GRAIN CALLS
Corn: 1 cent lower to 1 cent higher.
Soybeans: 5 to 7 cents higher.
Wheat: 2 to 4 cents higher.
GENERAL COMMENTS: Corn, soybeans and wheat each hit a fresh for-the-move low overnight. Each rebounded from losses and went into the break higher, with wheat staging the biggest bounce. Front-month crude oil futures are higher this morning and continue to price in doubt surrounding a U.S. deal with Iran. The U.S. dollar index is up around 225 points higher and near recent highs.
USDA reported daily export sales of 136,000 MT of corn for delivery to South Korea during the 2026-27 marketing year.
U.S. forces intercepted Iranian ballistic missiles and drones aimed at neighboring Middle East countries and struck a command center in Iran in response. The exchange followed days of Israeli military escalation against Iran-backed Hezbollah in Lebanon, prompting a phone call between President Donald Trump and Israeli Prime Minister Benjamin Netanyahu that was reportedly intense. Tensions remain high after the U.S. attacked Iranian radar and command-and-control sites, with Iran trying to target an air base in retaliation and the U.S. and Israel having different ideas about what an end to the war should look like. “The U.S. president also faces the challenge of convincing observers — including oil-market traders — that he can break the conflict’s recurring cycle of escalation and diplomacy,” Bloomberg reported.
A New World Screwworm case was found in Mexico just 25 miles from the U.S. border, USDA Secretary Brooke Rollins said Tuesday. The detection of the flesh-eating parasite in a five-year old goat in Mexico’s Coahuila state is the closest confirmed case to the U.S. border during the most recent outbreak, Reuters reported. The detection came after USDA last Friday said a case of NWS had been found in a sheep in Mexico 31 miles from the U.S. border. The U.S. border with Mexico has been closed to cattle imports since July due to the screwworm outbreak, a factor that has helped drive up prices for feeder and live cattle.
The U.S. is proposing new tariffs of at least 10% on imports from 60 trading partners “in President Trump’s biggest move to rebuild his protectionist wall since his earlier levies were struck down by the Supreme Court,” Bloomberg reported. Following an investigation into how trade partners handle goods allegedly produced by forced labor, a 10% tariff rate would apply to imports from Canada, Mexico, the European Union, Taiwan and the UK, among other places, according to a statement late Tuesday from the Office of the U.S. Trade Representative. Products from other major economies, including China, India, Japan, South Korea, Brazil and Switzerland, would be subject to a 12.5% levy. USTR said it was imposing the lower rate on goods from economies that impose prohibitions on forced labor imports or have committed to doing so. Beijing denied the allegations and criticized Trump’s move.
CORN: July corn futures hit a fresh for-the-move low overnight. Bulls are eyeing resistance at $4.45 on a push higher. Support comes in at the overnight low of $4.37 1/4 on a reversal lower.
SOYBEANS: July soybean futures are up modestly. Resistance stands at the psychological $11.75 mark on continued strength, which is backed by the 10-day moving average at $11.84 1/4. Support comes in at the overnight low of $11.61 1/2 on a turn back lower.
WHEAT: July SRW wheat saw modest strength overnight.Support comes in at the overnight low of $5.97 on another push lower. Resistance stands at $6.06 then $6.15 on continued strength.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Choppy/lower.
CATTLE: Cattle futures are expected to open with a mostly firmer tone. The 100-day moving average limited the downside on Tuesday and remains firm support today. Cash trade initiated at $255.00 this week, modestly below last week’s average of $256.86. Choice beef rose $1.24 to $394.07 Tuesday. Bulls are eyeing cutout for strength.
HOGS: Hog futures are expected to open with a mostly weaker tone as technical resistance persists above the market. Staunch resistance stands at $102.15, the 20-day moving average. Resistance near that mark limited gains last week. Pork cutout poked above the $100-mark Tuesday, rising 84 cents to $100.59. Gains in bellies and ribs led cutout higher. The CME lean hog index is up 29 cents to $91.65 as of June 1.