Corn is mostly 4 to 5 cents higher at midmorning.
- Corn futures are being led higher amid notable strength in soybeans. The July contract has carved a near two-month highest level since December 2023.
- USDA reported weekly export inspections totaled 2.03 MMT during the week ended April 30, up 371,277 MT from the previous week.
- A fresh plan announced by President Trump to help vessels through the Strait of Hormuz “has left shipping executives perplexed, as attacks continue and traffic remains at a near standstill,” Bloomberg reports. Trump said “Project Freedom” will see the U.S. guide ships trapped in the Persian Gulf “safely out of these restricted Waterways, so that they can freely and ably get on with their business.”
- July corn futures are up against resistance at $4.84 3/4, which is backed by the March 9 high of $4.87 1/2.
Soybeans are mostly 16 to 21 cents higher. Soymeal is around $1.40 higher, while soyoil is 150 points higher.
- Soybeans are posting strong gains amid continued buying in soyoil futures, which hit a fresh near-term high this morning.
- USDA reported weekly soybean inspections totaled 450,145 MT for the week ended April 30, down 188,158 MT from the previous week.
- China has ordered its companies to ignore U.S. sanctions, “an unprecedented act of defiance that threatens to trap a vast banking sector in the crossfire as tension rises between the world’s largest economies,” Bloomberg said in a report.
- July soybeans have broken out of the recent sideways range, with resistance serving at the March 12 high of $12.50 3/4. Support lies at the psychological $12.00 level, which is backed by the 10-, 40- and 20-day moving averages.
Winter wheat futures are mostly a penny to 2 cents lower, while HRS futures are around 3 cents lower.
- SRW wheat futures are modestly firmer as traders pause after recent gains, though a strong technical posture is curbing sellers.
- USDA reported weekly wheat inspections totaled 434,204 MT for the week ended April 30, up 64,457 MT from the previous week.
- As of April 30, Russia had only planted 0.4 million hectares of spring wheat, down 81% on the year as cool and wet weather has slowed fieldwork.
- July SRW futures are being supported by the 10-day moving average of $6.31, while initial resistance is at $6.44, which is backed by the April 29 high of $6.71 1/2.
Live cattle and feeders are notably lower at midsession.
- Cattle futures are correctively lower to start the week after a push to fresh highs on Friday.
- Choice boxed beef fell 41 cents to $389.11 on Friday, while Select declined $1.12 to $387.05. Movement was light at only 57 loads.
- June cattle futures are facing support at $251.63, which is backed by the 10- and 20-day moving averages. Resistance stands at last week’s high of $256.625.
Hog futures are firmer at midmorning.
- June lean hogs are modestly firmer in inside trade as technical resistance continues to limit buyer interest near-term.
- The CME lean hog index is down 11 cents as of April 30.
- The pork cutout value rose 83 cents to $97.59 on Friday amid gains in all cuts aside from primal bellies and picnics. Movement totaled 314.04 loads.
- June lean hogs are trading within Friday’s lower range, limited by resistance at the 200- and 20-day moving averages, layered at $102.40 and $102.75. Support lies at $100.27 and $100.175.