GRAIN CALLS
Corn: 1 cent lower to 1 cent higher.
Soybeans: 1 to 3 cents higher.
Wheat: 1 to 3 cents higher.
GENERAL COMMENTS: Corn, soybeans and wheat each traded in tight ranges overnight, straying little from unchanged. That is a break from the recent big swings in volatility. Given prices are near key support, bulls are looking to build off those levels today. Front-month crude oil futures are trading modestly higher this morning while the U.S. dollar index is around 75 points higher.
USDA reported daily export sales of 122,000 MT of soybeans for delivery to China for delivery during the 2026-27 marketing year.
Iran said it has reached an agreement with Oman on a proposed route for shipping through the Strait of Hormuz, a potential step toward a reopening of the critical waterway for energy supplies. “A joint statement from Tehran and Muscat is under review and in the final drafting stage, Iranian Foreign Ministry spokesman Esmail Baghaei told reporters on Wednesday, according to a post on Telegram,” said a Bloomberg report. Negotiations between the two countries are “forward-moving” and a deal would be struck “if certain third parties do not obstruct this process,” he said. Iran and Oman have been in discussions for several days about a management plan for the Strait of Hormuz, which has emerged as the focal point of the ongoing war between the U.S. and the Islamic Republic. “Baghaei didn’t mention any role for Washington, except to say the closure of the strait was a result of attacks by the U.S. and Israel. The White House didn’t respond to a request for comment on the announcement,” said the report.
Ukraine struck two of Russia’s oil refineries overnight, the Yaroslavl refinery and Bashneft’s Novoil facility. The Yaroslavl region repelled its largest-ever drone attack, with unmanned aerial vehicles destroyed overnight, and the tanks at the oil refinery were damaged due to fallen debris, said a Bloomberg report. Ukraine has intensified strikes on Russia’s downstream industry, with at least nine attacks on eight of Russia’s crude-processing plants in recent days, once again putting domestic supplies of gasoline and diesel at risk and threatening higher prices. Overnight, Russia shot down 605 Ukrainian drones over its regions, the Black Sea and the Sea of Azov, with number of repelled unmanned aerial vehicles near a record-high, according to nation’s Defense Ministry. At the same time, Russia has been attacking regions across Ukraine, including that nation’s Black Sea ports and vessels calling there.
Export sales for the week ended July 30:
Corn: Net sales of 116,700 MT for 2025-26 – a marketing year low, down 68% from the previous week and 70% from the four-week average. South Korea and Colombia led sales. Sales were below expectations ranging from 200,000 to 600,000 MT. New crop sales totaling 1.027 MMT were led by unknown destinations and Mexico. Trade expected sales between 700,000 MT and 1.2 MMT.
Soybeans: Net sales of 32,200 MT for 2025-26 – a marketing year low, down 89% from the previous week and 79% from the four-week average. Indonesia and the Netherlands led sales. Sales were below expectations ranging from 100,000 to 400,000 MT. New crop sales totaled 903,900 MMT, with unknown destinations and China leading purchases. Trade expected sales between 900,000 MT and 1.55 MMT.
Wheat: Net sales of 296,400 MT for 2026-27, up 4% from the previous week and 6% from the four-week average. The Philippines and Mexico and the Philippines led sales. Sales were in the lower end of expectations ranging from 250,000 to 450,000 MT.
CORN: December corn futures are looking to hold prices above Monday’s low of $4.58 1/4. Weakness below that mark finds support at $4.56 3/4. Resistance stands at $4.65 1/2 on a bounce.
SOYBEANS: November soybean futures pivoted near unchanged overnight. Support comes in at $11.70 then $11.67 3/4 on selling. Bulls are eyeing resistance at $11.80 then $11.87 on strength.
WHEAT: September SRW wheat futures are consolidating near recent lows. The 40-day moving average remains a key pivot at $6.43. Support comes in at $6.32 while bulls are looking to topple resistance at $6.52.
LIVESTOCK CALLS
CATTLE: Choppy/higher.
HOGS: Choppy/higher.
CATTLE: Live cattle and feeder futures are expected to open with a mostly firmer tone in a continuation of recent strength. Technical resistance limited the upside on Wednesday with the 40-day moving average capping gains in the October contract. Cash trade continues to pick up at higher prices as the week goes on, underpinning futures. Choice beef gave up some of its recent gains, falling $1.68 to $367.97 Wednesday.
HOGS: Lean hog futures are expected to open with a mostly firmer tone, supported by technical buying. While prices hit a fresh for-the-move low close, last Thursday’s low remains intact and remains a key technical benchmark. The CME lean hog index is down another 22 cents to $96.95 as of Aug. 2, a smaller decline than recent days but extending the recent slide. Pork cutout rose $1.22 to $101.05 Wednesday, led by gains in hams.