Corn is mostly a penny to 2 cents higher at midmorning.
- Corn futures are firmer amid support from soybeans, though technical resistance continues to limit the upside.
- USDA reported daily sales of 100,000 MT of corn to Colombia and 195,000 MT of corn to unknown destinations during 2025-26.
- USDA estimated corn plantings to be 11% complete as of April 19, which is inline with year-ago and two percentage points ahead of the five-year average. Emergence was estimated at 4$, up two points from year-ago and the five-year average.
- Crop Consultant Dr. Michael Cordonnier left his Brazilian corn production estimate unchanged for 2025-26 at 134 MMT, but increased his Argentine corn estimate by 6 MMT to 60 MMT following increases by both the Rosario Exchange and Buenos Aires Grains Exchange amid strong yields and increased planting area. Cordonnier noted uneasiness around such an increase this late in the growing season.
- A report released on Monday by the U.S. Department of Agriculture’s Attache in Argentina forecasts the country’s 2025-26 corn harvest at 61 MMT, well above the USDA’s last official estimate of 52 MMT, citing a larger planted area.
- July corn futures continue to face resistance at the 40- and 20-day moving averages, each trading around $4.80, while the 10-day moving average of $4.75 continues to serve as initial support.
Soybeans are mostly 10 to 11 cents higher. Soymeal is around 50 cents lower, while soyoil is around 220 points higher.
- Soybeans are being led higher by strong gains in soyoil.
- USDA estimated 12% of the soybean crop was planted as of April 19, up 6 percentage points from the previous week and seven points ahead of the five-year average.
- Dr. Cordonnier left his Brazilian and Argentine soybean production estimates for 2025-26 unchanged at 179 MMT and 48 MMT, respectively. He holds a neutral bias going forward for both crops.
- July soybeans are up against resistance at $11.92 1/4, which is backed by the March high of $12.50 3/4. Initial support lies at the 10- and 20-day moving averages, each trading around $11.82.
Winter wheat futures are mostly unchanged to a penny higher, while HRS futures are 5 to 7 cents higher.
- SRW wheat futures are slightly firmer despite a notable decline in winter wheat conditions.
- USDA rated the winter wheat crop as 30% good to excellent as of April 19, down four percentage points from a week earlier and 15 points below last year’s rating at this time. On our Crop Condition Index (CCI; 0 to 500-point scale, with 500 being perfect), the HRW crop slid 10.8 points to 270.81 and the SRW crop fell 5.44 points to 360.64.
- Jordan’s state grains buyer purchased about 60,0000 MT of hard milling wheat to be sourced from optional origins in an international tender on Tuesday.
- July SRW futures are facing support at the 40- and 20-day moving averages, layered at $6.04 1/2 and $6.02 ½. Resistance stands at $6.12 1/4.
Live cattle and feeders are notably lower at midsession.
- Nearby cattle futures are under followthrough pressure as buyers continue to pause after recent highs.
- Cash cattle trade averaged $248.02 last week, up 36 cents from the previous week.
- Choice boxed beef rose $2.50 on Monday to $383.56, while Select rose $7.01 to $383.61. Movement was light at 65 loads.
- June cattle futures are testing support at the 20-day moving average of $244.38, with additional support at $241.56. Initial resistance is at the 10-day moving average of $247.87.
Hog futures are posting notable gains at midmorning.
- June lean hogs are solidly higher after gapping higher at the open amid support from improving wholesale fundamentals.
- The CME lean hog index is down another 14 cents to $90.37 as of April 17.
- The pork cutout value rose $1.00 on Monday to $100.20, led by gains in primal picnics. Movement totaled 252.6 loads.
- June lean hogs gapped higher at the open, with support now serving at the 10-day moving average of $102.76, while initial resistance stands at the 20-day moving average of $104.07.