Corn is mostly 2 to 3 cents lower at midmorning.
- Corn futures are extending Monday’s losses as technical pressure negates support from strength in crude oil.
- USDA estimated corn plantings to be 3% complete as of Sunday in Monday’s Crop Progress Report.
- Crop consultant Dr. Michael Cordonnier left his Brazilian corn production estimate unchanged at 132 MMT, but raised his Argentine corn production estimate 1 MMT to 54 MMT. He holds a neutral to lower bias toward the Brazilian crop and neutral to higher bias toward the Argentine crop.
- May corn futures remain limited by the 10- and 20-day moving averages, each trading around $4.60, while support lies at the 40-, 100- and 200-day moving averages, layered from $4.50 1/2 to $4.47.
Soybeans are mostly 4 cents lower. Soymeal is around $2.50 lower, while soyoil is fractionally higher.
- Soybeans are edging sideways in narrow trade, limited by the 20-day moving average. However oversold conditions continues to limit seller interest.
- Dr. Michael Cordonnier raised his soybean production estimates in Brazil and Argentina by 1 MMT each, pegging Brazil’s 2025-26 production at 179 MMT and Argentina’s at 48 MMT. Cordonnier also raised his production estimate for Paraguay by 500,000 MT to 12 MMT.
- Malaysia plans to expand its palm-based B20 biodiesel program in phases, taking into account the price sensitivity of palm oil relative to petroleum prices, according to its Plantation and Commodities Minister earlier today. Malaysia is the world’s second largest palm oil producer and currently imposes a 10% biodiesel blend for the transportation sector.
- May soybeans are edging sideways in consolidative trade, with resistance at the 20-day moving average of $11.76 3/4. The 10-day moving average, trading at $11.65 continues to serve up support, though additional support lies at $11.60 and $11.54.
SRW wheat is mostly a penny higher, while HRW futures are a penny lower. HRS wheat is around 2 cents lower.
- SRW wheat futures are posting modest gains despite lower-than-expected U.S. winter wheat conditions, as technical hurdles continue to limit buyers.
- On Monday afternoon, USDA rated the winter wheat crop as 35% good to excellent, well below analysts’ expectations and last year’s rating of 48%.
- Argus raised its 2026-27 forecast for wheat production in Russia due to improved yields and a larger planted area estimated for the winter wheat crop.
- May SRW futures continue to face resistance at the 20- and 10-day moving averages, each trading around $6.00, while initial support lies at $5.89, which is backed by the 40-day moving average.
Live cattle and feeders are notably lower at midsession.
- Cattle futures are correctively weaker after posting seven consecutive days of gains.
- Cash cattle trade averaged $244.96 last week, up a notable $9.27 from the previous week.
- Boxed beef values rose on Monday, with Choice up 26 cents to $388.04 and Select up $2.18 to $388.37. Movement totaled 76 loads.
- June cattle futures are facing resistance at Monday’s contract high of $248.45, while support lies at $244.88 and $243.63, which are backed by the 10-, 20- and 40-day moving averages.
Hog futures are lower at midmorning.
- June lean hogs are modestly weaker in corrective trade in the wake of Monday’s strong gains.
- The CME lean hog index is down another 8 cents to $89.93 as of April 3.
- The pork cutout value rose 9 cents on Monday to $99.04. Movement totaled 219.1 loads.
- June lean hogs are trading within Monday’s upper range, limited by resistance at the 40-day moving average, currently trading at $107.44. Additional resistance stems from the early March high of $111.50.