Corn futures are 2 to 5 cents lower at midmorning.
- Corn futures are retrieving Tuesday’s gains amid a general risk-off tone as the marketplace positions ahead of President Trump’s tariff announcement this afternoon.
- 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.”
- Weekly ethanol production averaged
- On Tuesday, USDA reported corn for ethanol use in February 2025 at 421.234 million bu., vs. the trade average at 417.2 million. January 2025 ethanol was revised higher by 10 million bu.
- May corn futures are trading within Tuesday’s lower range as the 200-day moving average of $4.56 1/4 continues to serve up support. Meanwhile, the 20-day moving average of $4.89 3/4 is serving up resistance.
Soybeans are mostly 6 to 8 cents lower, while soymeal futures are around $3.50 lower. Soyoil is around 20 points higher.
- Soybean futures are being led lower by selling in meal futures, though persisting soyoil strength is helping limit the decline.
- USDA reported daily sales of 135,000 MT of soybean meal to the Philippines during 2024-25.
- Illinois continues to lead on sustainable fuels, as a 2022 bipartisan bill to promote higher biodiesel blends takes another major step forward. Beginning April 1, the minimum biodiesel blend required to qualify for a state tax exemption increased from B14 to B17 — meaning 17% of every qualifying diesel gallon must come from biodiesel, predominantly made from Illinois-grown soybeans.
- Tuesday, USDA reported Feb. 2025 soybean crush at 189.031 million bu., down 23.524 million bu. from 212.555 million bu. in January and 4.441 million from 193.442 million in Feb. 2024. USDA lowered their soyoil ending stocks for January to 1.817 billion lbs., and pegged Feb. soyoil stocks at 1.924 billion lbs.
- May soybeans are being challenged at the 40-day moving average of $10.30 1/2, while support lies at the 20- and 10-day moving averages, each trading around $10.14.
SRW wheat futures are mostly 3 cents lower, while HRW wheat is unchanged to a penny higher. HRS futures are 2 to 4 cents lower.
- SRW wheat futures are weaker amid lingering technical headwinds.
- An active weather pattern will continue through Saturday in U.S. HRW wheat areas before a prolonged period of dry-biased weather occurs, according to World Weather Inc.
- Areas of southwestern Europe will see rain later this week, while areas across the North and Baltic Sea regions will remain dry biased for a while, notes World Weather.
- May SRW futures are being limited by the 10-day moving average of $5.41 1/2, while support lies at Tuesday’s low of $5.28 1/2.
Live cattle are firmer while feeders are mixed at midmorning.
- Nearby live cattle are firmer in consolidative trade as the March high continues to dampen buyers, while solid technical support is deterring sellers.
- Cash cattle trade remains light so far this week amid fading packer margins.
- Choice boxed beef surged $6.96 on Tuesday to $342.22, while Select rose $2.06 to $322.07. Movement was light, however, at only 95 loads.
- April live cattle continue to be pressured by the March 21 high of $211.125, while the 10-day moving average of $203.94 continues to serve up support.
Hog futures are modestly firmer nearby while deferred contracts are posting moderate losses.
- Nearby lean hogs are chopping around unchanged following Tuesday’s low-range, though technical support is crimping seller interest.
- The CME lean hog index is up 15 cents to $88.65 as of March 31.
- The pork cutout value fell $1.94 to $95.51 on Tuesday. Movement totaled 353.5 loads.
- April lean hogs are trading narrowly within Tuesday’s lower range, as the 40-day moving average of $87.92 continues to curb buying, while support lies at the 20- and 10-day moving averages of $86.83 and $86.82.