Corn is mostly 3 to 4 cents higher at midmorning.
- Corn futures are extending Friday’s gains amid technical buying amid support from soybeans.
- USDA reported weekly export inspections totaled 1.64 MMT during the week ended April 3, down 98,747 MT from the previous week. Net inspections were within the pre-report range of 1.3 to 1.89 MMT.
- Brazil’s planned increase in the mandatory ethanol blend in gasoline to 32% from 30% is set to boost annual demand for ethanol by 1 billion liters. The higher blend is expected to raise the share of sugarcane processed into biofuel and support an already strong expansion of corn-based ethanol.
- July corn futures are being supported by the 10-day moving average of $4.82 3/4, while resistance stems from the March 9 high of $4.98 1/2.
Soybeans are mostly a dime to 13 cents higher. Soymeal is around $7.50 higher, while soyoil is around 40 points higher.
- Soybeans are posting strong gains, with collective strength across the complex powering futures higher.
- USDA reported weekly export inspections totaled 628,826 MT during the week ended April 23, down 127,887 MT from the previous week. Net inspections were within the expected pre-report range of 500,000 to 930,000 MT.
- Frosts and freezes occurred this morning in Argentina across southwestern Cordoba, notes World Weather Inc. Early indicates only a few of the most immature crops may have been impacted, according to the forecaster.
- July soybeans are up against resistance at $11.64 3/4, while support lies at the 20-day moving average of $11.43 1/2.
SRW wheat futures are mostly 5 to 6 cents higher, while HRW futures are mostly unchanged. HRS are a penny to 2 cents higher.
- SRW wheat futures have marked a fresh for-the-move high, with support stemming from a weaker U.S. dollar.
- USDA reported weekly export inspections totaled 365,156 MT during the week ended April 23, down 152,985 MT. Net inspections were within analysts’ expected pre-report range of 200,000 to 450,000 MT.
- Ukrainian drones caused damage to a fertilizer plant owned by PhosAgro PJSC as well as a major oil refinery “as Kyiv seeks to thwart Russian commodities exporters which are benefiting from higher prices as a result of the Iran war,” Bloomberg reported. The PhosAgro plant was targeted for the second time this month.
- July SRW futures are facing resistance at $6.24 1/4, which is backed by resistance at $6.35 and $6.49 3/4. Initial support lies at the 10-, 20- and 40-day moving averages, layered from $6.09 1/2 to $6.05 3/4.
Live cattle and feeders are higher at midsession.
- Nearby cattle futures are extending corrective gains for the third straight session.
- Cash cattle trade favored a weaker tone last week, though the final average will be released later this morning.
- Boxed beef firmed on Friday, with Choice up $3.50 to $387.00 and Select up $3.49 to $386.07.
- June cattle futures are testing resistance at the 20- and 10-day moving averages, with additional resistance at the April 14 high of $252.00. Initial support lies at $243.87.
Hog futures are firmer at midmorning.
- June lean hogs are firmer in inside trade, with support from improving wholesale fundamentals.
- The lean hog index is up a penny to $91.44 as of April 23.
- The pork cutout value rose $1.79 on Friday to $99.61. Movement totaled 339.7 loads.
- June lean hogs are facing resistance at the 20-day moving average of $103.69, which is backed by the 100- and 40-day moving averages. Initial support lies at Friday’s close of $101.90.