GRAIN CALLS
Corn: Steady to 2 cents lower.
Soybeans: 5 to 7 cents lower.
Wheat: SRW 3 to 5 cents lower; HRW 1 to 3 cents lower; HRS steady to 2 cents higher.
GENERAL COMMENTS: Corn opened lower overnight but have since bounced and are well off session lows. Soybeans led weakness overnight after gapping lower, with wheat following to the downside. Reports of continued precip and cooling temps have disparaged any positive trade news. Outside markets are mixed this morning as front-month crude oil futures are modestly higher, continuing the recent bounce, while the U.S. dollar index is around 550 points higher and building bullish momentum.
USDA reported daily sales of 225,000 MT of corn for delivery to Mexico during the 2025-26 marketing year. USDA also reported daily sales of 229,000 MT of corn for delivery to unknown destinations, with 35,000 MT for shipment in 2024-25 and the remaining 194,000 MT for 2025-26.
AgRural reported Brazil’s second corn harvest as 68% completed as of last Thursday. That is up from 55% a week ago but continues to run well above year-ago at 91% completed. The agribusiness consultancy firm noted that “yields remain high, reinforcing expectations for a record crop.” Last week, the firm raised their expectation for the corn crop to 136.3 MMT.
The United States and the European Union over the weekend agreed on a trade deal that will see the EU face 15% tariffs on most of its exports to the U.S., including automobiles, to avoid a trade war with the U.S. The deal was announced by President Trump and European Commission President Ursula von der Leyen, who said the deal would bring “stability” and “predictability.” The EU agreed to purchase $750 billion in U.S. energy products and invest $600 billion in the U.S., among other commitments, as part of the deal. “This is the biggest deal ever made,” said Trump. European stock markets rallied Monday following the news, with U.S. stock indexes also pointed to firmer openings when the New York day session begins. The U.S. dollar index was showing solid gains and the Euro currency solid losses in the wake of the trade deal.
The U.S. and China are expected to extend their tariff truce by another three months, reported the South China Morning Post over the weekend. The world’s two largest economies will not impose additional tariffs on each other during the extension, according to the newspaper. The current pause was set to end on Aug. 12. The report comes ahead of trade talks between U.S. Treasury Secretary Scott Bessent and Chinese Vice Premier He Lifeng, scheduled to start today in Stockholm, Sweden.
The National Weather Service reports much of Iowa, southeastern Nebraska, eastern Kansas and southern Illinois will experience extreme heat today before the heat wave begins to break down late Tuesday. Today’s heat indexes in the aforementioned regions could reach around 105°F to 110°F, with some locations nearing 115 °. Heat continues in the South on Tuesday. Livestock stress in the regions is likely. World Weather late Sunday reported U.S. crop weather will turn notably cooler than usual later this week and a little warmer next week. “Alternating periods of rain and sunshine are likely in the Midwest through the next 10 days and possibly two weeks. The cool weather and occasional precipitation will ensure good soil moisture and crop development potential,” said the forecaster.
CORN: December corn futures saw modest selling pressure overnight. Sustained selling pressure was short-lived and prices are well off early session lows. Support comes in at $4.14 3/4 on another turn lower. Resistance stands at $4.20 then $4.22 1/2.
SOYBEANS: November soybean futures gapped lower overnight. Tentative support comes in at $10.13 1/4, while additional selling finds support at $10.05. Resistance comes in at $10.21 1/2 on resurgent strength.
WHEAT: December SRW futures are trading near recent lows. Support stems from the psychological $5.50 mark then the May 13 low of $5.43 3/4. Resistance stands at $5.61 1/4 on a bounce.
LIVESTOCK CALLS
CATTLE: Higher.
HOGS: Choppy/higher.
CATTLE: Live cattle and feeders are expected to open higher following Friday’s friendly Cattle on Feed Report. USDA data indicated cattle and calves on feed on large feedlots (greater than 1,000 head) totaled 11.1 million head on July 1, 2025, down 2% from year-ago. Placements in feedlots during June 1 totaled 1.44 million head, down 8% from 2024. Marketings of fed cattle during June totaled 1.71 million head, 4% below year-ago. Each category came below pre-report expectations. That could offset some of the weakness seen ahead of Friday’s report, as cash cattle and wholesale beef were both favoring the downside earlier in the week. The Cold Storage Report from USDA noted a larger than normal drawdown in beef stocks in June, indicating record beef prices did little to deter consumers.
HOGS: Lean hog futures are expected to open with a mostly firmer tone in a continuation of recent strength. Choppy action in cash fundamentals could limit buyer interest after the open. Friday afternoon’s USDA Cold Storage Report showed pork stocks totaling 422.3 million lbs., down 28.5 million lbs. from May. That was more than the five-year average decline of 16.9 million lbs. Pork stocks declined 52.7 million lbs. from June 2024 and were 59.0 million lbs. below the five-year average. The CME lean hog index is up another 33 cents to $110.28 as of July 24. Pork cutout climbed $1.32 to $118.86 Friday, led by strength in ribs, though butts and loins saw robust gains as well.