Corn is mostly 3 to 4 cents lower at midmorning.
- Corn futures continue to face pressure in step with wheat futures amid abundant supplies.
- USDA reported daily sales of 125,640 MT to unknown destinations during 2025-26.
- Recent rains have saturated the topsoil in northern and central parts of the Midwest, preventing early-season fieldwork from occurring for a while, notes World Weather. A wetter-than-usual bias will continue for the next ten days to two weeks in much of the central and north.
- May corn futures are facing pressure from the 200-, 100-, 10-, 40- and 20-day moving averages, layered from $.46 1/2 to $4.57 1/4. Support is now serving at $4.37 1/2, then at $4.32 3/4.
Soybeans are mostly 4 to 8 cents higher. Soymeal is around $13.00 higher, while soyoil is around 80 points lower.
- Soybeans are posting solid gains amid support from surging meal futures as spreaders exit soyoil longs and purchase meal.
- USDA reported daily sales of 100,000 MT of soymeal to Italy during 2025-26.
- Malaysia’s palm inventories slid for a third straight month in March, hitting a seven-month low on increased exports that more than offset a modest increase in output.
- May soybeans are testing resistance at the 20-, 40-day moving averages, though additional resistance stands a t $11.75, which is backed by the psychological resistance at $12.00 and the March 12 high of $12.38 3/4.
Wheat futures are mostly 3 to 5 cents lower.
- SRW wheat futures are weaker amid technical selling and forecasts of some drought relief in the Plains.
- Dryness relief to wheat produced from northern Texas to central and eastern Kansas is expected over the next ten days, with some partial relief expected in the west, though it’s unclear how well the crop will respond to the erratic and light intensity of rain in western Kansas, eastern Colorado and southwestern Nebraska, notes World Weather.
- Ukraine’s top negotiator with Russia said he sees progress toward a potential peace deal with the Kremlin, adding that a resolution to the war may not take long to achieve, Bloomberg reports.
- Returning wet biased conditions in parts of the Former Soviet Union may lead to some fieldwork delays, notes World Weather. Not much field work has begun yet and there should be plenty of moisture for planting this year, according to the forecaster.
- May SRW futures are facing support at $5.66 3/4, while resistance is layered at the 40-, 10- and 20-day moving averages, trading from $4.87 to $5.96 1/2.
Live cattle are modestly firmer while feeders are posting heftier gains at midsession.
- Cattle futures are modestly firmer after carving a fresh contract high in early trade.
- Cash cattle trade has been slow to develop, though a few head have exchanged hands at slightly higher prices so far.
- Choice boxed beef rebounded $1.43 on Thursday to $381.09, while Select fell 70 cents to $381.57. Movement improved to 145 loads.
- June cattle futures have notched a fresh contract high, with resistance now standing at the psychological $250.00 level, while support lies at $245.44, which is backed by the 10-day moving average.
Hog futures are mixed at midmorning.
- June lean hogs are modestly weaker amid followthrough technical selling.
- The CME lean hog index is down a penny to $90.29 as of April 8.
- The pork cutout value rose 47 cents to $97.38 amid gains in all cuts except primal loins and picnics. Movement totaled 268.6 loads.
- June lean hogs are now facing resistance at the 100-day moving average, trading at $104.51, while support lies at the March 25 low of $102.95.