Corn is mostly 3 to 4 cents lower at midmorning.
- Corn futures are correctively weaker after reaching fresh near-term highs in overnight trade.
- USDA reported weekly corn sales totaled 1.598 MMT during the week ended April 17, up 21% from the previous week and 22% from the four-week average. Net sales were within analysts’ pre-report expectations ranging from 1.0 to 1.9 MMT.
- World weather Inc. notes planting in the U.S. should advance around periods of rainfall, while drought in the southeastern U.S. will remain, though rain is expected Friday into Saturday. Soil moisture in the U.S. Delta has improved greatly after recent precip, though more is needed.
- July corn futures have retreated after marking a new for-the-move high, as resistance stands at $4.79 3/4. Support lies at $4.69 3/4, which is backed by the 40-, 10- and 20-day moving averages.
Soybeans are mostly a penny to 2 cents higher. Soymeal is around $4.50 lower, while soyoil is 50 points higher.
- Soybeans are modestly firmer, while spreaders continue to liquidate meal and purchase soyoil.
- USDA reported weekly soybean sales totaled 258,100 MT for the week ended April 17, down 29% from the previous week and 18% from the four-week average. Net sales were within the expected pre-report range of 200,000 to 600,000 MT.
- “Demand for biofuels has been growing in many parts of the world. Governments, particularly those in countries with big farming sectors, have viewed crop-based fuels as a way to support domestic agriculture, cut transport fossil-fuel emissions and help address climate change,” said a Bloomberg report.
- July soybeans continue to be limited by resistance at $12.01 1/4, with greater resistance at the March 12 high of $12.50 3/4. Support lies at the 40-, 10- and 20-day moving averages, layered from $11.88 to $11.83 1/4.
Winter wheat futures are 11 to 16 cents lower, while HRS futures are around 9 to 10 cents lower.
- SRW wheat futures are extending Wednesday’s losses despite a notably weaker U.S. dollar amid corrective selling.
- USDA reported net wheat sales of 226,100 MT for the week ended April 17, up 75% from the previous week up noticeably from the four-week average. Net sales of 156,700 MT were reported for the 2026-27 marketing year. Net sales were within the expected range of 0 to 300,000 MT for 2025-26 and 0 to 200,000 MT for 2026-27.
- Sovecon raised its 2025-26 Russian wheat export forecast by 0.9 MMT to 47.4 MMT and raised its 2026-27 export forecast by 1.4 MMT to 45.2 MMT.
- July SRW futures are being limited by resistance at $6.58 3/4, which is backed by Wednesday’s high of $6.71 1/2. Support lies at $6.27, which is backed by the 10-, 20- and 40-day moving averages.
Live cattle are firmer while feeders are lower at midsession.
- Nearby cattle futures are facing a modest correction following a reach to fresh record highs on Wednesday.
- Cash cattle trade has started the week on a strong note, so far averaging $254.58, up from last week’s average of $246.18.
- Choice boxed beef fell 85 cents on Wednesday to $388.05, while Select slid $2.53 to $386.25. Movement totaled 115 loads.
- USDA reported net beef sales totaled 13,800 MT for 2026 during the week ended April 17, down 10% from the previous week and 3% from the four-week average.
- June cattle futures are facing resistance at Wednesday’s record high of $255.975, while initial support lies at $253.94, which is backed by the 10- and 20-day moving averages, each trading around $248.02.
Hog futures are weaker at midmorning.
- June lean hogs are weaker in inside trade as technical challenges limit a move higher.
- The CME lean hog index is up 12 cents to $91.31 as of April 28.
- The pork cutout value fell $1.07 on Wednesday to $97.19, led by a $6.70-drop in primal bellies. Movement totaled 322.1 loads.
- USDA reported net pork sales totaled 46,300 MT for 2026 during the week ended April 17, up noticeably from the previous week and 34% from the four-week average.
- June lean hogs are pivoting around the 20-day moving average, with resistance at the 40- and 100-day moving averages, layered at $105.07 and $105.49, while support lies at the 10- and 200-day moving averages, trading at $102.50 and $102.35.