Corn futures are narrowly mixed at midmorning.
- Corn futures are narrowly mixed, with new-crop futures posting slight gains.
- USDA reported daily corn sales of 120,000 MT to Japan during 2024-25.
- USDA reported corn export inspections of 1.83 MMT (72 million bu.) during the week ended April 10, up 215,540 MT from the previous week and well above pre-report expectations from 1.0 MMT to 1.6 MMT.
- Analyst APK-Inform said Ukraine’s 2025 grain harvest could increase by 8% to 57.5 MMT thanks to a larger corn crop of 29.2 MMT, 18% more than in 2024.
- May corn futures are trading within Friday’s upper range, with initial resistance at $4.90 3/4, while initial support lies at $4.84 1/2.
Soybeans are unchanged to 5 cents higher, while soymeal futures are around $2.00 lower. Soyoil is around 80 points lower.
- Soybean futures opened firmer but have turned mixed as pressure on soymeal and soyoil are curbing buyer interest.
- China imported 3.5 MMT of soybeans in March, down 36.8% from year-ago and the lowest total for the month since 2008 amid Brazilian soybean harvest delays and as processors shied away from U.S. shipments. For the first three months of this year, Chinese soybean imports totaled 17.11 MMT, down 7.9% from the same period last year.
- USDA reported soybean export inspections of 546,348 MT (20.1 million bu.) during the week ended April 10, down 267,961 MT from the previous week but within expectations from 375,000 to 750,000 MT.
- May soybeans have extended above resistance at the 200-day moving average, currently trading at $10.41 1/4, with next resistance at $10.50 3/4. Meanwhile, initial support lies at $410.36 1/4 and is backed by the 100- and 40-day moving averages.
Wheat futures are mostly 9 to 14 cents lower.
- Wheat futures are weaker amid profit-taking in the wake of Friday’s gains.
- Snow across most Ukrainian regions and unusually cold weather have delayed the spring planting, with seedings lagging behind last year’s pace, state-run Ukrinform news agency said. “April’s cold weather has affected the sowing season – it has actually stopped for a week. Compared to last year, 200,000 hectares less land has been sown so far,” Ukrinform quoted the first deputy farm minister Taras Vysotskiy as saying.
- USDA reported wheat export inspections of 604,461 MT (22.2 million bu.) for the week ended April 10, up 269,373 MT from the previous week and above expectations from 200,000 to 525,000 MT.
- May SRW futures are trading within Friday’s upper range, as the 40- and 200-day moving averages, currently trading at $5.57 and $5.62 serve as resistance. Meanwhile, the 20- and 20-day moving averages, trading at $5.43 1/2 and $5.40 1/2 are support.
Live cattle are moderately firmer while feeders are sharply higher at midsession.
- Nearby live cattle are firmer despite sharply lower cash cattle trade last week.
- Cash cattle prices dropped sharply last week as packers restricted bids amid highly negative cutting margins. With USDA’s Cattle on Feed Report scheduled for Thursday afternoon and markets closed on Friday, packers are expected to remain cautious in their pursuit of cash cattle again this week.
- Wholesale beef values declined on Friday, with Choice falling a modest 7 cents to $334.22, while Select dropped $1.00 to $313.96. Movement totaled 102 loads.
- June live cattle are trading narrowly around the 40-day moving average of $197.31, while additional resistance stands at the 10- and 20-day moving averages. Initial support lies at $196.28.
Hog futures are posting moderate to strong gains in deferred contracts.
- April lean hog futures are near unchanged ahead of today’s noon CT expiration. Deferred lean hogs are notching short-covering gains.
- The CME lean hog index is down another 81 cents to $86.86 as of April 10.
- The pork cutout firmed $2.26 to $91.96 on Friday, fueled by strong gains in bellies, butts, loins and ribs.
- China imported 550,000 MT of meat during March, up 14.2% from February. Through the first three months of this year, China imported 1.65 MMT of meat, down 2.0% from the same period last year.
- June lean hogs have tested the 20-day moving average of $94.83, which is serving as initial resistance. Initial support lies at the 10-day moving average of $93.33.