GRAIN CALLS
Corn: 5 to 7 cents higher.
Soybeans: 4 to 6 cents higher.
Wheat: Winter wheat 8 to 10 cents higher; HRS 3 to 5 cents higher.
GENERAL COMMENTS: Grains saw a solid rebound overnight that was bolstered by stronger than expected export sales this morning, which pulled soybeans higher as well. Bulls are looking to maintain the momentum throughout today’s session, which could mark key reversals on the daily bar chart. Outside markets are supportive this morning as front-month crude oil futures are modestly higher while the U.S. dollar index is modestly lower.
USDA reported daily export sales totaling 106,680 MT of corn for delivery to Mexico and 105,000 MT of corn for shipment to Guatemala, each during the 2025-26 marketing year.
A mini heatwave is evolving across the central and southern Great Plains and it will last into the weekend, said World Weather Inc. in a special report issued Wednesday afternoon. “Temperatures of 95-108 degrees are likely, with Friday afternoon hottest. The heat will stress livestock and crops while restricting human activity and raising the demand for supplemental cooling fuel. However, the event will not last long enough to be of much concern and the heat is unlikely to advance very far out of the Great Plains due to a passing cool front late this weekend and early next week.” Strong wind speeds are expected during the heat event. Next week will bring on another round of excessive heat and this time some of the heat will reach into the Midwest. While the cooling should occur in the Great Plains Saturday afternoon into Monday night, a return of warmer weather is likely in the Plains again during the middle part of next week and that is when some of the Midwest could be impacted by warmer weather to accelerate drying conditions. World Weather, Inc. believes rainfall may be restricted in the lower eastern Midwest, Delta and Tennessee River Basin over the next week to 10 days, “possibly leading to accelerated drying and concern over crop conditions.”
President Trump’s new tariffs have now taken hold, with higher rates for almost all U.S. trading partners. The tariffs will push the average U.S. tariff rate to 15.2%, according to Bloomberg Economics estimates, with some countries facing duties as high as 50%. Trump said the tariffs will lower U.S. trade deficits with other countries and push U.S. companies to move manufacturing back to the U.S. Critics say the tariffs could cause inflation to rise and cause shortages of some products on store shelves.
Export sales for the week ended July 31:
Corn: Net sales of 170,400 MT for 2024-25, down 50% from the previous week and 71% from the four-week average. Net sales for 2025-26 totaled 3.163 MMT, topping expectations. Analysts expected sales of 200,000 to 400,000 MT for 2024-25 and 1.3 to 2.5 MMT for 2025-26.
Soybeans: Net sales of 467,800 MT for 2024-25, up 71% from the previous week and 63% from the four-week average. Net sales for 2025-26 totaled 545,000 MT. Sales topped expected sales of 100,000 to 300,000 MT for 2024-25 and 200,000 to 500,000 MT for 2025-26.
Wheat: Net sales of 737,800 MT for 2025-26, up 25% from the previous week and from the four-week average. Sales were within the range of pre-report expectations from 350,000 to 600,000 MT.
CORN: December corn futures continues yesterday’s reversal higher overnight. Bulls are eyeing a text of stiff resistance at $4.09 1/4, the 10-day moving average. Support comes in at $4.00 on a reversal lower.
SOYBEANS: November soybean futures saw late overnight strength. Bulls are looking to break above initial resistance at $9.94 1/2 before challenging the 10-day moving average at $9.97. Support comes in at $9.84 1/2 on a reversal lower.
WHEAT: December SRW futures surged higher overnight. Prices continued yesterday’s reversal and are eyeing 10-day moving average resistance at $5.41 1/4. Support comes in at $5.33 1/2 then $5.25 on a reversal back lower.
LIVESTOCK CALLS
CATTLE: Higher.
HOGS: Choppy/higher.
CATTLE: Live cattle and feeders are expected to open higher in a continuation of recent strength. Cash cattle trade continues at higher levels, underpinning futures, which remain below the cash market. August futures have shrunk that discount somewhat this week as the contract nears expiration. Wholesale beef ended Wednesday sharply higher, with Choice cutout surging $4.92 to $374.86 while Select jumped $5.42 to $351.36. USDA reported net beef export sales totaling 15,900 MT for 2025, up 88% from the previous week and 40% from the four-week average.
HOGS: Lean hog futures are expected to open with a mostly firmer tone amid spillover strength from the cattle market. Bulls were discouraged by ongoing persistent weakness in the cash cattle market, but the CME lean hog index is up 4 cents to $109.60 today, ending the string of recent losses. The index showing modest strength could encourage bulls to reduce some of the discounts seen in the deferred contracts. Pork cutout slid $2.90 to $115.22 Wednesday, led by losses in hams and loins. USDA reported net pork export sales of 31,000 MT for 2025, down 22% from the previous week but up 27% from the four-week average.