Corn futures are trading within a penny of either side of unchanged.
- Corn futures are chopping around unchanged in modest bull spreading trade.
- USDA reported corn export sales of 1.19 MMT during the week ended May 15, down 29% from the previous week and 14% from the four-week average. Net sales were within pre-report expectations of 700,000 MT to 1.6 MMT. Net sales for 2025-26 totaled 218,400 MT.
- Moisture in some of Brazil’s late-planted safrinha corn production areas may occur, which would be timely during the reproductive phase of crop development, possibly helping to bolster crop yields, notes World Weather Inc.
- July corn futures are testing resistance at the 200-day moving average of $4.61 3/4, which is backed by the 40-day moving average of $4.68 1/4. Initial support lies at the 20-day moving average of $4.58 1/4.
Soybeans are a penny to 5 cents higher, while soymeal futures are around $4.00 higher. Soyoil is around 80 points lower.
- Soybeans are firmer, with meal gains underpinning the market, though strength in soyoil is limiting buyer interest.
- EPA Administrator Lee Zeldin told senators Wednesday that a proposal setting 2026 Renewable Fuel Standard (RFS) volumes — and likely volumes for additional years — is nearing release. The proposed rule is under review by the White House Office of Management and Budget, the final step before publication. Zeldin said EPA is targeting a “much, much faster” timeline than summer or fall.
- USDA reported net soybean sales of 307,900 MT for the week ended May 15, up 9% from the previous week but down 10% from the four-week average. Net sales exceeded pre-report expectations of 100,000 to 300,000 MT. Net sales for 2025-26 totaled 15,000 MT.
- July soybeans continue to meet resistance at $10.69 1/4, while the 20-day moving average of $10.55 1/4 serves as initial support.
Wheat futures are mostly 1 to 3 cents lower.
- Wheat futures are pausing in the wake of recent gains, with some pressure from a firmer dollar.
- USDA reported old-crop wheat sales reductions of 13,400 MT for the week ended May 15. Net sales for 2025-26 were strong at 882,200 MT, exceeding expectations of 300,000 to 700,000 MT.
- China’s dryness will be partially eased by scattered showers overnight and today, although the relief will be limited, according to World Weather Inc. Follow up moisture is expected to be minimal for at least a week to 10 days after today’s showers.
- July SRW futures are finding support at the 40-day moving average of $5.42 1/2, while resistance stands at $5.55 1/4.
Live cattle and feeders are posting strong gains at midmorning.
- Nearby live cattle are notably firmer, with support from firmer cash trade.
- After some light trade at steady/weaker prices in the Southern Plains earlier this week dressed prices in Nebraska averaged about $2.00 higher than last week on Wednesday. The stronger tone in the northern market may encourage feedlots in the Southern Plains to hold out for steady/firmer prices on remaining sales.
- Wholesale beef continues to grind higher as packers are becoming more focused on building margins. Choice beef rose 84 cents to $359.59 Wednesday while Select rose $3.32 to $348.28.
- USDA reported net beef sales of 12,300 MT for 2025, down 16% from the previous week but up 8% from the four-week average.
- June live cattle gapped higher at the open, with the 10-day moving average of $213.86 now serving as support, while resistance is at last week’s high of $218.625.
Hog futures are mixed at midsession.
- Nearby lean hogs are weaker despite firming cash fundamentals and solid export sales.
- The CME lean hog index is up another 49 cents to $92.34 as of May 20, the seventh straight daily. During that span, the index has risen $2.41 – an average of 34.4 cents per day.
- USDA reported net pork sales of 37,400 MT for 2025, up 52% from the previous week and 68% from the four-week average.
- Pork cutout continues to struggle building much momentum above $100.00, as it fell 48 cents to $100.04 Wednesday, led lower by bellies.
- June lean hogs are hovering mostly above support at the 10-, 20- and 100-day moving averages, trading from $99.36 to $99.07. Initial resistance is serving at $99.77.