Corn is mostly 7 to 9 cents lower at midmorning.
- Corn futures are under pressure amid general selling across the grain and soy complex.
- Planting potentials in the U.S. are looking favorable for the Midwest, Delta and southeastern states, despite some recent erratic rainfall distributions, according to World Weather Inc. A boost in rainfall is likely in many areas over the next ten days, stalling early season planting, but the moisture will be very good for crop development.
- Rains will occur this weekend in northern Brazil, while southern Brazil and Paraguay will receive timely rain next week, according to World Weather. The forecaster notes a drier pattern will return to southern Brazil and Paraguay Apr. 11-15 and safrinha corn will need rain again soon.
- May corn futures are facing support at the 40-day moving average of $4.74 3/4, while resistance stands at the 20- and 10-day moving averages, trading at $4.86 1/2 and $4.88 1/4.
Soybeans are mostly 12 to 14 cents lower. Soymeal is around $3.00 lower, while soyoil is around 175 points lower.
- Soybeans are being led lower by both meal and soyoil as fund managers liquidate long positions.
- U.S. soybean processors likely crushed 6.430 million short tons, or 214.3 million bushels, of soybeans in February, according to analysts surveyed ahead of a monthly U.S. Department of Agriculture report due on Wednesday and as reported by Reuters. If the average of estimates gathered from eight analysts is realized, the crush would be down 5.9% from the 227.8 million bushels processed in January, but up 13.1% from the February 2025 crush of 189.6 million bushels.
- Indonesia’s palm oil association said on Wednesday that biodiesel feedstock was expected to reach about 15 MMT this year, up 2 MMT from year-ago, after factoring in the B50 palm oil-based program, according to Reuters.
- May soybeans are facing support at the 10- and 20-day moving averages, each trading around $11.47, while resistance stands at the March 12 high of $11.74 1/4.
Wheat is mostly 16 to 20 cents lower.
- SRW wheat futures are weaker as traders book profits after recent gains.
- Nebraska will get some dryness relief later today and Thursday, with improved wheat development to follow, notes World Weather. Other HRW wheat areas in the western high Plains region will not get much precip for a while, leaving crops stressed in dryness.
- Ukraine’s agricultural exports totaled 5.5 MMT in March, up 10.8% from February, according to farm lobby UCAB earlier today.
- May SRW futures are testing support at the 10- and 20-day moving averages, each trading around $6.00. Additional support lies at the $5.86 1/4, while resistance stems from the March 9 high of $6.41 3/4.
Live cattle and feeders are higher at midsession.
- Cattle futures are edging higher, though resistance at the February highs are curbing an extension higher.
- Wholesale beef values rose on Tuesday, with Choice up $1.39 to $395.49 and Select up $1.92 to $392.93. Movement totaled 96 loads.
- April cattle futures are facing resistance at the Feb. 19 high of $244.125, which is backed by the Feb. 4 high of $244.575. Support lies at the 10-, 40- and 20-day moving averages, layered at $237.23 to $235.21.
Hog futures are mixed at midmorning.
- Nearby lean hogs are modestly firmer, though cash weakness continues to limit buyer interest.
- The CME lean hog index fell 28 cents to $90.48 as of March 30.
- The pork cutout fell $1.32 to $96.25 on Tuesday, led by declines in primal loins. Movement totaled 308.2 for the day.
- June lean hogs are facing support at the 10-day moving average, currently trading at $104.82. Additional support lies at the 100-day moving average, then at the March 25 low of $102.95. Resistance is layered at the 20- and 40-day moving averages, layered at $106.83 and $107.75.