GRAIN CALLS
Corn: 4 to 8 cents higher
Soybeans: 4 to 8 cents higher
Wheat: Winter wheat 6 to 10 cents higher, HRS 8 to 12 cents higher
GENERAL COMMENTS: Corn led the grains complex higher overnight, pushing past key resistance at the $5.00 mark. Wheat also saw solid gains on further reports of disruptions from shipping in the Black Sea and look to work on establishing a more firm price uptrend today. Soybeans also followed higher, as outside markets continued to remain friendly to commodities. The U.S. dollar is roughly 5 points lower at 98.80 and at an almost three-month low. West Texas crude futures are roughly $2.50 higher at $88.40.
USDA reported sales of 150,000 metric tons of soybeans for delivery to unknown destinations during the 2026/2027 marketing year.
Canada’s preliminary trade deal with the U.S. has caught Mexican officials and business leaders off guard, and now Mexico wants a deal of its own, Bloomberg reports. The Canadian deal lowers tariffs on certain Canadian steel and aluminum products to 25% and cuts duties on Canadian autos to 15%, which are key demands made by Mexican negotiators. Mexican officials are under pressure to secure comparable relief from U.S. import duties, and the U.S.-Canada breakthrough gives them a clearer benchmark to push for relief for industries including metals and autos, said the report.
Long-term U.S. Treasury yields held their sharp declines today after the U.S. Treasury Department announced plans to double the size of buybacks for long-dated securities. The 10-year Treasury yield traded around 4.67% after reaching a 20-month high of 4.75% earlier this week, while the 30-year yield fell below 5.2% after hitting a 19-year high of 5.34%. The government said it would at least double the size of liquidity-support buyback operations covering securities with maturities ranging from 10 to 30 years. Treasury Secretary Scott Bessent previously described the buyback program as an important tool for addressing market dislocations and improving liquidity. Treasury bonds came under heavy pressure in early August as surging AI-related debt issuance, rising deficit spending and concerns over persistent inflation pushed up estimates for term premiums. “Treasury Secretary Scott Bessent’s bold intervention to stem a potentially damaging rise in U.S. borrowing costs has some investors saying the U.S. dollar will ultimately pay the price,” said a Bloomberg report.
The National Weather Service today said that over the midsection of the country, another round of severe weather is possible for eastern Nebraska into Minnesota and Wisconsin this afternoon into the evening. Ther is a slight risk of severe weather for the area where the main threat will be large hail, and isolated wind damage. On Friday, much of central and eastern Nebraska will again experience another round of severe weather. As for the Southeast, scattered to numerous thunderstorms are forecast within a very moist and unstable environment. Meanwhile, monsoonal showers and thunderstorms will be most active during the late-day hours across the Four Corners states. As a cool air mass from Canada advances toward the northeastern U.S. against a persistent and stagnant heat dome anchored across the southern-tier states over the next couple of days, the focus of heavy rain, flash flooding, and severe weather and thunderstorms will shift from the Ohio/Tennessee Valley this morning to the Mid-Atlantic coast later today.
CORN: December corn pushed above the key $5.00 mark overnight. Next resistance is now at the May 14 high of $5.06 1/2. Support stems from this week’s low close of $4.83 1/4, then the 40-day moving average of $4.71.
SOYBEANS: November soybeans saw mild gains, with the July24 high of $12.56 1/2 serving as the next resistance. Support in soybeans is layered at the 10- and 40-day moving averages of $12.10 and $11.93 1/4, respectively.
WHEAT: September SRW looks to see resistance at the July 24 close of $6.96 1/4. Support is at the 10-day moving average of $6.66 1/4, then this weeks low of $6.52 1/2.
LIVESTOCK CALLS
CATTLE: Choppy/lower
HOGS: Choppy/lower
CATTLE: Live and feeder cattle markets saw pressure return, as strengthening wholesale values have not been able to shake the downtrend that began in early August and has pushed futures to multi-month lows. Next support for October live cattle is at this week’s low of $215.225.
HOGS: Lean hog futures saw very mild short-covering yesterday, but lacks signs of fundamental support to break the price downtrend in a meaningful way. The CME lean hog index is currently $94.78, with today’s projected index down another 82 cents to $93.96.