Corn futures are a penny to 2 to 3 cents higher at midmorning.
- Corn futures are firmer in tandem with soybeans in corrective trade, though technical resistance continues to limit near-term buyer interest.
- Axios has reported the U.S. and Iran have reached a deal to extend the current ceasefire by 60 days, though President Trump’s final approval is still needed.
- Brazil weather has been trending drier recently in safrinha crop areas, which has been good for early maturing crops, according to World Weather Inc.
- “Heavy rains are arriving earlier and lasting longer across several parts of China this year, raising risks for agriculture and disaster management. Key grain-producing provinces including Henan, Hebei and Anhui are set to see heavy rainfall in late May and early June, Bloomberg reported, citing the National Meteorological Center.
- July corn futures continue to face resistance at the 200- and 100-day moving averages, layered at $4.54 3/4 and $4.57 1/2. Initial support lies around $4.50.
Soybeans are 7 to 9 cents higher, while meal futures are around $3.00 higher. Soyoil futures are around 25 points higher.
- Soybeans are being lifted by followthrough strength in meal futures.
- Argentine authorities ordered a halt to a national strike by oilseed workers just hours after it began on Wednesday, according to a document seen by Reuters, forcing unions and exporters into talks to resolve a wage dispute.
- Malaysian palm oil futures rose for a second straight session, hovering above MYR 4,500 per MT as trading resumed Thursday after a holiday break. Support came from a weaker ringgit, concerns over softer Malaysian output, and firmer edible oils in Dalian and Chicago markets.
- July soybeans have tested resistance at the 40- and 10-day moving averages, trading at $11.92 1/4 and $11.94 1/2, which is backed by psychological resistance a t $12.00 and the 20-day moving average, trading at $12.02.
SRW wheat is mostly unchanged, while HRW and HRS futures are mostly 2 to 4 cents lower.
- SRW wheat futures are being limited by technical challenges, though a weaker U.S. dollar is serving up support.
- Brazil wheat importers are forecast to grow in 2026 as its own crop area declines due to higher costs, though quality issues in top supplies Argentina will push Brazil to source its wheat from other countries such as Russia or the U.S.
- Ukraine increased rail shipments of grain for onward export by 2.1% May 1-26 despite continued Russian attacks on the country’s transport infrastructure, according to state railway Ukrzaliznystsia earlier today.
- July SRW futures are being limited by the 40-day moving average, trading at $6.25 ¾, which is backed by the 20- and 10-day moving averages. Initial support lies at $6.15 3/4, then at $6.09 1/4.
Live cattle and feeders are firmer at midsession.
- Nearby live cattle are modestly firmer after posting strong gains in the previous session.
- Choice boxed beef rose $1.82 on Wednesday to $394.72, while Select fell $1.01 to $389.29. Movement improved to 144 loads for the day.
- “Australia’s red meat industry expects strong beef demand in the U.S. and Southeast Asia will largely offset the impact of a new 55% tariff by major customer China, which could come into effect as soon as mid-June, Bloomberg reports.
- June cattle futures continue to face resistance at the 10- and 20-day moving averages, layered at $251.51 and $351.59, while support lies at the 40-day moving average of $249.53.
Hog futures are lower at midmorning.
- June lean hogs are weaker amid continued technical pressure.
- The CME lean hog index is down another 12 cents to $90.58 as of May 26.
- The pork cutout value fell 50 cents on Wednesday to $98.35. Movement totaled 350.4 loads.
- June lean hogs continue to face resistance at the 10-day moving average of $98.53, which is backed by the 20-day moving average. Initial support lies at $95.70, then at last week’s low of $94.78.