Corn is mostly unchanged to a penny lower at midmorning.
- Corn futures are chopping around unchanged, with pressure from SRW wheat futures and modest selling in soybeans.
- U.S. Delta crop areas will see waves of rain in the next ten days, supporting a welcome and needed boost in soil moisture for improved summer crop emergence and establishment, reports World Weather Inc.
- President Donald Trump granted a 90-day extension to the Jones Act, an effort to move oil, fuel and fertilizer around the U.S., which is the latest effort to curb rising energy costs.
- Europe is set to lose corn plantings this year as elevated fertilizer and energy costs discourage farmers as they plant spring crops, according to Reuters.
- Leading South Korean feedmaker Nonghyup Feed Inc (NOFI) purchased around 67,000 MT of animal feed corn in a private deal on Thursday, without an international tender being issued.
- July corn futures continue to face resistance at the 40-day moving average, trading at $4.64 1/2, while support lies at the 20- and 10-day moving averages, trading around $4.60.
Soybeans are mostly unchanged to 2 cents lower. Soymeal is 80 cents higher, while soyoil is fractionally lower.
- Soybeans are weaker for the third straight session amid technical selling, though support stems from strength in meal.
- Argentina has been too wet, but weather conditions are improving with net drying likely in many areas over the coming week, despite a few infrequent showers, notes World Weather. The weather change should lead to better maturation and harvest conditions.
- Forecasts for the strongest El Nino in a decade means hotter, drier weather across Asia in the second half of 2026, stinging crops and food supplies while farmers face fertilizer shortages and elevated fuel costs, Reuters reports.
- July soybeans are facing resistance at the 10- and 20-day moving averages, each trading around $11.80, while support lies at $11.70, then at $11.56 3/4.
SRW wheat futures are mostly 7 cents lower, while HRW futures are 10 to 13 cents lower. HRS are around 2 cents lower.
- SRW wheat futures are correctively weaker in tandem with HRW futures after a push to fresh near-term highs in overnight trade.
- Some relief to drought is expected in HRW wheat areas during the next ten days, though followup moisture will be very important, notes World Weather. A break from recent stress is anticipated by May 4, though production may be down due to dryness and lacking snow cover during bouts of bitter cold earlier in the winter.
- The HRW wheat premium versus SRW wheat is currently at the widest level in two and a half years amid production concerns.
- India’s 2026 wheat output was seen at 110.65 MMT, below the government record estimate of 120.21 MMT, according to the country’s flour miller’s body earlier today.
- July SRW futures are facing resistance at $6.25 3/4, which is backed by resistance at $6.36 and $6.49 3/4. Support lies at the 10-, 20- and 40-day moving averages, each trading around $6.05.
Live cattle and feeders are higher at midsession.
- Nearby cattle futures are extending Thursday’s corrective gains, though technical resistance at the 20- and 10-day moving averages are curbing buyer interest.
- Cattle are being removed from wheat fields earlier than usual, pushing April placements higher, though May could show a decline from last year. Weather remains a key driver - until drier areas receive impactful moisture, the demand for replacement cattle will likely remain subdued.
- Boxed beef prices slid on Thursday, with Choice down 69 cents to $383.50 and Select down 75 cents to $382.58. Movement totaled 105 loads.
- June cattle futures gapped higher at the open and are testing resistance at the 20-day moving average, which is backed by additional resistance at the 10-day moving average, currently trading at $246.69. Initial support lies at $242.79, then at $241.63 and the 200-day moving average.
Hog futures are weaker at midmorning.
- June lean hogs are weaker in sideways trade as technical hurdles crimp an extended upside move.
- The CME lean hog index is up another 38 cents to $91.43 as of April 22.
- The pork cutout value fell 73 cents on Thursday to $97.82. Movement totaled 255.4 loads.
- June lean hogs are holding a range between the 20-day moving average of $103.90 and the 10- and 200-day moving averages, layered at $102.40 and $102.23.