Corn is mostly 3 to 4 cents higher at midmorning.
- Corn futures have carved fresh near-term highs amid technical buying and support from wheat futures.
- USDA estimated corn planting efforts were 25% complete as of April 26, up 14 percentage points on the week and 6 points ahead of the five-year average. Emergence was estimated at 7%.
- Crop Consultant Dr. Michael Cordonnier increased his Argentine corn production estimate by an additional 2 MMT to 62 MMT and holds a neutral to higher bias going forward. He noted the corn crop responded well to improved weather during March and April, especially the late planted corn. Cordonnier left his Brazilian corn production estimate unchanged at 134 MMT.
- South Korean group Cargill Agri Purina has purchased about 60,000 MT of animal feed corn in an international tender seeking up to 140,000 MT earlier today. Taiwan’s MFIG purchasing group has also issued an international tender to buy up to 65,000 MT of animal feed corn.
- July corn futures are facing resistance at $4.74 ½, while support lies at the 10- and 20-day moving averages, trading around $4.61.
Soybeans are mostly 4 to 7 cents lower. Soymeal is around $1.30 lower, while soyoil is fractionally higher.
- Soybeans are correctively weaker in step with meal futures in the wake of Monday’s strong gains.
- USDA estimated 23% of the soybean crop was planted as of April 26, up 11 percentage points on the week and 11 points ahead of average. Emergence was estimated at 8%.
- Dr. Michael Cordonnier raised his Argentine soybean production estimate by 1 MMT to 49 MMT and holds a neutral bias going forward. He left his Brazilian soybean production estimate unchanged at 179 MMT. He noted wet weather in Rio Grande do Sul is slowing the completion of harvest in the state.
- Four trucks and a passenger bus have completed a 40,000-kilometer road trip around Java to test a diesel blend composed of 50% of biofuels from palm plantations, Bloomberg reports. Indonesia aims to introduce the B50 blend by July, which will help determine whether the country can deliver its ambitious biofuel-blending mandates and reduce reliance on fossil fuels.
- July soybeans continue to meet resistance at the 40-day moving average, trading around $11.87, while support lies at $11.70.
Winter wheat futures are 16 to 20 cents higher, while HRS futures are 9 to 12 cents higher.
- SRW wheat futures are posting solid gains in tandem with HRW wheat despite a firmer U.S. dollar.
- The winter wheat crop rating was unchanged from last week at 30% good to excellent, though the “poor” and “very poor” rating each increased one percentage point, while the portion of the crop rated “fair” decreased two points.
- Russian wheat export prices remained steady for two consecutive weeks as cold weather has delayed the start of the sowing season, although the impact of the recent sharp drop in temps on winter crops is not clear, according to analysts.
- July SRW futures are facing resistance at $6.49 1/2, while initial support lies at $6.26.
Live cattle and feeders are solidly higher at midsession.
- Nearby cattle futures are posting strong gains and have carved a fresh record high this morning.
- Cash cattle trade averaged $246.18 last week, down $1.84 from the previous week.
- Boxed beef values edged higher on Monday, with Choice up $2.56 to $389.56 and Select up $2.53 to $388.60. Movement totaled 94 loads.
- June cattle futures have taken out the April 15 high to carve a new record high of $252.25, which will now serve as initial resistance. Support lies at the 10- and 20-day moving averages, layered at $246.87 and $246.83.
Hog futures are weaker at midmorning.
- June lean hogs are weaker as technical resistance continues to crimp buyer interest.
- The CME lean hog index is down 18 cents to $91.26 as of April 24.
- The pork cutout value slipped 38 cents on Monday to $99.23, led by declines in primal loins and picnics. Movement totaled 273.3 loads.
- June lean hogs are facing resistance at the 10-day moving average of $102.13, which is backed by the 20-, 100- and 40-day moving averages. Initial support lies at $100.94, then at the April 17 low of $100.175.