GRAIN CALLS
Corn: 1 to 3 cents higher.
Soybeans: 1 to 3 cents higher.
Wheat: 15 to 20 cents higher.
GENERAL COMMENTS: Wheat led strength overnight amid continued strikes on export infrastructure in the Black Sea. Corn and soybeans reluctantly followed wheat higher after hitting support levels early in the overnight session. Front-month crude oil futures are trading modestly lower this morning while the U.S. dollar index is around 200 points lower.
USDA reported daily export sales of 132,000 MT of soybeans for delivery to China during the 2026-27 marketing year.
U.S. personal consumption expenditures (PCE) rose 0.3% month-over-month in June, slowing from an upwardly revised 0.9% gain in May, led by sharply decreased spending in gasoline. The core PCE price index decreased 0.1% in June from a 0.3% gain in May. The annual core PCE figure, the Federal Reserve’s preferred inflation gauge, rose by 3.3% in June, well above the Fed’s target of 2.0%. After yesterday’s Federal Reserve meeting concluded with no change in interest rates, the long-end of treasury yields surged higher, indicating the Fed may have missed its shot in its fight for inflation.
President Trump Wednesday said he would be “disappointed” in China if they provided weapons to Iran, repeating assurances he said Xi Jinping had made to him that Beijing would not sell arms to Tehran, according to a Bloomberg report. Trump was asked Wednesday about a report from Reuters that Iran is expected to receive a shipment of up to 400 Chinese-made shoulder-fired missiles within weeks. “That was surprising. I mean, things like that happen, but that would be surprising,” Trump told reporters in the Oval Office. “He told me very strongly he wouldn’t partake, but he knows I’d be quite disappointed. He’s coming here, I think, on Sept. 24th,” he added, referring to Xi’s plans to visit the US for a summit later this year. Trump has previously expressed concern about potential Chinese weapons sales to Iran during the war. In April, he said Xi had told him in a letter that Beijing was not providing arms to Iran
Export sales for the week ended July 23: Corn: Net sales of 362,900 MT for 2025-26, up 9% from the previous week but down 25% from the four-week average. Colombia and Mexico led sales. Sales were below expectations ranging from 300,000 to 600,000 MT. New crop sales totaling 1.062 MMT were led by unknown destinations and Mexico. Soybeans: Net sales of 302,300 MT for 2025-26, up noticeably from the previous week and the four-week average. Egypt and Japan led sales. Sales were above expectations ranging from -200,000 to 300,000 MT. New crop sales totaled 1.333 MMT, with China and unknown destinations leading purchases. Wheat: Net sales of 285,200 MT for 2026-27, down 2% from the previous week and unchanged from the four-week average. Indonesia and the Philippines led sales. Sales were in the middle of expectations ranging from 200,000 to 500,000 MT.
CORN: December corn futures hit a fresh low before rebounding overnight. Bulls are looking to overcome resistance at $4.74 3/4 then the psychological $4.75 mark on continued strength. Support comes in at the 20-day moving average at $4.69 1/4 on a turn lower.
SOYBEANS: November soybean futures found some support at the 40-day moving average at $11.88 3/4 overnight. That level marks key support while bulls are looking to overcome resistance at $12.00 on continued strength.
WHEAT: September SRW wheat futures surged off support overnight. Bulls are eyeing resistance at the overnight high of $6.86 1/2 on continued strength. Support comes in at $6.69 1/2 then $6.57 3/4 on a reversal lower.
LIVESTOCK CALLS
CATTLE: Choppy/lower.
HOGS: Choppy/higher.
CATTLE: Live cattle and feeder futures are expected to open with a mostly weaker tone driven by technical selling pressure. Wednesday’s strength was thwarted by technical resistance, which could lead to additional selling today. Still, firm fundamental support could entice buyers to re-enter the market. Cash trade remains slow so far this week, through trade has initiated at lower prices. Choice beef fell $2.43 to $363.43, giving up the past couple days of gains.
HOGS: Lean hog futures are expected to open with a mostly firmer tone on profit-taking. Heavy selling occurred yesterday afternoon, bringing prices to the lower end of the uptrend. That could entice buyers to enter the market today. The CME lean hog index is up another 10 cents to $98.45 as of July 28, extending the string of recent gains. Pork cutout slid $2.13 to $101.78 Wednesday as all cuts saw losses on the day.