Corn futures are unchanged to 2 cents higher at midmorning.
- Corn futures are chopping around unchanged in consolidative trade as a firmer U.S. dollar and general risk aversion lingers limits buying interest.
- S&P Global Insights projected that U.S. farmers would plant 94.3 million acres of corn in 2025, up 800,000 acres from their previous forecast released in January and up 3.7 million acres from 2024.
- World Weather Inc. reports Brazil will experience net drying in the south for up to 9 days before rain returns significantly.
- May corn futures are trading sideways in consolidative trade, with the 200-day moving average of $4.55 1/2 continuing to serve up support, while initial resistance stands at the 10-day moving average of $4.64.
Soybeans are 3 to 4 cents lower, while soymeal futures are around $1.00 lower. Soyoil is around 30 points lower.
- Soybean futures are modestly weaker as technical pressure continues to cast a shadow over prices.
- S&P Global left their soybean planting forecast unchanged at 83.3 million acres, down 3.8 million acres from last year.
- Argentine is still expecting rain to develop from west to east across the nation this weekend and next week, bringing back some moisture to the nation after several days of drying.
- May soybean futures are consolidating mostly between resistance at $10.15 1/4 and support at $10.08 3/4.
SRW wheat is mostly 2 cents lower, while HRW Wheat is 7 1o 10 cents lower. HRS futures are unchanged to 2 cents firmer.
- Winter wheat futures are weaker amid corrective selling and U.S. dollar strength.
- Not much rain is predicted for eastern Ukraine, Russia’s Southern Region or western Kazakhstan during the next ten days, although some rain and mountain snow will impact Turkey, according to World Weather.
- Overnight, Jordan tendered by buy up 120,000 MT of wheat.
- May HRW futures are trading within Tuesday’s lower range, with support remaining at the 10-day moving average of $5.59 1/2, while the 100- and 40-day moving averages, currently trading at $5.70 3/4 and $5.74 1/2 continue to serve up resistance.
Live cattle are posting strong gains in nearby futures while deferreds are modestly firmer. Feeders are posting hefty gains at midmorning.
- Nearby live cattle have edged to a fresh for-the-move high as underlying fundamentals remain supportive.
- Wholesale beef values rose on Tuesday, with Choice up $2.16 to $323.32, while Select rose $1.33 to $309.23. Movement totaled 109 loads.
- Blizzard conditions and excessive wind speeds have occurred in the west-central U.S. Plains late Tuesday into today, stressing livestock.
- April live cattle have extended to the highest level since Jan. 29, with resistance now serving at $207.16, while support lies at $205.04.
Hog futures are posting moderate- to strong losses at midsession.
- Nearby lean hogs are facing technical selling, with wholesale weakness also applying pressure.
- The CME Lean hog index is up 4 cents to $89.32.
- The pork cutout value slid $2.01 on Tuesday to $95.64, led by a $10.88 decline in bellies. Movement totaled 259.8 loads.
- April lean hogs have extended below the 20-day moving average of $86.29, with additional support serving at $85.50. Meanwhile, the 10-day moving average of $86.84 is serving up resistance.