Corn futures are 2 to 4 cents lower at midmorning.
- Corn futures are edging lower amid technical pressure and sideways trade ahead of USDA’s Prospective Planting and quarterly Grain Stocks Reports.
- USDA will release its Prospective Plantings and quarterly Grain Stocks Reports at 11:00 a.m. CT, both of which have potential to trigger strong price reactions. Analysts expect 94.36 million corn acres and March 1 stocks of 8.151 billion bu., according to a Reuters poll. Pre-report expectations.
- World Weather Inc. reports strong to severe thunderstorms will bring multiple rounds of heavy rain from southeastern Missouri to Southern Ohio and Kentucky Wednesday into Saturday, causing serious flooding in some areas while stalling fieldwork.
- May corn futures are facing resistance at the 200- and 20-day moving averages of $4.53 1/2 and $4.60 1/2, while support lies around $4.45 1/2.
Soybeans are mostly 5 to 6 cents higher, while soymeal futures are around $2.50 higher. Soyoil is fractionally higher.
- Soybean futures are firmer, with soymeal strength leading the complex higher.
- Analysts expect USDA to report 83.76 million acres of soybeans and March 1 stocks of 1.901 billion bu.
- AgRural reported Brazil’s harvest was 82% complete as of last Thursday, ahead of 74% for the same period last year.
- May soybean futures are pivoting around the 20-day moving average of $10.26 3/4, while initial support/resistance serve at $10.18 1/2 and the 10- and 40-day moving averages of $10.36 1/2 and $10.42 1/4.
SRW wheat futures unchanged to a penny lower, while HRW futures are mostly a penny to 3 cents higher. HRS wheat is 2 to 3 cents higher.
- SRW wheat futures are slightly weaker amid technical selling, with a stronger U.S. dollar weighing on prices.
- Analysts expect USDA to report 46.48 million wheat acres and March 1 stocks of 1.215 billion bu.
- Argus Media cut its forecast for Russian wheat production in 2025-26 to 80.3 MMT, down from 81.5 MMT in November, with the firm noting reduced prospects for spring wheat outweighed improved winter conditions.
- Rain potentials for U.S. HRW wheat areas are good, although the rain will likely prove to be a little light in the southwest, notes World Weather. However, the moisture will induce a short-term bout of improving crop conditions.
- May SRW futures are trading within Friday’s range, with support serving at $5.26 1/4, while resistance stands at $5.35.
Live cattle and feeders are posing hefty losses at midmorning.
- Nearby live cattle are extending lower amid selling from the recent high, though technical support is limiting the downside.
- Cash cattle prices are set to challenge the record high as trade picked up to end last week, though the official average won’t be known until later this week.
- Wholesale beef values slid on Friday, with Choice down $2.90 to $332.82, while Select fell 76 cents to $318.68. Movement totaled 133 loads.
- April live cattle gapped lower at the open, though the 10-day moving average of $207.33 is providing support. Resistance stands at $209.14.
Hog futures are firmer at midsession.
- Nearby lean hogs are firmer in sideways trade as technical support curbs seller interest.
- After posting modest gains last week, the CME lean hog index is down 35 cents to $88.78 as of March 27.
- The pork cutout value rose $1.72 to $96.56 amid gains in all cuts except primal ribs. Movement totaled 362.5 loads.
- April lean hogs are being supported by the 10- and 20-day moving averages of $86.51 and $86.39, while resistance stands at $87.56.