GRAIN CALLS
Corn: 3 to 5 cents lower.
Soybeans: Steady to 2 cents higher.
Wheat: Winter wheat 9 to 11 cents lower; HRS 7 to 9 cents lower.
GENERAL COMMENTS: Grains led weakness overnight while soybeans saw relative strength. Wheat and corn struggling to build on Friday’s strength overnight was disappointing for bulls. Outside markets are quiet this morning as the marketplace is closely watching trade negotiations. Front-month crude oil futures are modestly higher while the U.S. dollar index is around 50 points lower.
Heavy rains are expected across the Southern Plains, with active rains though lighter amounts through the Delta, Tennessee River basin and Southeast. Drier weather is expected for the Central Plains across the lower Midwest, while the upper Midwest and Northern Plains will see rain chances throughout the week.
U.S. and Chinese officials, including U.S. Treasury Secretary Scott Bessent, Secretary of Commerce Howard Lutnick, Trade Representative Ambassador Jamieson Greer and Chinese Vice Premier He Lifeng, are meeting in London today. This meeting comes as both nations work to resolve intensifying disputes over export controls and critical material flows, particularly regarding rare earth minerals and advanced technology components. The U.S. will press China to fully resume rare earth exports. Today’s session could determine whether the world’s two largest economies resume cooperation — or plunge deeper into economic fragmentation.
A U.S. trade delegation currently in India has extended its stay through Tuesday, signaling accelerating momentum in negotiations aimed at finalizing a phased trade deal before new reciprocal tariffs take effect July 9. Initially scheduled for June 5–6, the talks have reportedly gained traction, with most issues expected to be resolved within a week, according to sources familiar with the matter. The deal seeks to forestall tariffs introduced by President Donald Trump that would sharply raise duties on Indian goods. Lutnick said he’s “very optimistic” about an agreement in the near term.
CORN: July corn futures continue to trade within last week’s sideways range. Bulls are looking to hold support at $4.38 1/2, which sees little backing until last week’s for-the-move low of $4.33 1/4. Resistance stands at the 10-day moving average at $4.43 1/2, which capped gains the past couple of sessions.
SOYBEANS: July soybean futures saw relative strength overnight. Bulls are looking to topple downtrend resistance at $10.61 on continued strength, which is quickly backed by the 200-day moving average at $10.64. Support stands at $10.53 1/2 then the psychological $10.50 mark on a turn lower.
WHEAT: July SRW futures gave up most of Friday’s gain overnight. Bulls are seeking to hold support at $5.41 1/2 on continued selling pressure, which is reinforced by support at $5.39. Resistance comes in at the psychological $5.50 mark then the 100-day moving average at $5.56 1/4, which capped strength Friday.
LIVESTOCK CALLS
CATTLE: Higher.
HOGS: Higher.
CATTLE: Live cattle and feeders are expected to open higher in a continuation of Friday’s strength. Cattle futures surged to record highs Friday amid persistent strength at record prices in the cash cattle market. Steep discounts to cash are likely to limit much downside if futures do turn lower. Through Thursday, cash cattle averaged $234.16 last week, indicating the prior record of $229.94 will again be blown out of the water. Meanwhile, gains in wholesale beef prices have slowed, with Choice cutout falling $1.77 to $365.08, though Select inched 12 cents higher to $356.73.
HOGS: Lean hog futures are expected to open higher in a continuation of Friday’s push to contract highs. Cash fundamental strength continues to underpin futures, as both the CME lean hog index and pork cutout are at the highest level since August 2023. The index is up another 80 cents to $98.37 as of June 5. Pork cutout surged $3.39 to $111.51 on Friday, led by strength in hams, ribs and bellies, though all cuts posted gains on the day.