GRAIN CALLS
Corn: 3 to 6 cents lower.
Soybeans: 3 to 5 cents lower.
Wheat: SRW 5 to 7 cents lower; HRW steady to 2 cents higher; HRS 4 to 6 cents lower.
GENERAL COMMENTS: Corn, soybeans and SRW wheat each favored the downside in overnight trade. As ‘Liberation Day’ looms over the market, traders are covering long positions to reduce risk exposure. Front-month crude oil futures are seeing additional profit-taking from recent highs, while the U.S. dollar index is around 175 points lower.
USDA reported daily sales of 135,000 MT of soybean meal for delivery to the Philippines during the 2024-25 marketing year.
Trump to unveil new tariffs after market close today; immediate impact expected; White House defends economic strategy amid investor jitters. President Donald Trump is set to announce a new wave of tariffs today at 4 p.m. ET, timing the news to land after financial markets close. White House Press Secretary Karoline Leavitt confirmed the update, noting the tariffs will take “immediate effect.” Though the exact scope remains unclear, Leavitt said Trump is open to discussions with foreign governments and corporations seeking lower rates. She declined to specify which countries have reached out, but emphasized that Trump is “always up to take a phone call.”
Senate Republicans are pursuing a controversial strategy to make President Donald Trump’s 2017 tax cuts permanent, using a budgetary maneuver that avoids acknowledging the $4.6 trillion cost over the next decade. The tactic hinges on using a “current policy baseline,” which assumes the cuts are already permanent and therefore cost nothing to extend. GOP leaders, including Budget Chair Lindsey Graham (R-S.C.) and Majority Leader John Thune (R-S.D.), argue that the law gives the Budget Committee authority to define this baseline — sidestepping the usual scoring rules and Senate parliamentarian input.
Farmer sentiment declined notably in March amid growing unease over agricultural trade and farm policy, according to the Purdue University/CME Group Ag Economy Barometer. The barometer fell 12 points to a reading of 140, down from 152 in February. The drop was largely driven by weaker expectations for the future and ongoing uncertainty in the sector.
CORN: May corn futures reversed off 20-day moving average resistance. That mark will stand as bulls’ objective at $4.62 3/4, with additional resistance at $4.58 1/4 on the way. Support lies at the psychological $4.50 mark on continued selling pressure.
SOYBEANS: May soybean futures gapped lower on last night’s open. Followthrough selling eyes support at $10.25 then the 20-day moving average at $10.19. Bulls are eyeing resistance at $10.34 1/4, the 100-day moving average, on resurgent strength.
WHEAT: May SRW futures reversed lower overnight. Bulls are seeking to hold support at $5.30 on continued selling, which is loosely reinforced by the contract low at $5.17 1/2. Resistance stands at $5.40 1/2 then $5.49 on resurgent strength.
LIVESTOCK CALLS
CATTLE: Choppy/lower.
HOGS: Choppy/higher.
CATTLE: Live cattle futures and feeders are expected to open with a mostly weaker tone as technical resistance continues to loom over the market. June live cattle futures have been consolidating since the March 21 contract high. Steep discounts to the cash market are likely to limit the downside but bulls need to build momentum to take out recent highs. Cutout surged higher Tuesday, with Choice climbing $6.96 to $342.22 and Select rising $2.06 to $322.07. Cash cattle trade remains light to start the week as packer margins remain deep in the red.
HOGS: Lean hog futures are expected to open with a mostly firmer tone in a continuation of yesterday’s strength, though prices are near the upper end of the recent range, which could spark selling. June lean hog futures continue to consolidate in a relatively tight range as the summer outlook remains murky. The CME lean hog index is up 15 cents to $88.65 as of March 31. The index continues to follow pork cutout. Cutout fell $1.94 to $95.51 Tuesday, which will likely weigh on the index later this week.