GRAIN CALLS
Corn: Steady to 2 cents higher.
Soybeans: 2 to 4 cents lower.
Wheat: Winter wheat 2 to 4 cents higher; HRS 6 to 8 cents higher.
GENERAL COMMENTS: Grains saw two sided trade overnight as positioning drove trade ahead of today’s USDA reports. Bulls are seeking to maintain the ongoing uptrend in beans and stall downtrends in corn and wheat. Outside markets are mixed this morning as both front-month crude oil futures and the U.S dollar index are working higher.
USDA reported daily sales of 100,000 MT of hard red spring wheat to Nigeria for delivery during the 2026-27 marketing year.
The National Weather Service today said the dominant weather hazard this week will continue to be dangerous heat across much of central and eastern U.S. Afternoon highs will be in the 90s and lower 100s. Increasing humidity will produce peak heat indices between 105-115 degrees across portions of the Midwest and Mississippi Valley through Thursday and expanding into the Mid-Atlantic and Ohio Valley by late week. With the combination of warm overnight lows, generally remaining in the 70s, providing limited relief and prolonged daytime heat, there is an increased risk of heat-related illnesses in humans and livestock stress.
Today is one of the most highly anticipated and potentially volatile trading days of the year for corn and soybean markets, as USDA releases its June acreage report alongside its latest quarterly grain stocks report. Anticipation around acreage is running particularly high this year as a result of fluctuations in fertilizer prices as a result of the Iran war. Excessively wet weather in parts of the Corn Belt may also leave doubt about whether the report will offer the final word on acres. Also fresh in mind for producers and traders are the large acreage adjustments made well after last year’s June 30 report, which served to further rattle faith in USDA data. Pro Farmer’s Spencer Langford breaks down the expectations, historical reactions and everything else you need to know to get ready for one of the most crucial reports of the year: Will USDA cut corn acres Tuesday? Iran war, wet weather cloud June 30 report.
President Trump on Monday signed a proclamation temporarily suspending countervailing duties (CVDs) on certain phosphate fertilizer imports, “providing immediate relief to American farmers while advancing the Administration’s broader strategy to strengthen America’s fertilizer supply chain,” said a USDA press release late Monday afternoon. “The temporary suspension will increase phosphate fertilizer availability, improve competition, and help lower one of agriculture’s largest production expenses while supporting a stable and reliable fertilizer supply ahead of future planting seasons. Current USDA analysis indicates American farmers could save approximately $1.82 billion annually through lower phosphate fertilizer costs as additional supplies enter the U.S. market. The action is expected to reduce phosphate fertilizer prices by approximately 22 percent, benefiting more than 100,000 farms across 97 million planted acres nationwide,” said the press release.
CORN: December corn futures are trading near yesterday’s contract low. Support stands at the psychological $4.25 mark on persistent selling, while bulls are looking to topple 10-day moving average resistance at $4.38 1/4 on a bounce.
SOYBEANS: November soybean futures are in the lower end of the recent uptrend on the daily bar chart. Bulls are looking to hold support at $11.30, else a trip to the 200-day moving average at $11.25 seems likely. Resistance stands at $11.43 3/4 then $11.50 on report driven strength.
WHEAT: September SRW wheat hit a fresh for-the-move low overnight. Support persists at the psychological $5.75 mark on continued selling, while resistance stands at $5.80 then $5.85 on a bounce.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Choppy/higher.
CATTLE: Cattle futures are expected to open with a mostly firmer tone on technical buying. The 40-day moving average capped most losses Monday and remains firm support. Cash trade last week showed a modest decline from the previous week to $259.34, but that remains well above nearby futures. Choice beef rose 41 cents to $391.44 Monday, but packer margins remain deep in the red.
HOGS: Hog futures are expected to open with a mostly firmer tone in a continuation of recent strength. Bulls are maintaining a choppy uptrend on the daily bar chart. The CME lean hog index is down another 14 cents to $91.41 as of June 26, extending the recent slide. Pork cutout rose $2.29 to $97.66 yesterday, led by gains in bellies.