Corn futures are 2 to 6 cents lower at midmorning.
- Corn futures are weaker in corrective trade amid pressure from overhead technicals.
- Brazilian Finance Minister Fernando Haddad signaled on Thursday that upcoming trade negotiations with the U.S. are likely to be prolonged, particularly focusing on sugar and ethanol. Speaking to GloboNews TV, Haddad said the U.S. would likely bring up ethanol, while Brazil would counter with sugar.
- World Weather Inc. reports by the first days of April, Mato Grosso into southwestern Goias should be left with ample soil moisture to support safrinha corn deep into the month. However, the soil is dry enough today in most other safrinha corn areas that a full restoration of soil moisture is not likely during the next two weeks and follow-up rain will be needed.
- May corn is facing technical resistance from the 20-day moving average of $4.68 1/2, while support lies at $4.58 3/4.
Soybeans are a nickel to 7 cents lower, while soymeal futures are around $1.40 higher. Soyoil is 55 to 60 cents lower.
- Soybean futures are weaker in consolidative trade.
- Argentine oilseed workers lifted a strike and returned to work at soybean processing plantes belonging to conglomerate Vicentin after the firm scheduled payments for overdue wages, union SOEA said on Thursday. This is the second strike at a crush facility in Argentina in the past couple weeks.
- The Buenos Aires Grain Exchange trimmed its Argentine soybean crop by 1 MMT to 48.6 MMT. The exchange noted smaller than expected output was due to a drought that has reduced yields in the country’s northeast.
- May soybean futures continue to face pressure from the 20-day moving average of $10.19 1/4, while support is layered at $10.06 1/2 then at $10.00.
SRW wheat futures are mostly a penny lower while HRW futures are a penny to 2 cents firmer. HRS futures are chopping around unchanged.
- HRW wheat futures are modestly firmer, though U.S. dollar strength is curbing gains.
- U.S. west-central and southwestern parts of HRW wheat production areas will remain dry for the next ten days, according to World Weather Inc.
- Canadian farmers are bracing for a tough planting season as new Chinese tariffs on over $2.6 billion worth of Canadian agricultural and food products took effect March 20, compounding tensions with looming U.S. trade actions.
- May SRW futures are holding an inside range as the 10- and 20-day moving averages, each trading around $5.61 are serving up resistance. Meanwhile, support continues to serve at $5.30 1/4.
Live cattle are mixed while feeders are mostly lower.
- Nearby live cattle have turned from earlier highs, which reached a fresh contract high, amid modest corrective selling.
- USDA will release their monthly Cattle on Feed Report today. A survey done by the CME shows expectations that February large-lot (1,000-plus head) marketings fell to just over 91% of year-ago, with last month’s average placement estimate at almost 15% under year-ago. The net result of those estimates is a March 1 feedlot population figure about 2% under its 2024.
- Light cash trade took place in Iowa or Minnesota at $202.00, down about $3.00 from last week’s average for the area.
- Choice boxed beef declined $1.55 on Thursday to $328.06, while Select rose 68 cents to $309.36. Movement totaled 121 loads.
- April live cattle extended to a fresh contract high, though resistance is serving at $209.40, while initial support lies at $207.83.
Hog futures are firmly higher at midsession.
- Nearby lean hogs are notably firmer in corrective trade.
- The CME lean hog index is down 21 cents to $89.20 as of March 19, negating the past couple days of strength and posting a fresh for-the-move low.
- The pork cutout value rose 67 cents to $95.86, led by gains in primal bellies and butts. Movement totaled 258.3 loads.
- April lean hogs are facing resistance at 10-day moving average of $86.73, while initial support lies at $85.75, then at $85.03.