GRAIN CALLS
Corn: 2 to 4 cents higher.
Soybeans: 7 to 9 cents higher.
Wheat: 1 cent lower to 1 cent higher.
GENERAL COMMENTS: Soybeans are taking a turn leading strength, pressing to contract highs. December corn pushed to a fresh for-the-move high while wheat saw some profit-taking following yesterday’s explosive push higher. Front-month crude oil futures are trading solidly higher and over $90 a barrel this morning while the U.S. dollar index is up around 230 points.
USDA reported daily sales of 126,000 MT of soybeans for delivery to unknown destinations during the 2026-27 marketing year.
The Iran-backed Houthis claimed their first attack on commercial ships in recent months, “opening a new front in the U.S.-Iran war that has already disrupted global energy supplies and rattled bond markets,” said a Bloomberg report. “The militant group, based in Yemen, said it targeted two Saudi Arabian oil tankers in the Red Sea with missiles and drones. The Saudi government confirmed an attack on one refined-products tanker, called the Encelia. The British navy said a tanker was struck in the southern part of the sea near the Saudi town of Al Shuqaiq in the southern part of the sea. While it’s unclear if the ships were damaged, the move could effectively close another maritime chokepoint vital to energy markets, following Iran’s shutdown of the Strait of Hormuz,” said the report. Meantime, the U.S. carried out its 12th consecutive day of airstrikes on Iranian military sites overnight, including missile and air-defense facilities. President Trump has said American forces will destroy one bridge or power plant each time Iran shoots at vessels in the Strait of Hormuz. The hostilities show little sign of easing. The attacks by the Houthis have escalated the conflict further. Brent crude oil prices are now nearing $100 a barrel.
The National Weather Service today said a frontal boundary will extend into parts of the central Plains, bringing chances for showers and thunderstorms. There may be some flash flooding and chances for severe thunderstorms across the region. On Friday the central Plains/mid-Mississippi Valley will see organized thunderstorms. Additionally, over into the northern-tier states there will be a chance for severe thunderstorms across the Dakotas into parts of Minnesota on Friday. Hazardous heat continues this week over the southern tier of the U.S. before beginning to expand northward through the Great Basin as well as across the northern and then central Plains Friday into the weekend. Forecast highs range in the mid-90s to mid-100s with heat indices exceeding 105-115 degrees for some locations. Record-warm overnight lows in the 75-to-80-degree range will provide little relief from the heat overnight.
A crop tour this week headed by the Wheat Quality Council is reporting yield projections for North Dakota down 4 bushels an acre from last year, according to Dow Jones Newswires. At 46 bushels an acre, it’s still close to the 5-year average, but giving grain traders reason to believe that worse yields might soon be reported from the tour, the report said. High temperatures over the northern Plains last week are feared to have dented yield potential.
CORN: December corn futures continue to climb. Bulls are eyeing resistance at $4.90 then $4.95 on persistent strength. Support stands at $4.85 then $4.76 1/2 on profit-taking.
SOYBEANS: November soybean futures hit a fresh contract high overnight. Bulls next objective is closing prices above the psychological $12.50 mark. Support comes in at $12.41 then $12.32 on a reversal lower.
WHEAT: September SRW wheat futures continue to press higher. Bulls are eyeing resistance at the overnight high of $7.10 1/4 then $7.15. Support stands at the psychological $7.00 mark then $6.98 1/4 on a reversal.
LIVESTOCK CALLS
CATTLE: Choppy/lower.
HOGS: Choppy/higher.
CATTLE: Live cattle and feeder futures are expected to open with a mostly weaker tone in a continuation of recent selling. Bears took prices to fresh lows Wednesday, continuing the ongoing downtrend. Positioning is likely to drive more and more trade ahead of Friday’s reports. Cash cattle trade initiated at sharply lower levels this week, indicative of lower trade again this week. Choice beef fell another $3.41 to $363.50 Wednesday.
HOGS: Lean hog futures are expected to open with a mostly firmer tone in a continuation of recent strength. Bulls remain in full control of the technical advantage but have faced some headwinds the past few days. Still, prices are in the upper end of the upward trending channel on the daily bar chart. The CME lean hog index is up another 44 cents to $97.08 as of July 21, extending the recent string of gains. Pork cutout fell $1.32 to $103.50 Wednesday, led by losses in ribs, hams and bellies.