Corn is mostly a penny to 2 to 3 cents higher at midmorning.
- Corn futures are firmer for the third straight session amid technical buying.
- USDA reported daily sales of 130,000 MT to unknown destinations during the 2025-26 marketing year.
- President Trump indefinitely extended a ceasefire with Iran as peace talks remain on hold, walking back threats to resume fighting even as the Strait of Hormuz remains all but shut. Trump said Pakistan, the main mediator between the warring sides, asked the U.S. to hold off on fresh strikes, something Tehran denied was the case.
- Concern is building in safrnha corn areas of Brazil because of low soil moisture and limited rainfall, notes World Weather Inc. This is most evident in southern Mato Grosso do Sul, Parana and Sao Paulo.
- Russia extended its fertilizer export quotas until December as a global deficit deepens due to the Iran war and disruptions in the Strait of Hormuz, a key route for the seaborne trade in nutrients, said a Bloomberg report. “Russian producers are allowed to export 20 million tons of fertilizers for the period from June 1 to Nov. 30, the government said in a statement Wednesday.
- Cold weather across Russia has caused significant delays to spring grain sowing, according to its Agriculture Minister Oksana Lut.
- July corn futures are testing resistance at the 20- and 40-day moving averages, with additional resistance at $4.66 ¼. Initial support lies at $4.61 1/2, which is backed by the 10-, 100- and 200-day moving averages.
Soybeans are mostly 2 to 3 cents higher. Soymeal is around 50 cents lower, while soyoil is around 35 points higher.
- Soybeans are correctively weaker after breaching psychological resistance at $12.00 in overnight trade.
- Argentina has been too wet, but weather conditions are improving except for in the far northeast where heavy rain will occur today and Thursday, notes World Weather.
- Malaysian palm oil futures extended gains for a third straight session on Wednesday, holding near MYR 4,600 per MT, lifted by a softer ringgit and firmer edible oil prices in Dalian and Chicago markets. On the demand side, purchases from top buyer India may rebound after March shipments fell 19% mom, suggesting restocking ahead.
- July soybeans have tested resistance at the psychological $12.00 level, which is backed by the March high of $12.50 3/4. Support lies at $11.68 1/2 and at the April 8 low of $11.56 3/4.
SRW wheat futures are mostly a penny lower, while HRW wheat is trading around unchanged. HRS are a penny higher.
- SRW wheat futures are modestly weaker amid pressure from a firmer U.S. dollar, though a solid technical posture is limiting seller interest.
- Partial relief to drought is possible in some HRW wheat areas during the next ten days, but no general soaking is likely in the driest areas, leaving an ongoing need for greater rain, according to World Weather.
- European soft wheat exports since the start of the 2025-26 season in July totaled 19.01 MMT by April 19, up 8% on the year, according to European Commission data.
- Sovecon raised its forecast for Russia’s 2026 wheat crop to 89.7 MMT, up from 87.6 MMT in March, citing favorable weather.
- July SRW futures are facing initial resistance at $6.17 ½, which is backed by the March 31 high of $6.36. Support lies at the 20-, 40- and 10-day moving averages, layered from $6.05 1/2 to $5.99 3/4.
Live cattle and feeders are weaker at midsession.
- Nearby cattle futures are extending lower for the sixth straight session as traders continue to pause after reaching record highs.
- A few cattle have exchanged hands at weaker prices so far this week, though volume remains light thus far.
- Boxed beef edged higher on Tuesday, with Choice up $2.62 to $386.18, while Select rose $3.59 to $387.20. Movement totaled 111 loads.
- June cattle futures are now facing resistance at the 20-day moving average, trading at $244.75, while initial support lies at $241.98, then at $240.42 and the 40-day moving average of $238.36.
Hog futures are firmer at midmorning.
- June lean hogs are modestly firmer, as resistance at the 20-day moving average limits buyer interest.
- The CME lean hog index is up 14 cents to $90.51 as of April 20.
- The pork cutout value fell 86 cents to $99.43 on Tuesday, led by a near $6 drop in primal bellies. Movement totaled 325.1 loads.
- June lean hogs are trading within Tuesday’s upper range, limited by resistance at the 20- and 100-day moving averages, layered at $1054.05 and $105.13. Meanwhile, the 10-day moving average of $102.64 is serving up initial support, and is backed by the April 17 low of $100.175.