News
Cattle futures expected to open higher, hogs lower.
Corn rebounded from fresh contract lows, while soybeans bounced from a drop below $10.
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Cut to ending stocks fails to spark corrective buying in corn, as traders remain focused on favorable weather.
An exclusion for goods covered by USMCA was expected to stay in place and 10% tariffs on energy and fertilizer were also expected to remain at that level.
Weather conditions are expected to remain favorable through at least the end of July.
Corn, soybeans and wheat traded on both sides of unchanged during the overnight session but are mildly weaker early this morning.
Cash cattle prices have retreated from recent record levels but remain at historic highs.
CPC puts nearly 90% odds of neutral conditions lasting through August and 56% chances they will persist until October.
Drought covers 35% of spring wheat areas, but only minor levels for corn, soybeans and cotton.
Brazil threatens reciprocal measures to Trump’s planned tariffs.
Traders failed to respond to strong weekly export sales reported near the end of overnight trade, signaling focus remains on weather.
Corrective buying in wheat futures early this morning helped pull corn and soybeans off their overnight lows.
Basis is better than average for SRW, but well below average for HRW.
Starting July 10, farmers who suffered eligible crop losses in 2023 and 2024 can apply for Supplemental Disaster Relief Program assistance.
Weather remains favorable, if not ideal, for crop development, while trade uncertainty also continues to hang over markets.
Corn and soybeans tried to work higher on corrective buying at points overnight but favorable weather and trade uncertainties kept buyer interest limited.