Corn futures are 4 to 5 cents lower in old-crop contracts, while new-crop is a penny to 2 cents higher.
- Nearby corn futures are extending Monday’s weakness as bulls are pausing in the wake of recent gains.
- USDA reported daily sales of 110,000 MT to Portugal during 2024-25.
- After the announcement of a 90-day pause on “reciprocal” tariffs, Hassett and other administration officials stated that 130 countries are now actively negotiating potential trade deals or tariff arrangements with the United States. The administration is weighing whether to finalize deals individually or announce them as a comprehensive package, according to Hassett.
- USDA reported corn plantings had reached 4% complete as of April 13, one percentage point behind the five-year average.
- Flooding remains widespread in the lower Ohio, Tennessee and Mississippi river basins down into the Delta. Forecasts are dry for these areas this week, though World Weather says rains will return by the weekend and persist periodically through the end of the month, prolonging planting delays.
- South American crop consultant Dr. Michael Cordonnier left his Brazilian and Argentine corn estimates unchanged at 122 MMT and 46 MMT, respectively. He holds a neutral bias going forward.
- May corn futures are being supported at $4.80 1/2, while resistance stands at Monday’s high of $4.90 1/4.
Soybeans are 2 to 7 cents lower, while soymeal futures are around $3.50 lower. Soyoil is around 30 points higher.
- Soybean futures are technically strapped by the 200-day moving average, with weakening meal futures also pressuring the complex.
- USDA reported soybeans were 2% planted as of April 13, in line with the five-year average.
- Dr. Michael Cordonnier left his Brazilian and Argentine soybean production estimates unchanged at 169 MMT and 48 MMT, respectively. He holds a neutral bias toward both crops going forward.
- May soybeans continue to meet resistance at the 200-day moving average $10.41 3/4, while support lies at $10.29 3/4.
Wheat futures are mostly unchanged to 4 cents lower.
- SRW wheat futures are weaker amid improving crop conditions and a slightly firmer U.S. dollar.
- USDA rated the winter wheat crop 47% “good” to “excellent” and 19% “poor” to “very poor.” On the weighted Pro Farmer Crop Condition Index (0 to 500-point scale, with 500 being perfect), the HRW crop dropped 5.6 points to 319.2, led by a 3-point decline in top producer Kansas. The SRW crop improved 3.8 points to 370.1. Ratings for both crops remain well below year-ago, with HRW down 17.8 points and SRW down 12.0 points. Click here for full details.
- A sharp cold snap with deep frost and snow across Ukraine in early April virtually stopped the development of grain crops, Ukrainian state meteorologists said. However, heavy rainfall improved soil moisture in many regions.
- France’s ag ministry raised its winter wheat planted area estimate by 40,000 hectares to 4.61 million hectares. The total soft wheat area, including minor spring wheat plantings, is seen at 4.63 million hectares, up 10% from last year and 1.1% above the five-year average. “The shift from winter (soft) wheat to spring wheat is less frequent than last year due to milder weather conditions.
- May SRW futures are finding support at the 20- and 10-day moving averages of $5.42 1/2 and $5.40 3/4, while resistance stands at the 40-day moving average of $5.52.
Live cattle are posting slight to moderate gains, while feeders are marking stronger gains at midsession.
- Nearby live cattle have eased from earlier highs amid technical pressure.
- Packers slaughtered only 564,000 head of cattle last week and this week’s estimate is even smaller at 545,000 head due to down time ahead of Easter. Packers have sharply reduced slaughter runs to manage supplies amid poor margins. While cutting margins have improved, they remain deep in the red.
- Wholesale beef values rose on Monday, with Choice up $1.41 to $335.63, while Select increased $1.89 to $315.85. Movement was light at only 81 loads.
- April live cattle are facing resistance at the 20-day moving average of $201.24 while support lies at the 10-day moving average of $198.69.
Hog futures are moderately firmer.
- Nearby lean hogs are posting moderate gains amid wholesale support, though fading cash fundamentals and overhead technicals could impede extended strength.
- The CME lean hog index is down another 86 cents to $86.00 as of April 11, marking the eighth straight daily decline during which it has dropped $2.80.
- The pork cutout firmed on Monday, rising 82 cents to $92.78. Movement totaled 235 loads.
- April lean hogs are facing resistance at the 40-day moving average of $96.35 while support lies at $94.19.