Corn futures are mostly 15 to 17 cents higher at midmorning.
- Corn futures have notched a more than one-month high as funds cover shorts as weather concerns raise uncertainty around global production.
- USDA reported weekly corn inspections totaled 1.642 MMT during the week ended July 2, down 175,150 MT from the previous week. Net inspections topped analysts’ pre-report range of 1.3 to 1.6 MMT.
- Ratings for France’s corn crop plunged to their lowest level in 13 years after last week’s record heatwave, according to official data, with continued hot, dry weather threatening further damage to this year’s harvest, reports Reuters.
- Farmers in Brazil’s center-south had harvested 30% of their 2026 second corn crop as of last Thursday, according to AgRural. That was up 8 percentage points from the previous week and 2 points ahead of the same week last year.
- September corn futures are facing support at the 20- and 10-day moving averages, trading at $4.42 and $4.40, while the next area of resistance is at $4.60, which is backed by the 40-, 200- and 100-day moving averages.
Soybeans are 46 to 48 cents higher, while meal is around $9.50higher. Soyoil is more than points higher.
- Soybeans are posting strong gains amid improving trade prospects.
- USDA reported weekly soybean export inspections totaled 528,350 MT during the week ended July 2, up 84,530 MT from the previous week. Net inspections were near the upper end of analysts’ pre-report range of expectations from 300,000 to 600,000 MT.
- China and the U.S. have agreed in principle to include agricultural products in a reciprocal tariff reduction framework following recent talks, China’s Ministry of Commerce said in a statement last Thursday.
- August soybeans are testing resistance at the 40- and 100-day moving averages, layered at $11.61 and $11.69 1/4. The 10- and 20-day moving averages, each trading around $11.00, are serving as support.
Wheat futures are 7 to 11 cents higher.
- SRW wheat futures are firmer for the third straight session despite a firmer U.S. dollar.
- USDA reported weekly wheat inspections totaled 133,652 MT during the week ended July 2, down 263,909 MT from the previous week. Net inspections were short of analysts’ pre-report range of expectations from 300,000 to 500,000 MT.
- Saudi Arabia purchased 661,000 MT of wheat in its fourth tender this year, the General Food Authority (GFSA) said on Monday. Delivery is scheduled from September through October, according to GFSA.
- September SRW futures are being supported by the 20- and 10-day moving averages, trading just below psychological support at $6.00. Initial resistance is at $6.09 3/4, and is backed by the 100- and 40-day moving averages.
Live cattle are modestly weaker while feeders are posting heftier losses at midsession.
- Live cattle futures continue to post losses and are trading below the 100-day moving average.
- The USDA Animal and Plant Health and Inspection Service (APHIS) on its NWS website is reporting 30 total New World screwworm detected cases in the U.S. the past 30 days. There are now 18 active cases, all in Texas.
- Boxed beef slid on Thursday, with Choice down $4.19 to $387.07 and Select down $2.26 to $67.4. Movement totaled 112 loads.
- August live cattle are facing initial support at $238.90 and $238.575, while resistance stands at $241.325, which is backed by the 40- and 20-day moving averages.
Hog futures are mixed at midday.
- Nearby lean hogs are posting gains amid continued technical buying and support from firmer cash and wholesale fundamentals.
- The CME lean hog index is up 19 cents to $91.67 as of July 1.
- The pork cutout value rose 35 cents on Thursday to $96.06, led by gains in primal picnics. Movement totaled 22.6 loads for the day.
- August lean hogs are being limited by resistance at last week’s high of $99.175, which is backed by the 40-day moving average. Support lies at $98.192 and is backed by the 10- and 20-day moving averages.