GRAIN CALLS
Corn: 7 to 9 cents lower.
Soybeans: 8 to 10 cents lower.
Wheat: SRW steady to 2 cents lower; HRS 4 to 6 cents higher; HRS 3 to 5 cents higher.
GENERAL COMMENTS: Wheat saw relative strength overnight while corn and soybeans faced sustained selling pressure. Corn is trading near contract lows. A volatile situation in the Middle East has done little to bolster grain prices this session, while front-month crude oil futures have bounced from recent lows. The U.S. dollar index is down a modest 10 points this morning.
USDA reported daily export sales of 136,000 MT of soybeans for delivery to unknown destinations during the 2026-27 marketing year.
The U.S. and Mexico over the weekend inaugurated a sterile fly plant in Chiapas. The plant will eventually produce up to 100 million sterile flies a week, Reuters reported. The U.S. has mostly closed its border to Mexican live cattle imports since May of 2025. More than 30,000 animals in Mexico have been infected by the parasite. Mexican President Claudia Sheinbaum and U.S. Agriculture Secretary Brooke Rollins attended the opening of the facility in Metapa de Dominguez, near the Guatemala border. The plant, a joint U.S.-Mexico project, cost over $50 million. The facility in Metapa is expected to produce up to 100 million sterile flies a week, and combined with an existing facility in Panama, comes closer to the 500 million a week figure that helped eradicate the pest from North America decades ago. The U.S. has pledged an additional $84 million to stop the screwworm’s spread, warning that a major outbreak could cost the U.S. agriculture sector more than $700 million each year.
The U.S. and Iran have agreed to stop military action against each other before peace talks resume over the Strait of Hormuz and other issues. Technical talks are scheduled to continue on all aspects of a memorandum of understanding reached this month, with both sides standing down for now and vessels able to move freely. The exchange of attacks began over the waterway, with the Islamic Republic striking a container ship, prompting Washington to hit Iran, and both sides blaming the other for breaching the ceasefire. In the latest barrage on Sunday, Iran’s Islamic Revolutionary Guard Corps said it launched missiles and drones at the Ali Al Salem Air Base in Kuwait and the 5th Fleet naval base in Salman Port, Bahrain. Kuwait said it intercepted two missiles and there was no material damage or injuries. Bahrain reported a residential building had been hit but said there were no fatalities. The US said on Saturday it struck Iranian military sites. “There may come a point when we are no longer able to be reasonable and will be forced to militarily complete the job that we very successfully started,” President Trump said Saturday in a post on Truth Social after the latest strikes on Iran. Commercial traffic through the Strait of Hormuz persisted at a reduced level after the attacks on two ships raised concerns about the ability and willingness of shipowners to traverse the waterway.
CORN: December corn futures are trading near contract lows. Support stands at $4.30 then $4.25 on persistent selling. Resistance lies at $4.41, the 10-day moving average, on a turn higher.
SOYBEANS: November soybean futures continue to fall from 40-day moving average resistance. That remains key technical resistance at $11.56 1/2. Additional resistance stands at $11.50 on the way. Support comes in at $11.40 on persistent selling.
WHEAT: September SRW wheat are trading near recent lows. Bulls are eyeing support at the June 15 low of $5.82 1/4 on persistent selling. Resistance stands at $$5.96 then the psychological $6.00 mark on a bounce.
LIVESTOCK CALLS
CATTLE: Higher.
HOGS: Choppy/higher.
CATTLE: Cattle futures are expected to open higher on technical buying. Bulls are looking to defend 10-day moving average support, which capped the downside last week. Cash trade continues to be the main driver of price action. Bulls are looking for cash trade above $260 last week, which would further bolster bulls advantage. Choice beef slid $5.29 to $391.03 Friday, giving up most of the week’s gain.
HOGS: Hog futures are expected to open with a mostly firmer tone, supported by uptrend support. August lean hogs on in a modest uptrend on the daily bar chart but are in the lower end of that range. Weaker action in the cash market could spur additional selling, as the CME lean hog index is down another 23 cents to $91.55 as of June 25. Pork cutout rose 15 cents to $95.37 Friday, led by gains in butts.