GRAIN CALLS
Corn: 1 to 3 cents lower.
Soybeans: 5 to 7 cents lower.
Wheat: Winter wheat 2 to 4 cents lower; HRS steady to 2 cents higher.
GENERAL COMMENTS: Soybeans led weakness overnight as prices broke down out of the sideways pattern that limited price action most of this week. Grains faced weakness overnight as well. Outside markets are mixed this morning. Stock futures continue to push to fresh all-time highs, front-month crude oil futures are around 40 cents higher and are building on recent strength and the U.S. dollar index is around 470 points higher.
USDA reported daily export sales of 102,870 MT of corn for delivery to Mexico, 140,000 MT of corn for delivery to South Korea and 142,500 MT of soybeans for delivery to Mexico — each during the 2025-26 marketing year.
Thursday afternoon President Trump visited the Federal Reserve and its building renovations. Trump and Powell bickered on camera over the price of the renovations. Regarding U.S. monetary policy, Trump said, “I just want to see one thing happen, very simple: interest rates have to come down.” However, Trump signaled he’s not keen on firing Powell, saying, “I think he’s going to do the right thing. Everybody knows what the right thing is.”
South Korea and the U.S. reaffirmed their commitment to reach a trade agreement ahead of the Aug. 1 U.S.-imposed deadline when U.S. tariffs are set to rise. U.S. Commerce Secretary Howard Lutnick and South Korea’s Industry Minister Kim Jung-kwan discussed sector and reciprocal tariffs Thursday, with Kim Jung-kwan emphasizing the need to ease trade barriers. Both sides agreed to strengthen manufacturing cooperation and continue discussions.
President Trump Thursday praised Australia’s decision to lift import curbs on U.S. beef amid trade negotiations between the two countries. This comes after Trump said Australia’s biosecurity measures were an unfair impediment to trade. “For a long time, and even though we are great friends, they actually banned our beef. Now, we are going to sell so much to Australia because this is undeniable and irrefutable proof that U.S. beef is the safest and best in the entire world,” Trump said on his social media platform Thursday night. Trump added that “other countries that refuse our magnificent beef are ON NOTICE.”
CORN: December corn futures gave up a portion of Thursday’s gain overnight. Stiff resistance persists at the 20-day moving average at $4.22 3/4. Support comes in at this week’s low of $4.15 3/4 on persistent weakness.
SOYBEANS: November soybean futures broke lower overnight. Prices are trading at the lowest mark in over a week, tentative support lies at $10.13 1/4. Resistance stands at $10.22 1/4 on a bounce, which is reinforced by stiff resistance at $10.27 1/2.
WHEAT: December SRW futures saw followthrough selling overnight. Bulls are seeking to maintain the recent low of $5.52 3/4, which his quickly bolstered by the psychological $5.50 mark. Resistance stands at $5.63 on a bounce.
LIVESTOCK CALLS
CATTLE: Choppy/lower.
HOGS: Choppy/higher.
CATTLE: Live cattle and feeders are expected to open with a mostly weaker tone in a continuation of yesterday’s weakness. Cash cattle trade picked up mid-week at lower prices, likely weighing on futures, though movement remains light. Traders will keep a close eye on this afternoon’s Cattle on Feed Report. Expectations call for cattle on feedlots at 99.2% of year-ago, placements are seen at 98% and marketings are seen at 96.4%. Wholesale beef saw modest strength on Thursday as Choice firmed 57 cents to $368.09 while Select climbed $1.61 to $347.00.
HOGS: Lean hog futures are expected to open with a mostly firmer tone in a continuation of recent strength. Persistent cash market strength continues to underpin futures, as the CME lean hog index is up another 72 cents to $109.95. Bulls are building momentum as prices rebound from the July 14 low though prices continue to trade well below the late June peak. Pork cutout climbed 30 cents to $117.54 on Thursday, led by strength in hams and picnics.