GRAIN CALLS
Corn: 5 to 7 cents lower.
Soybeans: 2 to 4 cents lower.
Wheat: 19 to 22 cents lower.
GENERAL COMMENTS: Selling efforts surged around 6:00 a.m. CT this morning across the grain and soy complex this morning with wheat leading the way lower. Bulls remain in control of the technical advantage across the board, but wheat is at risk of giving up that advantage. Front-month crude oil futures are trading lower this morning, back below $90/barrel. The U.S. dollar index is trading around 60 points higher.
President Trump said he’s considering a “massive attack” on Iran to push the nation to negotiate a peace deal. Trump told Axios in an interview that he was “close to making a decision” on attacks that would be “bigger than ever before.” Iran isn’t ready to make a deal and “they haven’t received enough pain yet,” Trump was reported as saying, according to Bloomberg. “The president’s remarks underscore the bind he finds himself in after renewed fighting caused an interim peace deal to collapse and all but closed the Strait of Hormuz,” the Bloomberg report said. In a Truth Social post Thursday, Trump threatened “major military punishment” on Iran and the Houthi militant group it backs in Yemen if they target commercial ships. The Houthis claimed strikes on Saudi oil tankers this week, opening a new front in a conflict that has driven crude oil prices higher.
The U.S. said it will collect duties of between 10% and 12.5% on imports from most major trading partners, following an investigation into the alleged failure of around 60 economies to prevent forced labor in their supply chains. Goods from some trading partners deemed to have adopted forced-labor restrictions will be subject to 10% tariffs, including Mexico, the U.K., Canada and India, while duties on items from the European Union and Taiwan won’t exceed 10%. The rates under the new authority took effect 12:01 a.m. EDT today, with certain exemptions, such as for products that can’t be produced in the U.S. or where tariffs would cause economy-wide disruptions.
The Wheat Quality Council’s spring wheat and durum tour ended Thursday with the final three-day total weighted average yield estimate of 48.0 bushels per acre of 238 fields surveyed over three days. The average spring wheat yield of 218 fields was at 48.0 bu./ac. and the average durum yield of 20 fields was at 48.2 bu./ac. In the 2025 tour, the final average yield estimate was 48.3 bu./ac., with an average spring wheat yield of 49.0 bu./ac. and an average durum yield of 37.0 bu./ac.
CORN: December corn futures turned lower overnight. Bulls are looking to hold support at $4.80 then $4.75 on persistent selling. Bulls are eyeing resistance at $4.87 1/2, yesterday’s for-the-move high close, then $4.90 on a push higher.
SOYBEANS: November soybean futures hit a for-the-move high overnight before reversing lower. Support stands at $12.40 then $12.22 3/4 on persistent selling pressure. Resistance stands at the psychological $12.50 mark on a reversal higher.
WHEAT: September SRW wheat futures saw sharp losses overnight. Bulls are still in control of the technical advantage, but need to keep prices above $6.70 on a closing basis. Failure below which targets support at $6.54. Resistance stands at $6.85 then the psychological $7.00 mark 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 strength. Still, weakness in the cash market could undercut futures. Despite futures being up on the week, cash cattle trade picked up at sharply lower prices, averaging $230.26 thus far. Trade picked up ahead of this afternoon’s reports unexpectedly. Choice beef continues to slide as well, falling another 63 cents to $362.87 Thursday.
HOGS: Lean hog futures are expected to open with a mostly weaker tone amid technical selling. Prices ran into this week’s highs and stalled yesterday, those levels will remain key resistance. Cash market gains could help propel futures higher, but premiums to the cash market and a short runway could limit the upside in August futures. The CME lean hog index is up another 40 cents to $97.48 as of July 22. Pork cutout meanwhile rose 98 cents to $104.48 Thursday, led by gains in bellies.