GRAIN CALLS
Corn: 1 to 3 cents higher.
Soybeans: 3 to 5 cents higher.
Wheat: 2 to 4 cents lower.
GENERAL COMMENTS: Corn and soybeans favored the upside overnight, which wheat saw profit-taking following Wednesday’s big push higher. Outside markets were modestly supportive overnight, as front-month crude oil futures are modestly higher while the U.S. dollar index is around 175 points lower. S&P 500 futures continue to consolidate near the 6,000 mark, showing the uncertainty in the general marketplace.
USDA reported daily export sales totaling 124,000 MT of corn for delivery to unknown destinations for delivery during the 2025-26 marketing year.
A powerful heat dome is forecast to push temperatures to record highs across the central and eastern U.S. this weekend and into early next week. The National Weather Service issued a level 3 out of 4 heat risk for impacted areas. World Weather Inc. said, “The heatwave will seriously stress crops” in the driest areas from western Iowa, central and eastern Nebraska and portions of the northwestern Plains across eastern Iowa to northern Illinois. Rains are likely to follow the heatwave. World Weather said, “The high pressure ridge in eastern North America next week will relocate to the central U.S. during late June and early July, but the ridge intensity will not be strong enough to induce a big blocking weather pattern.”
Israel and Iran continued to exchange missile fire, with Israeli strikes targeting key Iranian nuclear facilities and nuclear talks now on indefinite hold. President Donald Trump will decide whether to strike or negotiate with Iran within the next two weeks, according to White House Press Secretary Karoline Leavitt. She said there is a “substantial chance” of negotiations with Iran as the conflict intensifies. Leavitt also said Steve Witkoff, Trump’s special envoy to the Middle East, remains in contact with Iranian officials.
Export sales for the week ended June 12:
- Corn: Net sales of 903,800 MT for 2024-25 were up 14% from the previous week but down 6% from the four-week average. Increases came primarily for Japan, Mexico and South Korea. Sales came in the middle of pre-report expectations ranging from 600,000 MT to 1.2 MMT.
- Soybeans: Net sales of 539,500 MT for 2024-25, sharply up from last week’s marketing-year low and from the four-week average. Increases came primarily for Germany, Mexico and unknown destinations. Sales were above pre-report expectations ranging from 0 to 400,000 MT.
- Wheat: Sales totaled 427,200 MT for 2025-26 and were primarily for Taiwan. Sales came in the middle of pre-report expectations ranging from 300,000 to 600,000 MT.
CORN: July corn futures saw modest strength overnight. Bulls are looking to overcome resistance at $4.37 on persistent strength, which is reinforced by the 20-day moving average at $4.41 1/2. Support comes in at $4.31 1/2 then the June 10 for-the-move low of $4.29 1/4
SOYBEANS: July soybean futures worked higher overnight. Prices continue to consolidate just below recent highs. Resistance stands at $10.80 and is reinforced by the May 14 high of $10.82. Support comes in at $10.75 then the 200-day moving average at $10.64 1/4.
WHEAT: July SRW futures saw consolidation overnight. Initial support stems from the overnight low of $5.65 1/2, which is reinforced by support at $5.57 3/4. Resistance stands at the 200-day moving average at $5.74 1/4.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Higher.
CATTLE: Live cattle and feeders are expected to open with a mostly firmer tone in a continuation of Wednesday’s late-session strength, though reports of weaker cash cattle trade could limit gains after the open. Cash trade has been relatively light so far this week, though have averaged $236.32, below last week’s five-area average at $238.68. Wholesale beef prices continue to march higher, with Choice surging $4.92 to $393.79 and Select climbing $1.85 to $374.59 on Thursday, both reaching for-the-move highs. USDA reported net beef sales of 11,700 MT for 2025, down 24% from the previous week and 9% from the four-week average.
HOGS: Lean hog futures are expected to open higher as prices continue to climb the daily bar chart. The CME lean hog index is up another $1.25 to $107.59 as of June 18, building on yesterday’s rise of $1.35. The index is making multi-year highs and is showing little signs of slowing down. Pork cutout rose another 70 cents to $118.98 Thursday, led by strength in butts, loins and bellies. Movement was light at 224.05 loads, not surprising given the holiday. USDA reported net pork sales of 28,200 MT, which were up notably from the previous week but down 1% from the four-week average.