Corn futures are mostly 1 to 2 cents lower at midmorning.
- Nearby corn futures are extending losses for the fourth straight session, though strength in the soy complex and technical support is curbing seller interest.
- The White House is preparing to unveil non-binding trade frameworks with Japan and India to delay steep tariffs and show diplomatic progress before a looming July deadline. These are not comprehensive trade deals, but memorandums of understanding designed to signal momentum while leaving core issues unresolved, Politico reports.
- The U.S. is preparing its terms for trade negotiations with the United Kingdom, the Wall Street Journal reported, citing people familiar with the plans, aiming for London to reduce levies and other non-tariff barriers on a variety of U.S. goods.
- Weekly ethanol production averaged 1.033 million barrels per day (bpd) during the week ended April 18, up 21,000 bpd (2.1%) from the previous week and 79,000 bpd (8.3%) above the same week last year. Ethanol stocks declined 1.333 million barrels to 25.481 million barrels.
- July corn futures bounced from support at the 100-day moving average near $4.77 1/2, while the 10-day moving average of $4.88 1/2 stands as initial resistance.
Soybeans are six to 10 cents higher. Soymeal futures are around $1.00 firmer while soyoil is around 20 points higher.
- Soybean futures are firmer amid eased trade tensions and a broader risk-on attitude.
- President Donald Trump said the current 145% tariffs on China “will come down substantially, but it won’t be zero.” Treasury Secretary Scott Bessent said earlier on Tuesday he believes a trade deal with Beijing can be reached. China’s foreign ministry signaled Beijing is willing to discuss tariffs with the U.S. but won’t do so under continued threats from the Trump administration.
- India, the world’s largest palm oil importer, has resumed significant buying after a five-month lull, as falling prices made palm oil more attractive than rival soyoil.
- July soybeans have pushed above the 200-day moving average, trading at $10.50 3/4, with additional resistance standing at $10.56 1/2. Meanwhile, the 10-day moving average of $10.44 3/4 is serving as initial resistance.
Wheat futures are 1 to 2 cents lower.
- Wheat futures continue to face technical headwinds and pressure from U.S. dollar strength.
- CME Group said on Tuesday that force majeure was no longer in effect at Chicago Board of Trade wheat shipping stations along the Ohio River. Loading was possible at a majority of Ohio River delivery points after recent flood waters receded.
- Overnight, South Korea tendered to buy 50,000 MT of U.S. milling wheat.
- July SRW futures continue to face resistance at the 20-day moving average of $5.53 1/4, while initial support remains at $5.45 1/2.
Live cattle and feeders are posting moderate to strong gains at midmorning.
- Nearby live cattle have scored contract highs, taking out the early April high amid a heightened risk-on tone.
- Beef packers are expected to slaughter roughly 565,000 head of cattle this week, the fourth straight week of historically low numbers for April and the smallest for this week since 2015. Cattle feeders have also slowed turnover rates to a record low, pushing up slaughter weights as they try to take advantage of high cash prices by adding more pounds to carcasses.
- Wholesale beef values declined on Tuesday, with Choice down $1.79 to $331.73, while Select fell $1.12 to $317.65. Movement improved to 134 loads.
- June live cattle gapped higher at the open and wiped out the April 2 high of $207.725. Initial support lies at Tuesday’s high of $206.78.
Hog futures are mildly firmer at midsession.
- Nearby lean hogs have eased from the two-month high notched in early trade, though solid technical support is curbing the downside.
- The CME lean hog index is up another 37 cents to $86.08 as of April 21, marking the fourth straight daily rise.
- The pork cutout value slid 61 cents on Tuesday, amid declines in all cuts aside from primal picnics and bellies. Movement totaled 336.4 loads for the day.
- June lean hogs extended to the highest level since Feb. 21 in early trade, though resistance at $101.27 curbed momentum. Meanwhile, the 100-day moving average, currently trading at $99.49, is initial support.