Market Snapshot | Soybeans meet key support

Corn futures are a penny higher to 4 cents lower.

• Corn futures have succumbed to spillover pressure stemming from the soy complex.
• USDA reported net corn export sales of 1.68 MMT, for 2024-25 during the week ended May 8, up 1% from the previous week and 24% from the four-week average. Net sales were above pre-report expectations for a second straight week. Net sales for 2025-26 totaled 508,900 MT.
• The northwestern Corn Belt will see additional rain and improvements in soil moisture and conditions for germination and establishment into Friday before a drier weather pattern returns Saturday through May 29, according to World Weather Inc.
• July corn futures have met resistance at the 10-day moving average of $4.50 3/4, while support lies around $4.40.

Soybeans are 25 to 28 cents lower, while soymeal futures are $1.00-plus higher. Soyoil is down the 300-point daily limit.

• Soybeans are under pressure amid sharp selling in soyoil amid concerns of a lower-than-expected biomass-based diesel blending level for 2026. EPA reportedly sent its proposed rule to the White House for review.
• USDA reported net soybean sales of 282,400 MT for the week ended May 8, down 25% from the previous week and 28% from the four-week average. Sales were within the pre-report range of expectations from 200,000 to 500,000 MT.
• Analysts polled by Reuters expect the National Oilseed Processors Association (NOPA) to report its members crushed 184.6 million bu. of soybeans during April. That would be down 9.9 million bu. (5.1%) from March but up 15.2 million bu. (9.0%) from year-ago and a record for the month. Soyoil stocks held by NOPA members at the end of April were projected to fall to 1.412 billion pounds.
• The Rosario Grain Exchange now estimates the country’s soybean production at 48.5 MMT, up 3 MMT from its previous estimate. The exchange’s first forecast for 2025-26 wheat production is 21 MMT, which would be up from 18.5 MMT in 2024-25.
• July soybeans have pulled back to the $10.50 level after rallying to a three-month high yesterday. Initial resistance stands at $10.56 1/2. Near-term support is layered down to this month’s low at $10.36 1/2.

SRW wheat futures are mostly 3 cents higher, while HRW futures are near unchanged. HRS wheat is mostly a penny lower.

• SRW wheat futures are posting followthrough short-covering gains, with support from strong new-crop export sales.
• USDA reported wheat export sales of 58,600 MT for 2024-25, down 16% from the previous week but up notably from the four-week average. Sales for 2025-26 totaled 746,200 MT.
• On Day 2 of the Wheat Quality Council’s HRW wheat tour, scouts found an average yield of 53.3 bu. per acre on samples taken from western and south-central Kansas. That was up from last year’s tour yield of 42.4 bu. on similar routes and the five-year average of 42.3 bu. per acre.
• Strategie Grains raised its estimate for this year’s soft wheat production in the European Union, despite concern about dryness in the northern part of the bloc. The firm now pegs this year’s EU wheat production at 129.8 MMT, up 1.7 MMT from last month’s forecast and 16.6 MMT (14.7%) above year-ago.
• Ukraine’s ag ministry kept its 2025 grain production forecast 56 MMT, despite unfavorable weather since early April. That would be virtually unchanged from last year’s output of 56.2 MMT. The ag ministry plans to revise its production forecast in June.
• July SRW futures are facing resistance at the 20-day moving average of $5.35, while support lies at $5.20 1/4.

Live cattle and feeders are sharply lower but have worked well off session lows.

• Nearby live cattle are extending Wednesday’s losses amid technical-based selling and profit-taking following key bearish reversals.
• Choice boxed beef values fell 74 cents to $349.36 on Wednesday while Select rose $1.38 to $335.85. Movement totaled 129 loads.
• USDA reported net beef sales of 14,600 MT for 2025, up 91% from the previous week and 31% from the four-week average.
• June live cattle gapped below the 10-day moving average of $213.96, though the 20-day moving average of $210.80 is providing support.

Hog futures are slightly to moderately weaker at midsession.

• Nearby lean hogs weaker on spillover from cattle, despite improving cash fundamentals.
• The CME lean hog index is up 46 cents to $90.77 as of May 13, marking the second straight daily rise.
• The pork cutout value rose 12 cents on Wednesday to $97.14. Movement totaled 276.9 loads.
• USDA reported net pork sales of 24,600 MT for 2025, up 2% from the previous week and 16% from the four-week average.
• June lean hogs are testing support at $97.99, while the 20- and 100-day moving averages, trading at $98.87 and $99.14 serve as near-term resistance.