Corn futures are 1 to 2 cents lower in old-crop futures, while new-crop is a penny higher.
- Corn futures are easing from earlier highs as technical resistance and sharply lower crude oil limit momentum.
- Bangladesh plans to buy more U.S. cotton in hopes of persuading Trump not to maintain a 37% tariff on exports that threaten its vital garments sector, Financial Times reported. Alongside an offer to “significantly increase” imports of wheat, corn and soyabeans, Bangladesh would streamline customs procedures and build dedicated duty-free bonded warehouses for cotton “to improve speed to market.”
- Ethanol production averaged 1.021 million barrels per day (bpd) during the week ended April 4, down 42,000 bpd (4.0%) from the previous week and 14,000 bpd (1.3%) below the same week last year. Ethanol stocks increased 422,000 barrels to 27.034 million barrels.
- May corn futures stalled at the 40-day moving average of $4.72 3/4, which triggered a test of support at the 100-day moving average of $4.69 1/4.
Soybeans are 2 cents lower to 2 cents higher. Soymeal futures are around $2.50 higher. Soyoil is around 45 points lower.
- Soybean futures are chopping around unchanged amid conflicting price action in the soy product markets.
- At 12:01 a.m. ET today, the U.S. officially enacted its new reciprocal tariffs, imposing levies of 10% or more on imports from countries that currently maintain higher tariffs on U.S. goods. The White House released an executive order signed by President Donald Trump to put the higher tariffs in place on Chinese goods, moving the additional tariffs from 34% to 84%, reflecting the additional 50% duty that Trump ordered after China retaliated by imposing a 34% tariff on imports of U.S. goods.
- USDA reported daily soybean sales of 198,000 MT to unknown destinations during 2024-25.
- The Trump administration is considering softening its proposed fee on China-linked ships visiting U.S. ports after a flood of negative feedback from industries that said the idea could be economically devastating, sources told Reuters. Among the changes under consideration are delayed implementation and new fee structures designed to reduce the overall cost to visiting Chinese vessels.
- May soybeans continue to face resistance at $10.00, which is backed by the 10- and 20-day moving averages, each trading around $10.08. Initial support lies at $9.82 3/4.
SRW wheat futures are 1 to 2 cents higher, while HRW and HRS contracts are mostly 5 to 7 cents higher.
- SRW wheat futures are favoring the downside, though seller interest is limited. HRW and HRS futures are finding support from heavy pressure on the U.S. dollar.
- Frost and freeze conditions overnight throughout the Midwest likely burned back some new wheat development, but no permanent harm has likely come to the crop because of the cold, notes World Weather Inc. However, some wheat near and south of the Ohio River may have been damaged by flood water this past weekend.
- Overnight, Algeria purchased an unspecified amount of durum wheat expected to be sourced from the U.S., Canada or Australia. Jordan tendered to buy up to 120,000 MT of optional origin milling wheat.
- May SRW futures are trading between the 20- and 10-day moving averages of $5.46 1/4 and $5.36 1/2, while additional resistance/support at $5.51 3/4 and $5.27 3/4.
Live cattle are moderately lower while feeders are widely mixed at midsession.
- Nearby live cattle have extended to a more than one-month low amid fading cash market sentiments.
- Futures continue to trade at hefty discounts to the cash market, though light trade so far this week indicates a sharp cash market downturn is possible.
- Choice boxed beef fell $1.40 on Tuesday to $338.10, while Select rose $2.76 to $322.06.
- April live cattle fell to a for-the-move low, with support now at $197.75, which is backed by the 100-day moving average of $196.82. The 40-day moving average at $200.68 is resistance.
Hog futures are mostly firmer at midmorning.
- April lean hogs gapped lower at the open with pressure stemming from declining wholesale and cash fundamentals. Deferred contracts are posting corrective gains.
- The CME lean hog index is down 3 cents to $88.16 as of April 7.
- The pork cutout value plunged $3.82 to $93.45 amid declines in all cuts aside from primal ribs. Movement totaled 390.2 loads for the day.
- April lean hogs are hovering around the 10- and 40-day moving averages, each trading around $87.36, while resistance stands at $87.69 and $87.80.