Please take our Pro Farmer annual Spring Acres Survey… Click here.
Corn is chopping around unchanged at midmorning.
- Corn futures are chopping around unchanged in unison with crude oil, though solid gains in SRW wheat is supportive.
- Slovakia’s largest fertilizer producer said it’s curbing ammonia output after natural gas prices surged, in another sign that the Middle East conflict is starting to hit the industry in Europe. “Duslo AS has cut ammonia production to the ‘technical minimum,’ while continuing to produce fertilizer,” according to Chief Executive Officer Pavel Hanus and as reported by Bloomberg.
- Conab lowered its Brazilian corn production estimate to 138.27 MMT, down from 138.45 MMT in its previous forecast.
- May corn futures are being limited by resistance at this week’s high of $4.98 1/2, while initial support lies at $4.84 ¼, then at the 10-day moving average of $4.79 3/4.
Soybeans are 7 to 9 cents lower while soymeal is around $3.00 lower. Soyoil is fractionally weaker.
- The soy complex is correctively lower, though strong technical support should curb a steeper pullback, barring changes in the geopolitical landscape.
- Conab cut its forecast for Brazil’s 2025-26 soybean production to 177.85 MMT, down from its previous estimate of 177.98 MMT.
- Some soybean shipments from top exporter Brazil have failed to clear the country’s own sanitary inspections, raising concerns about potential disruptions at a crucial time for trade with China, Bloomberg reported. “A number of cargoes didn’t pass sanitary checks held at ports in the past few days, according to people familiar with the issues, who didn’t want to be identified as details are not public.
- The framework for President Trump’s summit meeting with China’s President Xi Jinping is set to be mapped out this weekend as negotiators meet to discuss thorny issues such as tariffs, fentanyl and Taiwan.
- May soybeans are facing resistance at this week’s high of $12.50 ¾, while support is layered at $12.20, then at the 10-day moving average, currently trading at $12.06 1/2.
Wheat futures are mostly 8 to 15 cents higher.
- SRW wheat futures are posting solid gains amid technical buying despite a firmer U.S. dollar.
- Much colder temps are set to return to the U.S. HRW wheat areas this weekend and then back to hot conditions, which will induce more crop stress, according to World Weather Inc. Generalized rain and mild weather is needed to support new tillers and some crop recovery after a harsh winter.
- The condition of French soft wheat, winter barley and durum crops remained stable in the week to March 9, while crop development ran ahead of average, according to farm office FransAgriMer.
- May SRW futures are facing initial resistance at $6.19 1/2, which is backed by the March 9 high of $6.49 3/4. Initial support lies at the 10-day moving average of $6.01 1/2, which is closely backed by psychological support at $6.00.
Live cattle are modestly lower while feeders are slightly firmer.
- Cattle futures are modestly weaker as buyers remain hesitant as cash trade continues to weaken.
- Cash cattle trade continues to fade as the closure of the JBS facility in Greeley, Colorado, gives packers leverage in cash negotiations.
- Choice boxed beef rose 39 cents to $397.09 on Thursday while Select rose $1.57 to $390.82. Movement improved to 114 loads.
- April cattle futures continue to pivot around the 100-day moving average, with resistance serving at the 10-, 20- and 40-day moving averages, layered from $233.63 to $237.19. Initial support remains at the 20–day moving average of $229.33.
Hog futures are notably lower at midmorning.
- Lean hog futures are notably weaker amid technical selling.
- The CME lean hog index is up 24 cents to $91.44 as of March 11.
- The pork cutout value rose $1.88 to $100.29 on Thursday amid gains in all cuts aside from primal hams and bellies. Movement totaled 282.7 loads.
- April lean hogs are testing support at $93.95 and $93.55, with additional support at $92.825, which is backed by the Feb. 13 low of $91.125. Resistance stems from the 20-, 10- and 40-day moving averages, layered from $94.69 to $95.35.