Corn is mostly 9 to 10 cents lower at midmorning.
- Corn futures are posting followthrough selling amid general selling across the ag complex as headlines around potential peace in the Middle East emerge.
- The White House believes it’s getting close to an agreement with Iran on a one-page memorandum of understanding to end the war and set a framework for more detailed nuclear negotiations, according to two U.S. officials and two other sources briefed on the issue, in an exclusive Axios report.
- Southern safrinha corn areas of Brazil will receive some needed moisture later this week and into the weekend that should bode well for future production, according to World Weather Inc. Some drying will continue in southeastern Mato Grosso, Goias and northeastern Mato Grosso do Sul where some crop moisture stress may be evolving.
- July corn futures are testing support at the 10-day moving average of $4.74, with additional support at the 40- and 20-day moving averages, layers at $4.68 and $4.65.
Soybeans are mostly 17 to 20 cents lower. Soymeal is around $1.90 lower, while soyoil is 200 points lower.
- Soybeans are being led lower by soyoil as funds liquidate longs due to pressure from plummeting crude oil.
- President Trump will host Brazilian counterpart Luiz Inacio Lula da Silva Thursday, amid tensions over the Iran war and its impact on the global economy. “The working visit between the two leaders will include discussions on economic and security matters of shared importance, according to a White House official,” and as reported by Bloomberg.
- Brazil’s soybean area is expected to post only marginal growth in the 2026-27 season due to higher production costs and risks linked to the El Niño climate phenomenon, according to Argus analyst Nathalia Giannetti earlier today. El Niño conditions could spell drought in Brazil’s Center-West, the country’s top grain-producing region, and excess rainfall in the South.
July soybeans are facing support at the 10-day moving average of $11.73, which is backed by the 20- and 40-day moving averages. Resistance stands at Monday’s high of $12.00 1/2.
Wheat futures are mostly 9 to 14 cents lower.
- SRW wheat futures are extending Tuesday’s losses despite lingering U.S. production concerns and a weaker U.S. dollar.
- A group of Oklahoma crop experts projected Oklahoma’s 2026 winter wheat harvest at 47.799 million bushels on Tuesday, with an average yield of 23.11 bushels per acre, following an annual tour of the state, according to Mike Schulte, executive director of the Oklahoma Wheat Commission. USDA is scheduled to release its first production forecasts for the U.S. 2026 winter wheat harvest on May 12.
- Wheat areas in the central U.S. Plains are benefiting from rain and snow, but these same areas will also experience hard freezes overnight tonight, raising the potential for damage to crops in the boot and heading stage in western Kansas, notes World Weather.
- July SRW futures are testing support at the 20- and 40-day moving averages, though additional support lies at $6.07 3/4 and the psychological $6.00 level.
Live cattle and feeders are higher at midsession.
- Cattle futures are posting modest followthrough gains as technical and fundamental support continue to limit sellers.
- Cash trade has kicked off at steady prices so far this week, averaging $255.00 in early-week trade.
- Choice boxed beef rose on Tuesday, with Choice up 78 cents to $392.34 and Select up $1.64 to $392.24. Movement totaled 109 loads.
- June cattle futures are being pressured by last week’s record high of $256.625, while initial support lies at $252.04, which is backed by the 10- and 20-day moving averages.
Hog futures are lower at midmorning.
- June lean hogs continue to face technical challenges and fundamental challenges as wholesale pork remains weak, seasonally.
- The CME lean hog index is up 7 cents to $91.10 as of May 4.
- The pork cutout value fell $1.39 to $95.97 amid declines in all cuts aside from primal ribs. Movement totaled 317.3 loads.
- June lean hogs are trading within Tuesday’s lower range, with support serving at the previous session low of $99.475, while resistance stands at the 10- and 20-day moving averages, layered at $101.79 and $102.18.