Corn is mostly 2 cents higher at midmorning.
- Corn futures are posting modest corrective gains as technical challenges curb greater buyer interest.
- President Trump’s 10% global tariffs were declared unlawful by a federal trade court in a fresh blow to the administration’s economic agenda, just months after the U.S. Supreme Court vacated earlier levies he’d imposed. A divided three-judge panel at the U.S. Court of International Trade in Manhattan on Thursday granted a request by a group of small businesses and two dozen mostly Democrat-led states to invalidate the tariffs.
- Brazilian corn farmers are expected to harvest a crop of 140.5 MMT in the 2025-26 season, down 7% from the previous crop, according to consultancy Agroconsult.
- South Korean animal feed maker Nonghyup Feed Inc. (NOFI) bought an estimated 136,000 MT of animal feed corn on Friday in an international tender seeking up to 207,000 tons.
- July corn futures are pivoting around the 40- and 20-day moving averages, with resistance at the 10-day moving average of $4.74 3/4, while support lies at $4.62 1/2.
Soybeans are mostly 12 to 14 cents higher. Soymeal is around $1.50 higher, while soyoil is 30 points higher.
- Soybeans are posting corrective strength in tandem with both soymeal and soyoil futures.
- When President Trump’s plane touches down in Beijing next week, he’ll become the first sitting U.S. president to visit China in nearly a decade. “His two-day summit with Xi Jinping extends a personal relationship that’s weathered a tariff war, pandemic and historic energy crisis. The two men — septuagenarians with June birthdays just one day apart — have met at least six times over the past decade,” said a Bloomberg report headlined as the “World’s most important relationship.”
- South Korean import group the Feed Leaders Committee (FLC) on Friday purchased about 50,000 MT of soymeal to be sourced optionally from the U.S. or South America in an international tender seeking up to 60,000 tons.
- July soybeans are facing resistance at the 10-day moving average of $11.99 ½, which coincides with the psychological $12.00 level of resistance. Support lies at the 20- and 40-day moving averages, layered at $11.90 and $11.86.
Wheat futures are 3 to 5 cents higher.
- SRW wheat futures are slightly firmer in weak corrective trade as technical challenges limit buyers into the weekend.
- World Weather Inc. reports no crop damaging cold occurred in U.S. HRW wheat areas this week despite some cold weather. Temps will now trend very warm to hot once again, stressing some of the crops.
- Russia’s IKAR consultancy cut its 2025-26 wheat export forecast for the world’s biggest wheat exporter to around 44.5 MMT, down from 46.0 MMT previously.
- July SRW futures are facing support at the 40-day moving average of $6.13 1/2, which is backed by support at the psychological $6.00 level and the April 10 low of $5.77 3/4. Resistance is layered at the 20- and 10-day moving averages, trading at $6.13 1/2 and $6.32 3/4.
Live cattle and feeders are lower at midsession.
- Cattle futures are weaker amid pressure from wholesale weakness and resistance at last week’s record high.
- Cash cattle trade has averaged $255.76 so far this week, steady to slightly higher than last week’s cash average of $255.02.
- Boxed beef slid on Thursday, with Choice down $2.68 to $386.94 and Select down $5.21 to $384.42. Movement totaled 107 loads.
- June cattle futures are trading mostly between the 10- and 20-day moving averages, currently at $252.32 and $249.53. Additional resistance/support are at the May 1 record high of $256.625 and the 40-day moving average of $244.26.
Hog futures are firmer at midmorning.
- June lean hogs are modestly firmer, though strong technical resistance and weak cash and wholesale fundamentals continue to limit short-covering interest.
- The CME lean hog index has faded, once again, down 17 cents to $91.02 as of May 6.
- The pork cutout value rose 50 cents on Thursday to $95.60 despite declines in all cuts aside from picnics and butts. Movement totaled 278.4 loads.
- June lean hogs are trading within Friday’s lower range, with support at this week’s low of $98.90. Resistance stands at the 10- and 20-day moving averages, layered at $101.13 and $101.72.