GRAIN CALLS
Corn: 1 to 3 cents higher.
Soybeans: 3 to 5 cents higher.
Wheat: SRW 4 to 6 cents higher; HRW 8 to 10 cents higher; spring wheat 3 to 5 cents higher.
GENERAL COMMENTS: Corn, soybeans and wheat saw some early selling pressure overnight before rebounding this morning. Each went into the break near session highs. Bulls remain in full control of the technical advantage in each market. Front-month crude oil futures are up this morning, again trying to break above $80 on a closing basis. The U.S. dollar index is currently up around 75 points.
USDA reported daily sales of 340,000 MT of soybeans for delivery to China, 256,634 MT of soybeans to Mexico and 110,000 MT of soybeans for delivery to unknown destinations – each during the 2026-27 marketing year.
Concerns are growing that the U.S. and Iran will intensify military hostilities, with the sides clashing for a sixth straight day and Tehran refusing to back down over the Strait of Hormuz. The U.S. hit southern Iran overnight, striking six road bridges, and Iran responded by firing on U.S. bases in Kuwait, Jordan and Bahrain, and on Oman’s As Salamah Archipelago. China and Pakistan expressed concern over the developments, calling on both the U.S. and Iran to cease hostilities and resume dialogue, as analysts warn of a potential escalation spiral and increased clashes.
American Farm Bureau Federation analysis shows U.S. ag economy losses are expected to deepen in 2027. “AFBF estimates that without federal assistance, farmers growing nine principal crops will lose $32 billion (national average returns over total costs) in 2027, compared to $31 billion in 2026. On a per-acre basis, every crop analyzed is projected to remain below breakeven in 2027,” said the study. “Additional economic assistance is needed and is supported on a bipartisan basis. Additional financial support is critical to offset trade-related losses, rising input costs and the deep financial pressure facing U.S. row crop, specialty crop, hay and sugar producers. This support would help stabilize the farm economy, sustain rural communities and maintain a strong domestic food supply,” said the report. “Longer term, policy solutions to help stabilize the farm economy are needed, such as year-round E15; a modernized five-year farm bill that protects interstate commerce from a patchwork of state legislation; a legislative fix to agricultural labor; and stronger risk management tools, including better data collection and publication to support more effective options for specialty crop producers.” For the complete report, click here.
An industry group expects the wheat crop in Australia’s largest grain-exporting state to shrink by almost 30% year-on-year, due to hot and dry conditions forecast over the next few months, Bloomberg reported. In its first survey of production for the 2026 crop, the Grain Industry Association of Western Australia forecast that the state will harvest 9.5 million tons of wheat. That’s down from 13.3 million tons in 2025. Overall grain production in Western Australia was estimated at 22.7 million tons, down from 27.4 million tons last year, according to the study that was published Friday. In its report, the association said the current Western Australian crop was looking “deceptively good” after an early start to the season and – until recently – warm winter growing conditions. However, that masked growing concerns about the weather forecast for the crucial spring months that lie ahead. “Most crops are carrying a lot of top growth and sub-optimal subsoil moisture reserves at the moment, which means that they will transpire themselves to death if the heat is turned up early and there is not enough rainfall to support this biomass,” the association said.
CORN: December corn futures saw volatile trade overnight, tagging support at $4.58 3/4 before turning higher. Resistance stands at $4.66 then yesterday’s high of $4.74 1/4.
SOYBEANS: November soybean futures are trading near $12.00 resistance. That has been a key technical barrier from prices working higher. Additional resistance stands at $12.07 1/4. Bulls are looking to maintain prices above support at the 10-day moving average at $11.88 1/4.
WHEAT: September wheat futures made up Thursday’s loss. Bulls are eyeing resistance at $6.85 before tackling yesterday’s high of $6.98 1/4. Support comes in at the overnight low of $6.66 1/2 then $6.50.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Choppy/lower.
CATTLE: Live cattle and feeder futures are expected to open with a mostly firmer tone on corrective strength. Futures are heavily oversold on the daily bar chart, but additional selling can’t be ruled out. Prices have closed lower in fats for 14 consecutive sessions, matching the 2019 streak. Cash trade picked up just shy of $239.00 this week, further cementing bears hold on the market, but still well above nearby futures. Choice beef fell another $2.90 to $368.38 Thursday, extending the recent slide.
HOGS: Lean hog futures are expected to open with a mostly weaker tone as prices are trading in the upper end of the recent range. Technical resistance capped gains on Thursday. Prices remain in an uptrend on the daily bar chart but nearby futures continue to trade well above the cash market, which could limit persistent gains. The CME lean hog index is up another 50 cents to $95.10 as of July 15. Pork cutout rose 96 cents to $102.42 Thursday, led by gains in bellies and butts.