Corn is mostly 15 to 19 cents higher at midmorning.
- Corn futures are posting strong corrective gains in step with soybean and wheat futures.
- USDA reported weekly export inspections totaled 1.379 MMT during the week ended May 14, down 324,990 MT from the previous week but within the expected pre-report range of 1 .15 MMT to 1 .75 MMT.
- China has committed to purchasing at least $17 billion of U.S. agricultural productions in 2026, 2027 and 2028, according to a White House fact sheet released on Sunday. That figure does not include the soybean purchase commitments China made in October 2025, according to the White House.
- The U.S. and Brazil – the world’s two largest ethanol producers – are on track for a jump in exports of the product this year due to strong demand from countries looking to expand their fuel sources due to the continued closure of the Strait of Hormuz. Reuters said the U.S. has seen a 20% increase in ethanol exports so far this year, on top of record shipments last year.
- July corn futures are up against resistance at the 20- and 10-day moving averages, each trading around $4.71 ½. Support lies at the 40-day moving average, trading at $4.67 1/2.
Soybeans are 30 to 35 cents higher, while meal is around $4.00 higher. Soyoil futures are 160 points higher.
- Soybeans are recapturing a portion of last week’s losses, along with both meal and soyoil futures.
- USDA reported weekly export inspections totaled 483,881 MT during the week ended May 14, down 179,520 MT from the previous week and near the low-end of the pre-report range of 450,000 to 650,000 MT.
- China over the weekend said it agreed with the U.S. to lower levies on some products to promote bilateral trade, “underscoring how ties between the world’s two largest economies are further stabilizing after the historic meeting of the leaders,” Bloomberg reported.
- July soybeans are pivoting around the 10-day moving average, with support serving at the 20- and 40-day moving averages, layered at $11.98 1/2 and $11.89 ¾. Resistance is at $12.13 ½, then at $12.35.
SRW wheat is 21 to 25 cents higher, while HRW futures are around 12 cents higher. HRS futures are around 17 cents higher.
- SRW wheat futures are posting strong corrective gains despite subpar export inspection data.
- USDA reported weekly export inspections totaled 223,972 MT during the week ended May 14, down 287,731 MT from the previous week and short of the pre-report range of 300,000 to 500,000 MT.
- U.S. buyers purchased milling wheat from Poland in past weeks, as high U.S. wheat prices spur demand for cheaper supplies, according to Reuters.
- U.S. HRW wheat areas received rainfall over the weekend, though most of the rain was light, though areas of southern Nebraska and Colorado reported over an inch.
- July SRW futures are facing support at the 10- and 20-day moving averages, layered at $6.41 ¾ and $6.36 ½, while resistance stands at last week’s high of $6.88 1/4.
Live cattle are firmer while feeders are weaker at midsession.
- Cattle futures gapped higher at the open and are posting modest gains, with resistance at the early May record high.
- Cash cattle trade firmed again last week, though official data will be released later this morning.
- Boxed beef values rose on Friday, with Choice up $1.80 to $389.25 and Select up 25 cents to $389.25. Movement totaled 103 loads.
- June cattle futures are being supported by the 20- and 10-day moving averages, trading at $251.57 and $250.38, while resistance stands at the May 1 high of $256.625.
Hog futures are mixed at midmorning.
- June lean hogs are modestly firmer but continue to face notable technical pressure.
- The CME lean hog index is down 2 cents to $90.46 as of May14.
- The pork cutout value rose $1.01 on Friday to $97.56. Movement totaled 274.9 loads.
- June lean hogs are facing initial resistance at the 10 and 20-day moving averages, layered at $102.50 and $103.98, while support lies at the May 12 low of $98.35.