Corn futures are 5 to 6 cents higher at midmorning.
- Corn futures are working higher for the sixth consecutive session.
- Corn prices continue to be supported by an unexpected cut to U.S. ending stocks yesterday from USDA. USDA lifted their export estimate 100 million bushels to 2.55 billion bushels, cutting ending stocks 75 million bushels to 1.465 billion bushels.
- Thailand will cut tariffs on imports of corn from the U.S., says the Thailand finance minister. The country is among those in Southeast Asia hardest hit by Trump’s trade measures and imports about 4 to 5 MMT of corn each year. Tariffs previously stood at 73%.
- May corn futures bulls are looking to challenge resistance at $4.92 1/4 on continued strength. Support comes in at $4.85 then $4.80 on a reversal lower.
Soybeans are around 14 cents higher while soymeal futures are $3 to $4 higher. Soyoil is around 50 points higher.
- Soybean futures are working higher for the fifth consecutive session.
- USDA reported daily export sales of 121,000 MT of soybeans for delivery to unknown destinations. Of the total, 55,000 MT is for delivery during 2024-25 and the remaining 66,000 MT is for delivery during 2025-26.
- China announced it will raise tariffs on all U.S. goods from 84% to 125% starting April 12, in its sharpest retaliatory move yet against President Donald Trump’s latest tariff escalation.
- May soybeans have pushed above the early April highs in an impressive show of strength. Bulls next objective is tackling resistance at $10.45 then $10.50. Selling pressure finds support at $10.30 3/4, the 100-day moving average, on a reversal lower.
Winter wheat futures are 12 to 15 cents higher at mid-morning while spring wheat is about a dime higher.
- Wheat futures recovered from Thursday’s loss and have since reversed higher, leading the way higher in the grain and soy complex today.
- Ukraine exported less than 1 MMT of grains in the first 10 days of April, according to operational data from the State Customs Service, as of April 11, Ukraine has exported 33.823 million tons of grains and legumes since the beginning of the 2024/25 MY, with 999 thousand tons shipped since the start of the current month. At the same time, as of April 10 of last year, the total shipment volume was 37.086 million tons.
- France’s ag ministry rated the country’s wheat crop as 75% good/excellent as of April 7, down one percentage point from the previous week. The rating is well above 64% on this date last year but the second lowest during the past five years.
- May SRW futures surged above key resistance overnight and have since pulled back somewhat. Resistance stands at $5.52 1/2, the 40-day moving average, then $5.57 1/4. Support stands at $5.47 1/2 then the 20-day moving average at $5.44 1/2.
Live cattle are steady to 50 cents higher while feeders are modestly firmer at midsession.
- Nearby live cattle have traded on either side of unchanged as prices stabilize from recent volatility.
- Cash cattle trade is solidly lower heading into the last day of the week. Trade so far this week has averaged $207.85, down about $4.00 from a week ago.
- Wholesale beef has pulled back this week as implications of heightened tariffs with China weigh on the marketplace. Choice cutout skid $3.57 to $334.29 Thursday while Select plunged $5.65 to $314.96.
- June live cattle are trading within Thursday’s range. Bulls are looking to hold prices above yesterday’s low of $194.125 though firmer support stands at $193.45. Resistance stands at $195.00 then $196.20 on corrective strength.
Hog futures are mixed at midmorning.
- Nearby lean hogs are consolidating following recent big moves. Quiet trade in outside markets has netted little influence on hogs today.
- Pork cutout continues to make new lows, pressuring cash hog prices. Cutout fell another $1.06 to $89.70 Monday, led by weakness in ribs and loins. Movement surged to 357.99 loads.
- The CME lean hog index is down another 33 cents to $87.67 as of April 9, a fresh for-the-move low.
- June lean hogs are under modest pressure after gapping lower on this morning’s open. The 10-day moving average continues to serve up resistance at $93.20. Support stems from $91.70 on any followthrough selling.