Market Snapshot | Grains firm as U.S. dollar fades

Corn futures are a penny to 3 cents higher.

• Corn futures are correctively firmer after forging a fresh contract low overnight.
• President Donald Trump asked Congress on Wednesday to approve more than $11 billion in additional aid for farmers facing high fuel and fertilizer costs since the Iran war. The new funding would add to the $12 billion in aid the administration has already disbursed to farmers this year.
• USDA reported weekly corn sales totaled 743,100 MT during the week ended June 18, down 36% from the previous week and 27% from the four-week average. Net sales of 735,900 MT were reported for 206-27. Analysts expected old-crop sales to range from 600,000 MT to 1.3 MMT and new-crop sales from 300,000 MT to 1.0 MMT.
• he U.S. Supreme Court ruled in a 7-2 decision, overturned a jury verdict in Missouri that awarded a Missouri man $1.25 million. SCOTUS agreed with Bayer that a U.S. law that governs pesticides precludes failure-to-warn claims that are brought under state law from moving forward in court.
• The International Grains Council (IGC) raised its forecast for 2026-27 global corn production by 10 MMT to 1.310 billion tons, that’s still behind the previous season’s 1.339 billion tons. The expected increases came from Argentina (up 4 MMT to 63 MMT) and India (up 5.2 MMT to 52 MMT).
• July corn futures are facing support at $4.04 ¼, which is backed by the overnight low of $4.03 3/4. Resistance stems from the 10- and 20-day moving averages, layered at $4.12 3/4 and $4.22 1/4.

Soybeans are 11 to 13 cents higher, while meal is around $1.40 higher. Soyoil is around 30 points lower.

• Soybeans are posting gains in tandem with meal and soyoil, though technical resistance continues to curb momentum.
• USDA reported weekly soybean sales totaled 455,400 MT for the week ended June 18, down 78% from the previous week and 46% from the four-week average. New crop sales totaled 902,200 MT. Analysts expected old-crop sales to range from 100,000 to 500,000 MT and new-crop sales between 450,000 MT and 1.0 MMT.
• Malaysian palm oil futures slid almost 2% to below MYR 4,600 per MT Thursday, marking a one-week low and registering losses of over 2% so far this week. Sentiment weakened amid a stronger ringgit and weaker edible oil prices on Dalian and Chicago exchanges.
• July soybeans are up against resistance at the 10-day moving average of $11.19 1/4, which is backed by the 20- and 200-day moving averages. Support lies at $11.03 1/2 and the June 15 low of $11.02 1/2.

Winter wheat futures are unchanged to a penny higher. HRS futures are mostly 2 cents lower.

• SRW wheat futures are slightly firmer, with support from a weaker U.S. dollar, though strong technical resistance remains.
• USDA reported weekly wheat sales totaled 504,500 MT during the week ended June 18. Net sales were near the upper-end of analysts’ pre-report range of 250,000 to 600,000 MT.
• The International Grains Council increased its forecast for 2026-27 global wheat production by 1 MMT to 821 MMT amid improved crop prospects in Russia.
• July SRW futures are being supported by the 200-day moving average of $5.77 ½, which is backed by the June 15 low of $5.71. Resistance stands at the 10-, 20- and 100-day moving averages, layered from $5.93 to $6.03 1/2.

Live cattle are firmer with feeders posting heftier gains at midsession.

• Feeder cattle futures have carved a fresh for-the-move high and are posting solid gains, while live cattle are firmer in sideways trade.
• The USDA Animal and Plant Health and Inspection Service (APHIS) on its NWS website is now reporting 20 total New World screwworm detected cases in the U.S. and all still in Texas and New Mexico, with the newest one in Texas. There are 17 active cases, all in Texas.
• Boxed beef declined on Wednesday, with Choice down $1.37 to $398.94 and Select down $2.92 to $378.14. Movement totaled 98 loads.
• USDA reported beef sales totaled 21,300 MT for 2026 during the week ended June 18, up 88% from the previous week and from the four-week average.
• August live cattle continue to find support at the 10-day moving average, trading at $245.89, while resistance is layered at $247.78 and $249.04, which are backed by the May 1 high.

Hog futures are weaker at midday.

• Lean hog futures are facing technical and wholesale pressure as cutout continues to flounder.
• The CME lean hog index is up 38 cents to $91.85 as of June 23.
• The pork cutout value fell $1.39 on Wednesday to $93.86 amid declines in all cuts aside from primal bellies and hams. Movement totaled 270.0 loads.

• Hog traders are awaiting this afternoon’s quarterly USDA hogs and pigs report. The size of the U.S. hog herd was slightly larger on June 1 than a year earlier, according to a Reuters survey. All hogs inventory as of June 1 is expected to be 100.9% of the herd seen one year ago at the same time. Kept for breeding is seen at 99.3% from June 1, 2025. Kept for market numbers are seen at 101.1% from a year ago. The March-May pig crop is seen at 101.2% from June 1 of 2025.

• USDA reported weekly pork sales totaled 26,200 MT for 2026 during the week ended June 18, up 63% from the previous week but down 6% from the four-week average.
• August lean hogs are pivoting around the 10-day moving average with support serving at $95.57, which is backed by the June 10 low of $93.975. The 20-day moving average, trading at $97.09 continues to serve up resistance.