Corn futures are a penny to 2 cents higher at midmorning.
- Corn futures are posting corrective gains, with support from strong weekly export sales.
- USDA reported weekly corn sales totaled 2.125 MMT during the week ended May 14, up noticeably from the previous week and 71% from the four-week average. Net sales of 281,400 MT were reported for 2026-27. Old-crop sales topped the expected pre-report range of 800,000 MT to 1.6 MMT, while new-crop sales were near the upper end of the pre-report range of 150,000 to 300,000 MT.
- The International Grains Council (IGC) kept its world corn crop outlook unchanged at 1.3 billion tons. Net sales of 281,400 MT were reported for 2026-27.
- Southern safrinha corn areas of Brazil continued to receive periodic rain, which is a trend that will continue over the next ten days, maintaining a very good outlook for yields and crop quality, notes World Weather Inc.
- July corn futures are facing initial support at $4.60, while resistance stands at the 10- and 20-day moving averages, layered at $4.72 and $4.73.
Soybeans are 2 to 3 cents higher, while meal is around 50 cents lower. Soyoil futures are fractionally higher.
- Soybeans are modestly firmer in corrective trade, though technical resistance is curbing buyer interest.
- USDA reported weekly soybean sales of 351,400 MT during the week ended May 14, which were up noticeably from the previous week and 62% from the four-week average. Net sales of 172,700 MT were reported for 2026-27. Net old-crop sales were within the expected pre-report range of 150,000 to 450,000 MT. New crop sales were near the upper end of the pre-report range of 0 to 200,000 MT.
- China’s state stockpiler Sinograin will auction a volume of 50,900 MT of imported soybeans on May 25, according to a notice released on Thursday by the National Grain Trade Centre.
- July soybeans are trading mostly between the 20- and 100-day moving averages, trading at $12.02 1/2 and $11.91 3/4. Additional resistance stands at the 10-day moving average of $12.07 1/4, while additional support lies at $11.86 1/2.
Winter wheat futures are mostly unchanged to 4 cents lower. HRS futures are a penny to 2 cents higher.
- SRW wheat futures are modestly weaker, with pressure from a firmer U.S. dollar, though strong technical resistance is curbing sellers.
- USDA reported weekly wheat sales totaled 166,300 MT during the week ended May 14, up 25% from the previous week and 28% from the four-week average. Net new-crop sales totaled 130,500 MT. Net sales were within the expected pre-report range of 0 to 200,000 MT for 2025-26 and 100,000 and 350,000 for 2026-27.
- IGC lowered its forecast for 2026-27 world wheat production to 820 MMT, down from 821 MMT.
- Germany’s 2026 wheat crop of all types will fall 2.5% on the year to around 22.57 MMT, according to the country’s association of farm cooperatives DRV.
- July SRW futures are facing support at the 10-day moving average of $6.54 ¾, which is backed by the 20-day moving average. Resistance stands at $6.62 3/4, which is backed by the May 14 high of $6.88 1/4.
Live cattle are lower, while feeders are posting heavy losses at midsession.
- Nearby live cattle continue to face pressure, though solid technical support lies at the 10- and 20-day moving averages.
- Boxed beef values declined on Wednesday, with Choice down $2.13 to $393.62 while Select fell $2.45 to $391.13. Movement improved to 123 loads.
- USDA reported beef sales totaled 81,00 MT for 2026 during the week ended May 14, up 7% from the previous week and 31% from the four-week average.
- June cattle futures are facing support at the 10- and 20-day moving averages, layered at $248.61 and $248.36. Initial resistance stands at $253.42, which is backed by the May 1 high of $256.625.
Hog futures are notably lower at midmorning.
- June lean hogs are facing notable pressure and have edged to a fresh for-the-move low amid persisting wholesale weakness.
- The CME lean hog index rose 45 cents to $91.00 as of May 19.
- Pork cutout fell $1.41 to $95.47 amid declines in all cuts aside from primal butts. Movement totaled 271.5 loads.
- USDA reported net pork sales totaled 34,600 MT for 2026 during the week ended May 14, up 65% from the previous week and 21% from the four-week average.
- June lean hogs have marked a fresh mutli-month low, with support serving at $97.76. Resistance stands at $97.54, which is backed by the 10 -and 20-day moving averages.