GRAIN CALLS
Corn: 1 to 3 cents higher.
Soybeans: 3 to 5 cents higher.
Wheat: SRW 1 to 3 cents higher; HRW 3 to 5 cents higher; HRS 5 to 8 cents higher.
GENERAL COMMENTS: Corn, soybeans and wheat each favored the upside in overnight trade. Grain traders were encouraged by robust export sales this morning, marking a one-off event for poor corn sales last week. Outside markets are mixed this morning as front-month crude oil futures are modestly higher on profit-taking while the U.S. dollar index is around 250 points higher.
USDA reported daily corn export sales totaling 135,000 MT for delivery during the 2025-26 marketing year. This marks China’s first meaningful purchase of U.S. corn since May of last year. USDA also reported daily sales of 284,196 MT of corn for delivery to unknown destinations. Of the total. 83,956 MT is for delivery during 2024-25, while the remaining 200,240 MT is for delivery during 2025-26.
World Weather Inc. late Wednesday reported a ridge of high pressure, currently over the southeastern U.S., will be slowly shifting west and into the central U.S. this weekend into next week, while also gaining strength and increasing in size. “The ridge will promote more areas of unusual heat, which will further raise livestock stress.” Also, some pockets of the Corn Belt could receive greater rain than preferred, leading to localized flooding and some fieldwork delays as thunderstorm complexes move around the outer edge of the ridge, said the forecaster.
President Donald Trump late Wednesday suggested he would not go below 15% on tariff rates ahead of the Aug. 1 trade-deal deadline, indicating the floor for the increased tariffs was rising. “We’ll have a straight, simple tariff of anywhere between 15% and 50%,” Trump said Wednesday. “Trump’s comment declaring that the tariffs would begin at 15% represented the latest twist in his effort to impose duties on nearly every U.S. trading partner, and the latest indication that Trump was looking to more aggressively impose the levies on exports from countries outside the small group that so far has been able to broker trade frameworks with Washington,” Bloomberg reported.
Export sales for the week ended July 17:
Corn: Net sales of 643,100 MT for 2024-25, up noticeably from last week’s marketing year low but down 2% from the four-week average. Net sales for 2025-26 totaled 733,900 MT. Analysts expected sales of 100,000 to 800,000 MT for 2024-25 and 400,000 to 800,000 MT for 2025-26.
Soybeans: Net sales of 160,900 MT for 2024-25, down 41% from the previous week and 59% from the four-week average. Net sales for 2025-26 totaled 238,800 MT. Analysts expected sales of 100,000 to 350,000 MT for 2024-25 and 250,000 to 500,000 MT for 2025-26.
Wheat: Net sales of 712,200 MT for 2025-26, up 44% from the previous week and 50% from the four-week average. Sales topped the range of pre-report expectations from 250,000 MT to 500,000 MT.
CORN: December corn futures bounced overnight. Bulls have struggled to maintain bullish overnight momentum this week, so the open will be key. Resistance stands at $4.20 1/ then the 20-day moving average at $4.23 1/4. Support comes in at yesterday’s low of $4.15 3/4 on a reversal lower.
SOYBEANS: November soybean futures saw modest strength overnight. The 40-day moving average continues to serve up persistent resistance at $10.28 1/4 and is reinforced by resistance at $10.33. Bulls are seeking to hold support at $10.20 1/4 on resurgent selling pressure.
WHEAT: December SRW futures saw action on either side of unchanged overnight. Bulls are looking to top resistance at $5.64 on a bounce, which is reinforced by stiff resistance at $5.70. Support comes in at this week’s low of $5.57 1/2 on persistent weakness.
LIVESTOCK CALLS
CATTLE: Higher.
HOGS: Choppy/higher.
CATTLE: Live cattle and feeders are expected to open higher in a continuation of recent strength. Bulls pushed prices to fresh record highs yesterday despite a lack of support in cash fundamentals. Cash cattle trade remains light so far this week, expected given tomorrow afternoon’s Cattle on Feed Report. Cash trade thus far is above a week ago. Wholesale beef prices continue to push lower, with Choice falling another $4.98 to $367.52 Wednesday, while Select dipped $2.55 to $345.39. USDA reported net beef sales of 16,700 MT for 2025, up 90% from the previous week and 46% from the four-week average.
HOGS: Lean hog futures are expected to open with a mostly firmer tone in a continuation of recent strength. While nearby futures continue to push higher, deferred contracts have faced profit-taking at key technical resistance, which could limit the upside after the open. The CME lean hog index is up another 64 cents to $109.23 as of July 22, the strongest increase in the recent string of gains. Pork cutout slid 91 cents to $117.24 on Wednesday as all cuts except bellies posted losses on the day. USDA reported net pork sales of 17,000 MT for 2025, down 1% from the previous week and 43% from the four-week average.