Corn futures are unchanged to 4 cents higher at midmorning.
- Corn futures are slightly firmer to start the week with spillover strength stemming from wheat.
- Chinese tariffs against U.S. ag goods started today, however, goods already in transit will be exempt from these additional tariffs until April 12. For corn, the additional duty is 15%, though China has not been a big buyer of U.S. corn.
- USDA reported daily corn sales of 126,000 MT to Japan during 2024-25.
- Russian state media reported earlier today that the U.S. has resumed corn exports to Russia, which had been suspended since March 2022 following the outbreak of war in Ukraine.
- Brazil’s safrinha corn planting was 92% done as of last Thursday, just one point behind year-ago.
- USDA reported corn export inspections of 1.82 MMT (71.6 million bu.) for the week ended March 6, up 467,239 MT from the previous week and above analysts’ pre-report expectations from 1.0 MMT to 1.4 MMT.
- May corn futures are being supported by the 100-day moving average of $4.64, while resistance at the 10-day moving average of $4.70 is being challenged.
Soybeans are 5 to 8 cents lower, while soymeal futures are modestly higher. Soyoil is 130 points lower.
- Soybean futures are posting losses amid improving South American weather and spillover from soyoil.
- USDA reported daily soybean sales of 195,000 MT to unknown destinations for 2024-25.
- Chinese tariffs against U.S. ag goods started today, however, goods already in transit will be exempt from these additional tariffs until April 12. The additional tariff for soybeans is 10%.
- As of last Thursday, Brazil’s soybean harvest reached 61%, ahead of 55% on the same date last year. Rains kept soybean harvest from advancing more rapidly in central Brazil, while stress from heat and dryness remains a concern in Rio Grande do Sul.
- USDA reported soybean export inspections of 844,218 MT (31.0 million bu.) for the week ended March 6, up 144,260 MT from the previous week and near the upper end of analysts’ pre-report expectations.
- May soybean futures are testing support at $10.15 1/4. Resistance stands at the 100-day moving average of $10.28 3/4.
Wheat futures are 11 to 16 cents higher.
- Wheat futures are forging short-covering gains, though technical pressure is curbing a move higher.
- China’s added tariffs of 15% on U.S. wheat shipments, though China has not been a big buyer of American wheat.
- USDA reported wheat export inspections of 216,173 MT (7.9 million bu.) for the week ended March 6, down 174,418 MT from the previous week and below the pre-report range of 250,000 to 450,000 MT.
- May HRW futures are testing the 100-day moving average of $5.80 1/4, while initial support lies at the overnight low of $5.66.
Live cattle are moderately higher while feeders are mostly firmer at midmorning.
- Nearby live cattle are extending recent strength amid technical buying.
- Last week’s cash cattle trade likely declined, though trade remained light through Thursday.
- Wholesale beef prices rose on Friday, with Choice p $1.78 to $314.90, while Select rose $2.29 to $305.80. Movement totaled 101 loads.
- April live cattle will find resistance at $202.02, while initial support lies at $199.21.
Hog futures are mostly firmer at midsession.
- Nearby lean hogs are posting modest followthrough gains, though overhead resistance will likely curb stronger buying.
- The CME lean hog index is down 28 cents to $89.90 as of March 6, as prices continue to chop around the $90.00 level.
- The pork cutout firmed $1.87 to $98.36 on Friday, as wholesale prices continue to hold in the upper-$90.00 range.
- April lean hogs are testing resistance at $87.78, which is backed by the 20-day moving average of $88.33. Support is layered from $87.08 to $86.65.