Corn is mostly 12 to 15 cents lower at midmorning.
- Corn futures are facing hefty pressure in step with soybeans and wheat amid long liquidation.
- USDA reported weekly corn sales of 684,400 MT for the week ended May 7, down 50% from the previous week and 52% from the four-week average.
- It appeared nip and tuck for a while Wednesday, but the House of Representatives passed legislation that allows year-round sales of E15 gasoline blended with 15% ethanol, in a 218-203 vote. Corn growers and biofuel groups are elated. The bill now heads to the Senate.
- World Weather Inc. reports another round of frost will occur in the far northwestern Corn Belt Tuesday into Wednesday before frost and a few light freezes occur in a larger part of the northwestern Corn Belt next Thursday. By then, some crops should be emerged and vulnerable to damage if temps are colder-than-expected.
- July corn futures are testing support at the 10-, 20- and 40-day moving averages, with additional support at the 100-day moving average of $4.58 1/2.
Soybeans are 32 to 45 cents lower, while meal is around $7.80 lower. Soyoil futures are mostly 100 points lower.
- Soybeans are notably lower as prospects for an increase in U.S. soybean exports fades, with weak export sales exacerbating selling efforts.
- USDA reported daily soybean sales of 252,000 MT to unknown destinations. Of the total, 120,000 MT is for delivery during 2025-26 and 132,000 MT during 2026-27.
- USDA reported weekly soybean sales of 102,100 MT, a marketing-year low, for the week ended May 7. Net sales were down 28% from the previous week and 60% from the four-week average. Net sales of 80,800 MT were reported for 2026-27.
- The latest developments regarding the meeting in Beijing between Presidents Trump and Xiand as reported by Bloomberg: The Xi-Trump meeting lasted more than two hours, with both sides talking up a vision for more stable ties. Statements from China focused on the Taiwan issue, with Xi reiterating the U.S. must handle the issue with “extreme caution.”
- Brazil’s soybean crop is expected to reach a record 180.1 MMT in 2025-26, according to Conab, which was up from the previous estimate of 179.15 MMT.
- July soybeans are supported at the 10-, 20- and 40-day moving averages, with next support at the April 7 low of $11.71 3/4.
Wheat futures are 19 to 23 cents lower.
- SRW wheat futures are extending heftier losses after forging a fresh near-term high overnight.
- USDA reported weekly wheat sales of 133,500 MT for the week ended May 7, up 70% from the previous week and 10% from the four-week average. Meanwhile, net sales totaled 221,100 MT for 2026-27.
- The Buenos Aires Grains Exchange estimates Argentina’s 2026-27 wheat harvest at 21.3 MMT, down from 27.8 MMT in the previous season.
- July SRW futures have found support at $6.51, which is backed by the 10-, 20-, and 40-day moving averages. Resistance stands at the overnight high of $6.88 1/4.
Live cattle and feeders are posting solid gains at midsession.
- Cattle futures are posting solid corrective gains.
- Boxed beef edged lower on Wednesday, with Choice down 49 cents to $390.73 and Select down 22 cents to $391.27. Movement totaled 96 loads.
- USDA reported net beef sales of 7,500 for 2026 during the week ended May 7, down 25% from the previous week and 41% from the four-week average.
- June cattle futures gapped higher at the open and have found support at the 10- and 20-day moving averages, trading at $239.76 and $239.45. Resistance stands at $241.07, which is backed by the May 1 high of $246.55.
Hog futures are lower at midmorning.
- June lean hogs are pausing after Wednesday’s short-covering gains as technical challenges loom.
- The CME lean hog index is up another 26 cents to $90.74 as of May 12.
- The pork cutout value rose 51 cents to $96.03 on Wednesday amid gains in all cuts aside from primal picnics and bellies. Movement totaled 311.7 loads.
- Net pork sales totaled 21,000 MT for 2026 during the week ended May 7, down 32% from the previous week and 36% from the four-week average.
- June lean hogs are being supported by the 10-day moving average, trading at $99.96, which is backed by this week’s low of $98.35. Resistance is layered at the 20-, 200- and 40-day moving averages, trading from $101.19 to $102.83.