Corn is mostly unchanged to a penny higher at midmorning.
- Corn futures are narrowly mixed in midmorning trade, with support from followthrough strength in wheat futures.
- USDA reported net corn sales of 1.4 MMT for the week ended April 9, up 3% from the previous week and 14% from the four-week average. Net sales of 56,500 MT were reported for 2026-27. Analysts expected net sales to range from 800,000 MT to 1.8 MMT, according to a Reuters survey.
- Rain during the next two weeks in Parana and Sao Paulo should not be great enough to prevent continued drying and increasing stress and declines in safrinha corn yield potentials with less rain and harsher conditions for corn in Sao Paulo, notes World Weather Inc.
- May corn futures are facing resistance at the 40- and 20-day moving averages, layered at $4.62 1/2 and $4.65 1/4. Initial support lies at the 10-, 100- and 200-day moving averages, layered from $4.57 1/2 to $4.53 3/4.
Soybeans are mostly 2 to 6 cents higher. Soymeal is around $2.00 lower, while soyoil is around 175 points higher.
- Spreaders are booking profits in meal and buying soyoil which is supporting soybean futures, though weak export sales are curbing buyer interest.
- USDA reported weekly soybean sales of 247,900 MT for the week ended April 9, a marketing year low. Net sales were down 16% from the previous week and 39% from the four-week average. Net sales were within analysts’ range of expectations from 200,000 to 600,000 MT.
- Abiove forecasts the Brazilian soybean crop at a record 177.85 MMT, with exports seen at 113.6 MMT for the 2026 season, up from its previous estimate of 111.5 MMT.
- May soybeans are facing resistance at the 40-day moving average of $11.85, while support lies at $11.74, then at the April 8 low of $11.56 3/4.
SRW and HRS futures are mostly 14 to 15 cents higher, while HRW futures are 21 to 25 cents higher.
- SRW wheat futures continue to be supported by HRW futures amid ongoing weather/growing concerns in the U.S. Plains.
- USDA reported net wheat sales of 100,300 MT for the week ended April 9, down 39% from the previous week and 48% from the four-week average. New-crop sales totaled 131,000 MT. Net sales were within analysts’ range of expectations from 75,000 to 250,000 MT.
- Jordans’ state grain buyer has issued an international tender to buy up to 120,000 MT of milling wheat which can be sourced from optional origins, according to Reuters who cited European traders.
- May SRW futures are testing resistance at the 20-day moving average of $6.06, while support lies at the psychological $6.00 level, which coincides with the 10- and 40-day moving averages.
Live cattle and feeders are facing notable pressure at midsession.
- Nearby cattle futures are extending correctively lower following a push to a fresh record high in early-week trade.
- USDA reported net beef sales of 12,100 MT for 2026, down 31% from the previous week but up 12% from the four-week average.
- Boxed beef prices declined on Wednesday, with Choice and Select each down $1.22 to $381.98 and $378.58, respectively. Movement improved to 106 loads.
- June cattle futures continue to be limited by this week’s high of $252.00, while the 10-day moving average of $246.91 serves as initial support.
Hog futures are mixed at midmorning.
- June lean hogs have carved a fresh near-term low amid continued technical selling, though futures are trading well off of the low at midsession.
- The pork cutout value fell $3.46 to $95.14 on Wednesday, led by a $14 drop in primal bellies, though all cuts notched declines aside from primal butts. Movement totaled 276.4 loads.
- USDA reported net pork sales of 37,300 MT for 2026. Net sales were up 19% from the previous week but down 3% from the four-week average.
- June lean hogs have extended to a fresh low, with support now serving at $101.15. The 200-day moving average of $102.11 is now resistance.