GRAIN CALLS
Corn: 1 to 3 cents lower.
Soybeans: Steady to 2 cents lower.
Wheat: SRW 1 to 3 cents lower; HRW steady to 2 cents higher; HRS steady to 2 cents higher.
GENERAL COMMENTS: Corn, soybeans and wheat struggled to maintain early overnight bullish momentum and saw an increase in selling pressure going into the break this morning. Solid export sales across the commodities this morning did little to spur buyer interest. Outside markets are mixed this morning as stocks are poised to open at all-time highs, front-month crude oil futures are facing modest profit-taking while the U.S. dollar index is around 100 points higher.
USDA reported daily corn sales of 100,000 MT for delivery to Colombia, 140,000 MT for delivery to South Korea and 136,000 for delivery to unknown destinations – each for the 2025-26 marketing year. USDA reported daily sales of 100,000 MT of HRW wheat for delivery to Nigeria during the 2025-26 marketing year.
Federal Reserve Chairman Jerome Powell shrugged off pressure from the White House and rejected arguments for an interest-rate cut from two dissenting Fed officials, saying the U.S. central bank needs to stay on guard against any problematic inflation. The Federal Open Market Committee voted to hold interest rates steady for a fifth consecutive meeting. However, this week’s meeting saw the first double dissent from Fed governors in more than 30 years. During his press conference, Powell said the Fed is well-positioned for now, given uncertainties surrounding U.S. tariffs and their economic impact. His comments were balanced, tempering expectations for a September rate cut, but not ruling out a cut at that time. Markets showed no major reactions to the FOMC/Powell news.
President Trump Wednesday announced tariffs of 15% on imports from South Korea, the same as neighboring Japan, and stronger 25% tariffs on imports from India that was accompanied by Trump criticizing Indian purchases of Russian energy and weapons. Trade deals are in the offing for Thailand and Cambodia. A deal with Taiwan was also being drafted as the two sides reached “a certain degree of consensus,” Bloomberg reported. Malaysia’s prime minister said Trump told him he’ll announce a levy Friday. These latest tariff moves come on the eve of an Aug. 1 U.S.-imposed trade-deal deadline. Trump has said U.S. tariff rates globally will come in from 15% to 50%, unless deals are made with other countries before Aug. 1.
Export sales for the week ended July 24:
Corn: Net sales of 340,900 MT for 2024-25, down 47% from the previous week and 46% from the four-week average. Net sales for 2025-26 totaled 1.892 MMT. Analysts expected sales of 200,000 to 800,000 MT for 2024-25 and 600,000 MT to 1.6 MMT for 2025-26.
Soybeans: Net sales of 349,200 MT for 2024-25, up noticeably from the previous week and 4% from the four-week average. Net sales for 2025-26 totaled 429,500 MT. Analysts expected sales of 100,000 to 300,000 MT for 2024-25 and 100,000 to 600,000 MT for 2025-26.
Wheat: Net sales of 592,100 MT for 2025-26, down 17% from the previous week but steady with the four-week average. Sales were within the range of pre-report expectations from 300,000 MT to 700,000 MT.
CORN: December corn futures continue to trade within Tuesday’s range. Bulls are looking for a break above $4.15 resistance to establish some momentum, while a break below support at $4.09 1/4 would have bears eyeing key support at $4.00.
SOYBEANS: November soybean futures struggled to maintain early overnight bullish momentum. Support stands at $9.90 on persistent selling pressure, while bulls are seeking to reclaim psychological $10.00 resistance.
WHEAT: December SRW futures are trading fresh contract lows. Tentative support comes in at $5.40 with further selling finding support at $5.33 1/2. Resistance stands at $5.45 then the psychological $5.50 mark.
LIVESTOCK CALLS
CATTLE: Higher.
HOGS: Choppy/higher.
CATTLE: Live cattle and feeders are expected to open higher in a continuation of Wednesday’s record-breaking strength. Fats and feeders surged to record highs on Friday in anticipation of continued record strength in the cash cattle market. Cash cattle trade remains light so far this week with just 415 head trading hands in the negotiated market, but so far prices have averaged $240. Packers will have fresh contracted supplies at the end of the week, which could be limiting willingness to negotiate, along with margins deep in the red. Boxed beef continues to fall under pressure, with Choice falling $2.20 to $361.99 Wednesday while Select slid $1.57 to $340.91. USDA reported net beef sales totaling 8,500 MT for 2025, down 49% from the previous week and 30% from the four-week average.
HOGS: Lean hog futures are expected to open with a mostly firmer tone, supported by technical buying. August lean hogs found support at the 40-day moving average Wednesday which should continue to support prices today. The August contract is trading well below the cash index, which is likely to limit the downside on any continued selling pressure. The CME lea hog index is up another 6 cents to $110.51 as of July 29. Cutout rose 15 cents to $116.00 Wednesday, led by gains in picnics and bellies. USDA reported net pork sales totaling 39,500 MT for 2025, up noticeably from the previous week and 85% from the four-week average.