Corn is mostly a penny to 3 cents higher at midmorning.
- Corn futures are firmer in step with wheat futures amid support from a weaker U.S. dollar.
- USDA reported daily sales of 316,000 MT of corn to Mexico, of the total 65,000 MT is for delivery during 2025-26, 139,000 MT during 2026-27 and 112,000 MT during 2027-28. Daily sales of 120,000 MT were also reported for unknown destinations for delivery during the 2025-26 marketing year.
- USDA estimated corn plantings to be 5% complete as of Sunday, up two percentage points from the previous week.
- Conab raised its second safrinha corn crop production estimate for Brazil to $109.12 MMT, up from its previous estimate of 108.43 MMT.
- May corn futures continue to be limited by the 200- and 100-day moving averages, layered around $4.55. Initial support lies at $4.49.
Soybeans are mostly unchanged to a penny lower. Soymeal is mostly unchanged, while soyoil is around 45 points lower.
- Soybeans are facing modest pressure from soyoil and expectations of a record crop in Brazil.
- USDA estimated soybean plantings to be 6% planted as of April 12, that was 4% ahead of year-ago and the five-year average.
- Conab increased its Brazilian production estimate to a record 179.15 MMT, up from its previous estimate of 177.85 MMT.
- China’s soybean imports rose 14.9% in March on the year, but were well below analysts’ expectations. Imports were crimped by delayed shipments from Brazil due to tougher inspections to rule out contamination.
- May soybeans are facing resistance at the 20- and 10-day moving averages, each trading around $11.65. Initial support lies at $11.53 1/2, then at last week’s low of $11.40 1/2.
SRW wheat futures are mostly 7 cents higher, while HRW futures are 16 to 17 cents higher. HRS futures are mostly 11 cents higher.
- SRW wheat futures are extending Monday’s gains amid technical buying due to fading U.S. winter wheat conditions.
- USDA rated the winter wheat crop as 34% good to excellent as of April 12, down a percentage point from last week and 13 points below year-ago.
- Ukrainian winter grain crops are in mostly good condition, according to Ukraine’s state weather forecasters. “The damage of the crops was generally assessed as good. In some areas of the central regions, damage to winter wheat plants caused by pests and mechanical damage from crop maintenance was observed,” stated the forecasters.
- May SRW futures are facing resistance at the 20-day moving average, trading at $5.94 1/2, which is closely backed by psychological resistance at $6.00. Initial support remains at $5.75 3/4.
Live cattle and feeders are posting solid gains at midsession.
- Cattle futures have edged to a fresh contract high amid support from firmer cash trade last week and lingering fundamental support.
- Cash cattle trade averaged $248.38 last week, up $3.42 from the previous week’s average.
- Boxed beef rose on Monday, with Choice up $1.02 to $281.92, while Select rose $2.30 to $383.64. Movement was light at only 70 loads.
- June cattle futures have scored fresh contract highs, with resistance now serving at today’s high of $252.00. Initial support lies at the 10-day moving average, trading at $246.87.
Hog futures are lower at midmorning.
- June lean hogs are lower for the fifth straight session amid technical selling.
- The CME lean hog index is down a penny to $90.27.
- The pork cutout value rose 44 cents to $99.14 on Monday. Movement totaled 279.3 loads.
- June lean hogs are facing support at $102.60, which is backed by the 200-day moving average of $102.07. Initial resistance stands a t $103.20, then at the 100-, 10-, and 20-day moving averages.