Corn futures are 2 to 3 cents firmer.
- Corn futures are posting mild gains on support from a sharply lower U.S. dollar index, though looming technical pressure and trade uncertainty are limiting buyer interest.
- All U.S. crop areas are likely to receive rain at one time or another during the next two weeks, according to World Weather Inc. A few areas will remain a little too wet in the lower Ohio River Basin, northern Delta and parts of the Tennessee River Basin. Temps will be much cooler this week across the central United States.
- USDA reported corn inspections of 1.72 MMT (67.7 million bu.) for the week ended May 15, up 418,922 MT from the previous week and above pre-report expectations of 1.0 MMT to 1.75 MMT.
- U.S. negotiators want India to allow shipments of ethanol for blending with gasoline, people familiar with the situation told Bloomberg, a change from current rules that promote domestic supply and permit overseas purchases of ethanol only for non-fuel use. Any relaxation of rules by India, however, could undermine the country’s efforts to cut a huge energy import bill that leaves it heavily dependent on outside nations and at the mercy of fluctuating markets, the people said.
- July corn futures continue to be limited by the 10-day moving average of $4.47 3/4 in consolidative trade, while support remains at $4.40 1/4.
Soybeans are 1 to 3 cents higher, while soymeal futures are around $1.00 lower. Soyoil is about 60 points higher.
- Soybeans are mildly favoring the upside amid modest bear-spreading.
- USDA reported daily soymeal sales of 145,000 MT to the Philippines during 2024-25.
- USDA reported soybean inspections of 217,842 MT (8.0 million bu.) for the week ended May 15, down 221,703 MT from the previous week and short of the pre-report range of 300,000 to 550,000 MT.
- July soybeans continue to find support at the 100- and 200-day moving averages, which have converged at $10.47, while the 20- and 10-day moving averages, each trading around $10.54 serve as resistance.
Wheat futures are mostly 4 to 9 cents higher.
- Wheat futures are firmer amid short-covering efforts, bolstered by a weaker U.S. dollar.
- The southwest U.S. Plains will be dry this workweek and then may receive some showers and thunderstorms this weekend into next week.
- Russia’s Southern Region will get “some” rain this week, but greater amounts of moisture may be desirable, according to World Weather Inc.
- USDA reported wheat inspections of 423,785 MT (15.6 million bu.) for the week ended May 15, up 18,615 MT from the previous week. Net inspections were within the pre-report range of expectations from 300,000 to 500,000 MT.
- July SRW futures are testing resistance at the 20-day moving average of $5.32, while support lies at the 10-day moving average of $5.26 1/2.
Live cattle are posting moderate gains in midmorning trade, while feeders are slightly higher.
- Nearby live cattle are posting moderate corrective gains in the wake of last week’s corrective pullback, with support from another week of record cash cattle trade last week and firming wholesale values.
- Cash cattle trade was generally steady to $2 higher last week, which would be a fifth straight all-time record.
- Wholesale beef prices rose on Friday, with Choice up $2.59 to $352.49 and Select up $3.21 to $342.39. Movement totaled 101 loads for the day.
- June live cattle are trading between the 20- and 10-day moving averages at $211.64 and $213.97.
Hog futures are mostly weaker at midsession.
- Nearby lean hogs are under pressure as traders narrow premiums to the cash index.
- The CME lean hog index is up another 24 cents to $91.26 as of May 15, marking a new for-the-move high.
- Pork cutout firmed 40 cents to $100.12 on Friday, despite losses in primal bellies and loins.
- China imported 80,000 MT of pork in April, down 11.1% from March and 7.1% less than year-ago. Through the first four months of this year, China imported 360,000 MT of pork, up 3.8% from the same period last year.
- June lean hogs are finding support at the 10-day moving averages of $98.62, while resistance stands at $100.675.