Corn is mostly 5 to 6 cents higher at midmorning.
- Corn futures are posting solid gains, with support from the soy complex.
- Argentina’s grain ports in the cities of Bahia Blanca and Necochea were halted on Tuesday due to protests by independent truckers, according to the country’s Center for Grain Exporters.
- Net drying is expected in much of Brazil during the next ten days, although some rain will impact center west and far southern crop areas, notes World Weather Inc. This is a normal time of the year for monsoon withdrawal.
- Indian Potash Ltd received offers to supply 5.6 MMT of urea in its latest tender at significantly higher prices than in the previous one, after supplies have been disrupted by the U.S.-Israeli war
- July corn futures are testing resistance at the 10-day moving average, trading around $4.58, which is backed by the 40- and 20-day moving averages. Initial support lies at $4.50 1/4.
Soybeans are mostly 9 to 10 cents higher. Soymeal is around $2.00 higher, while soyoil is around 60 points higher.
- Soybeans are correctively higher, in tandem with both meal and soyoil, amid support from easing rhetoric with China.
- U.S. processors were estimated to have crushed more soybeans in March than in any previous month on record, while soyoil stocks are expected to have grown to the largest level in nearly 13 years, according to analysts surveyed ahead of a National Oilseed Processors Association (NOPA) report, due out today. The average estimate, if realized, would be up 10.2% from February and 18.2% from March 2025.
- Brazil’s soybean exports are seen reaching 16.67 MMT in April, according to Anec.
- May soybeans are facing resistance at the 40-day moving average, currently trading at $11.84 ½. Initial support lies at $11.67 1/2, then at the April 8 low of $11.56 3/4.
Wheat futures are mostly a penny to 3 cents lower.
- SRW wheat futures are modestly weaker after posting solid gains on Tuesday. A solid technical posture is curbing seller interest.
- Concern about the lack of rain in the western HRW wheat areas combined with a poor precip outlook will be a concern for producers and traders, notes World Weather. Wheat in the Midwest has been and will continue in better shape than that in some areas in the central and southwestern Plains.
- Russia’s seaborne grain exports jumped to almost 5.1 MMT in March 2026, 114.7% year-on-year, according to shipping data from industry sources released on Wednesday. Total seaborne exports have reached 41.2 MMT so far this season, which is still down 8.8% on the year.
- Germany’s 2026 wheat crop of all types will fall 3.3% on the year to around 22.38 MMT, according to its association of farm cooperatives DRV.
- May SRW futures are facing resistance at the 20-day moving average, trading at $6.05 1/2, while support lies at $5.91 1/2.
Live cattle are mixed, while feeders are notably weaker at midsession.
- Nearby cattle futures are modestly firmer, limited by resistance at this week’s high.
- Light cash trade has occurred so far this week at slightly lower prices.
- Choice boxed beef rose $1.28 on Tuesday to $383.20, while Select fell $3.84 to $379.80. Movement totaled 95 loads.
- June cattle futures are trading within Tuesday’s upper range, limited by resistance at this week’s high of $252.00, while support lies at $249.28, then at the 10-day moving average.
Hog futures are lower at midmorning.
- June lean hogs have extended to a fresh near-term low, though support remains at the 200-day moving average.
- The pork cutout value fell 54 cents on Tuesday to $98.60, led by a more than $6 drop in primal bellies. Movement totaled 311.4 loads.
- June lean hogs have edged to a fresh for-the-move low, though support remains at the 200-day moving average of $102.09. Initial resistance stands at $102.69, which is backed by the 10-, 100- and 20-day moving averages.