Market Snapshot | Grains, soy extend from session lows

April 28, 2025

Pro Farmer's Market Snapshot
Market Snapshot | April 28, 2025
(Pro Farmer)

Corn futures are mostly a penny to 4 cents lower at midmorning.

  • Corn futures are facing spillover pressure from wheat, though technical support is curbing seller interest.
  • Most U.S. crop areas will get rain at one time or another during the next 10 days to two weeks with periods of sunshine and warm weather also expected. World Weather Inc. says rains will be favorable for spring planting and winter crop development in the Plains, Midwest and Delta during the next 10 days because of greater rain in the drier areas and less rain in the wetter areas.
  • USDA reported corn export inspections of 1.65 MMT (65.1 million bu.), down 71,731 MT from the previous week but near the upper-end of the pre-report range of 1.0 to 1.7 MMT.
  • EPA is under pressure to issue a nationwide emergency waiver allowing E15 fuel sales during the 2025 summer driving season. While earlier this year EPA advanced permanent waivers for eight Midwest states — with South Dakota and Ohio granted a one-year delay — the agency has not yet confirmed if it will issue a temporary nationwide waiver, as it did in 2023 and 2024.
  • Overnight, Taiwan tendered to buy up to 65,000 MT of corn to be sourced from the U.S., Brazil, Argentina or South Africa.
  • July corn futures have edged to the lowest intraday level since April 9, though support at the 20- and 100-day moving averages, currently trading at $4.80 1/2 and $4.78 1/2 are providing support. Meanwhile, the 10-day moving average of $4.86 1/2 is serving as initial resistance.

Soybeans are 3 to 4 cents lower, while soymeal futures are $3.00-plus lower. Soyoil is around 40 points higher.

  • Soybeans are being led lower by soymeal futures, though soyoil strength is helping limit selling.
  • USDA reported soybean export inspections of 439,341 MT (16.1 million bu.) for the week ended April 24, down 136,314 MT from the previous week but within the expected pre-report range.
  • The Brazilian unit of U.S. grain trader Cargill expects to handle higher volumes of grains and other products in the country this year compared to 2024. The optimism expressed by Cargill President Paulo Sousa reflects a record 2025 soybean harvest and beneficial weather for Brazil’s safrinha corn crop. Sousa said he expects the company’s total volume originated, processed and sold this year in Brazil to equal or exceed the 51 MMT recorded in 2023 and 45 MMT last year.
  • July soybeans are being supported by the 100- and 20-day moving averages of $10.40 1/2 and $10.38 1/4, while resistance is at Friday’s close of $10.59.

Winter wheat futures are 10 to 15 cents lower, while HRS futures are mostly 7 to 8 cents lower.

  • Winter wheat futures have extended to new contract lows, with improving U.S. weather conditions driving weakness.
  • USDA reported wheat export inspections of 646,564 MT (23.8 million bu.), up 136,314 MT from the previous week and above the pre-report range of 200,000 to 500,000 MT.
  • A significant precip event today will bring some needed moisture to the region, mainly from southern Montana through eastern North Dakota and northern Minnesota, according to World Weather Inc. The moisture will miss northern Montana and northwestern North Dakota leaving this part of the region with a continued need for greater rain.
  • July SRW futures have posted a new contract low, with support now at this morning’s low of $5.27 1/4, while resistance stands at $5.45 3/4.

Live cattle are posting slight to moderate gains, while feeders are modestly weaker at midmorning.

  • Nearby live cattle have edged to a fresh contract high amid firming cash fundamentals.
  • Cash cattle traded generally $2.00 to $3.00 higher on Friday, meaning the average cash cattle prices for the week could challenge the record of $212.76. Despite efforts to limit slaughter runs amid highly negative margins, packers continue to actively bid for cash cattle as they must produce enough beef to meet rising retailer demand ahead of the grilling season.
  • USDA Secretary Brooke Rollins on Saturday wrote: “As the New World Screwworm (NWS) outbreak is escalating, unless Mexico removes restrictions on USDA aircraft and waives customs duties on eradication equipment by April 30, the U.S. will close ports of entry to cattle, bison and equine from Mexico to protect American agriculture due to the escalating New World Screwworm outbreak.”
  • June live cattle have edged to a new contract high, but are facing resistance at $209.22, while support lies at $207.92.

Hog futures are modestly weaker at midsession.

  • Nearby lean hogs are modestly weaker despite firming cash and wholesale fundamentals.
  • The CME lean hog index is up another 27 cents to $87.54 as of April 24, the seventh straight daily gain. During that span, the index has risen $2.45.
  • Pork cutout firmed $2.18 on Friday to $98.02, fueled by a $9.75 jump in primal bellies.
  • June lean hogs continue to face resistance $101.725, while initial support lies at $100.20 and is backed by the 100-day moving average, currently trading at $99.47.