Corn is mostly unchanged to a penny higher at midmorning.
- Corn futures are mostly firmer in modest trade as pressure stems from weaker crude oil.
- The Trump administration is “moving at warp speed” to get out biofuels blending standards,” said USDA Secretary Brooke Rollins Tuesday and as reported by Bloomberg . “The Trump administration is preparing to expand the opportunity for sales of higher-ethanol E15 gasoline this summer by waiving the fuel from U.S. volatility requirements, according to people familiar with the matter.
- Most of Brazil and Paraguay will receive additional rain into Thursday that will be important in southern safrinha corn areas before a drier weather pattern occurs Friday into April 4 in central and southern Brazil and Paraguay, notes World Weather Inc.
- May corn futures are facing initial resistance at the 10-day moving average of $4.62, which is backed by the March 9 high of $4.76. The 20-day moving average, trading at $4.56 1/2 continues to serve as initial support.
Soybeans are mostly 6 to 7 cents higher. Soymeal is around $3.30 lower, while soyoil is more than 100 points higher.
- Soybeans are being led higher by soyoil futures.
- Brazil’s Grupo Potencial is hiking planned investments in biofuels by about 60% to some 6 billion reais ($1.15 billion) through 2030 due in part to a surge in oil prices amid the Iran war, according to Reuters.
- Malaysian palm oil futures slid to their lowest level in two weeks earlier today, tracking weaker crude oil prices and declines in Dalian oils, while uncertainty over de-escalation prospects in the Middle East adds pressure.
- May soybeans have tested support at the 40-day moving average of $11.52 3/4, which is backed by the 100-day moving average of $11.25 1/2.
SRW wheat futures are chopping around unchanged, while HRW and HRS futures are mostly 4 cents higher.
- SRW wheat futures are mostly weaker as technical resistance curbs buyer interest.
- Hot weather in HRW areas today and Thursday and again during the first half of next week will not bode well for crops already injured by extreme cold in January and mid-March and last weekend’s heatwave, notes World Weather. A cool and rainy period of weather is needed immediately to support new tillering, but time may soon run out.
- Kazakhstan banned imports of animal feed wheat from Russia after an outbreak of cattle diseases in several Russian regions bordering Kazakhstan led to mass culling of livestock, according to Reuters.
- May SRW futures continue to face resistance at the 20- and 10-day moving averages, trading at $5.92 1/2 and $5.97 ½, while initial support lies at $5.83, then at the 40-day moving average of $5.71 3/4.
Live cattle are posting moderate gains while feeders are showing heftier strength at midsession.
- Cattle futures are edging higher but are being limited by resistance at the 40-day moving average.
- Very light cash trade has commenced at slightly higher prices so far this week.
- Boxed beef values rose on Tuesday, with Choice up 78 cents to $399.91 and Select up 67 cents to $394.50. Movement totaled 92 loads.
- April cattle futures continue to find support at the 20- and 10-day moving averages, layered at $233.98 and $233.91. While resistance stems from the 40-day moving average, trading at $236.89.
Hog futures are firmer at midmorning.
- Nearby lean hogs are firmer in corrective trade after reaching a fresh for-the-move low in early trade.
- The CME lean hog index is down another 7 cents to $91.71 as of March 23.
- The pork cutout value slid $2.63 on Tuesday to $96.97 amid declines in all cysts aside from primal ribs. Movement totaled 349.5 loads.
- April lean hogs continue to test support at the 100-day moving average, which is backed by the 200-day moving average of $90.35. Initial resistance stands at $91.48, which is backed by the 10-day moving average.