MT for 2025, down 30% from the previous week but up 14% from the four-week average.
- June lean hogs continue to find support at the 200- and 40-day moving averages, trading at $97.00 and $96.67, while the 20-day moving average of $97.99 stands as resistance.