Hogs
Hog futures have fundamental support from improvement in the cash market. Despite weak packer margins, the composite pork cutout value continues to climb. Renewed strength in the export market has also provided support as China re-enters the market as an active buyer.  June futures have support at Tuesday’s low of $92.95 and an upside objective of $96 to signal further gains are possible.

Cattle
Live cattle futures clearly topped in mid-February and are now trending lower. The June contract has violated resistance at  $117, which opens up the possibility of challenging resistance at $116 and below that at $112. 

Corn
Disappointing exports of only 115,900 metric tons for 20-21 and 38,800 metric tons for 21-22 added pressure to corn futures this week. Those totals were well below the average trade estimates of 400,000 to 800,000 and 50,000 to 250,000 respectively. That was mostly offset, though, by carryover support from crude oil futures, which moved to new 2-year highs. The market is mostly focused the upcoming prospective plantings report and the weather forecast. Above-average temperatures are expected for much of the Corn Belt and Mid-South, but wet conditions will make field work difficult for many farmers in the near term. Technically, old crop March futures are chopping along mostly sideways. Support is at the recent low of $5.24 3/4, and resistance is building near $5.60. New crop December has resistance at Thursday’s high of $4.79 ¼.  

Soybeans
Old crop soybean contracts continue to be supported by tight supplies, a surging soy-oil market and a slow Brazilian harvest. Weekly exports were within trade expectations at 334,000 metric tons for 20-21 delivery and 199,400 metric tons for 21-22. Last week’s highs, which are $14.45 for May and $12.52 ¾ for November, are now resistance.    

Rice
Rice exports were strong this week at 92,200 metric tons and shipments were 144,000 metric tons. The biggest customers were Mexico, South Korea, and Haiti. Large stocks and high prices for alternative crops are projected to cut into rice acres this spring. May futures have support at $12.90 and an upside target in the form of a tiny chart gap between $13.50 ½ and $13.51. September is trading at contract-high levels, moving to $12.91 on Thursday 

Cotton
Cotton export sales were disappointing this week, coming in at 169,100 bales for 20-21 and 40,600 bales for 21-22. Vietnam was the top buyer. Shipments were 377,600 bales, up 29% from the four-year average. The market is turning its focus to the upcoming crop. Dry conditions through the southern plains are a concern, as are higher prices for other commodities competing for acreage. Futures charted a huge bearish-reversal last Thursday after setting new contract highs. This is a signal that a top has been put in. However, follow through selling has been limited. So far, December has found support above 83 cents.