GRAIN CALLS
Corn: 2 to 4 cents lower.
Soybeans: 3 to 5 cents lower.
Wheat: 4 to 6 cents lower.
GENERAL COMMENTS: Corn, soybeans and wheat each favored the downside in overnight trade. Corn and soy gave up some of Monday’s gains while wheat continues to see relative weakness. Outside markers are mixed this morning as front-month crude oil futures are solidly higher while the U.S. dollar index is up around 75 points.
The U.S. and Iran exchanged strikes for a 10th consecutive day Tuesday, even as mediators sought to revive a truce, while the Houthi militant group in Yemen threatened shipping in the Red Sea, Bloomberg reported. “The U.S. Central Command said military command centers, launch sites and air defenses in Iran were targeted, and Iran attacked U.S. military sites in Kuwait and Jordan. The U.K. navy reported strikes on two vessels around the Strait of Hormuz,” said the report. “Every time Iran kills an American soldier they will pay for that killing many times over!” Trump wrote in a social media post. Mediators are scrambling to revive the truce after the June 17 accord unraveled.
USDA Monday afternoon reported U.S. corn and soybean crop condition ratings continued to hang in there despite recent hot, dry weather in the northwest Corn Belt and the Plains. The agency said 67% of the corn crop was rated good to excellent as of Sunday, down just a point from the previous week and a point above the average trade estimate of 66%. The crop was rated 74% good to excellent at this time last year. The Pro Farmer Crop Condition Index (on a 0-to-500 scale, with 500 being perfect) offers a single, weighted number to help track growing conditions. The CCI for corn showed a 0.99 point decline. Most of the Corn Belt saw minor improvements, while areas outside of the core growing region saw declines that slightly outweighed those improvements. USDA said 66% of the soybean crop was rated good to excellent, up a point from last week and defying analyst expectations for a drop to 64%. The CCI rating rose 2.11 points from last week as well. The largest increases noted in Iowa (up 1.24 points) and Illinois (up 0.93 points) did most of the heavy lifting, with other Midwestern states seeing minor improvements. USDA said 53% of the U.S. spring wheat crop was rated good to excellent, down from 58% a week ago and coming in below the average guess of 56%. The CCI for spring wheat also fell 7.86 points. Higher temperatures in Montana and North Dakota finally showed in condition ratings this week, with warm weather in the northern Plains causing stress to the crop. For more details on this week’s Pro Farmer CCI readings, click here.
Our crop consultant, Dr. Michael Cordonnier, this week lowered his 2026 U.S. corn yield by 1.0 bushel to 181.0 bu/ac with a neutral-to-lower bias. “Temperatures last week were record or near record high across most of the northern Corn Belt with limited rainfall. The high daytime and nighttime temperatures are probably trimming potential corn yields.” Meantime, Cordonnier reduced his 2026 U.S. soybean yield was by 0.5 bushel this week, to 52.0 bu/ac with a neutral-to-lower bias. “Weather forecasts for this week are calling for cooler temperatures across the Corn Belt, with hotter temperatures returning next week across the western Corn Belt, but extreme heat is not expected in most corn and soybean areas,” he said in his report.
CORN: December corn futures gapped lower overnight. Support comes in at $4.66 on persistent selling, a key pivot. Bulls are looking to topple resistance at yesterday’s high of $4.76 on a turn back higher.
SOYBEANS: November soybean futures are consolidating near $12.25. Bulls are eyeing yesterday’s high of $12.32 on a push higher, which is backed by resistance at $12.41. Support comes in at $12.15 then $12.07 1/4 on profit-taking.
WHEAT: September SRW wheat futures are trading modestly lower this morning but are still above last Friday’s low, which remains support at $6.66 1/2. Additional support comes in at $6.55 1/2. Bulls are eyeing resistance at $6.75 then yesterday’s high of $6.92 1/4 on a bounce.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Choppy/lower.
CATTLE: Live cattle and feeder futures are expected to open with a mostly firmer tone in a continuation of yesterday’s bounce. Prices are still near-term oversold so additional corrective strength is possible. Last week’s five-area cash cattle average slid nearly $10 to $238.28. Basing in futures could limit the downside in cash, but futures remain well below the cash market. Choice beef rose $3.29 to $370.10 Monday, though movement was light at 77 loads.
HOGS: Lean hog futures are expected to open with a mostly weaker tone in a continuation of yesterday’s selling pressure. Prices remain in the upper end of the ongoing uptrend, which could entice additional profit-taking, though bulls remain in full control of the technical advantage. The CME lean hog index is up another 51 cents to $96.16 as of July 17, extending the string of recent gains. Pork cutout slid $1.31 to $103.10 Monday, led by losses in bellies and hams.