Corn futures are mostly 2 cents higher at midmorning.
- Corn futures have rebounded from the fresh contract low carved in early trade as bargain buyers emerge.
- USDA reported weekly corn export inspections totaled 1.637 MMT during the week ended June 11, down 377,241 MT from the previous week. Net inspections were within the pre-report range of 1.5 MMT to 2.0 MMT.
- The U.S. and Iran reached an interim agreement to reopen the Strait of Hormuz, halting their war in the Middle East. Officials from the two countries will meet Friday in Switzerland to formally sign the agreement, with key sticking points left for the next stage of talks, including the removal of sanctions and financial incentives for Iran.
- Most of the Midwest, Delta and southeastern states are going to get enough showers and thunderstorms over the next two weeks to maintain good crop development conditions, notes World Weather Inc.
- Heavy rains expected in the second half of June in Brazil’s central-south region will likely hinder agricultural activity, including corn harvest which could potentially affect crop quality, according to weather consultancy Rural Clima earlier today.
- AgRural reported the safrinha corn harvest was 8.4% complete in Brazil’s center-sough as of last Thursday. “Harvest has already begun in all states of the region, though Mato Grosso is leading the way.”
July corn futures are facing support at $4.08 1/2, while resistance is at $4.17, then at the 10-day moving average.
Soybeans are 1 to 2 cents higher, while soymeal is around $1.00 higher, and soyoil is 70 points lower.
- Soybean futures have bounced from a more than four-month low carved early on in tandem with grains.
- USDA reported weekly corn export inspections totaled 522,687 MT during the week ended June 11, up 110,565 MT from the previous week. Net inspections were within the pre-report range of 345,000 to 600,000 MT.
- India’s soybean imports surged 65% in May from the previous month to a record high, an industry body said earlier today, with supplies sourced from African countries.
- July soybeans are facing support at $11.08 1/2 and $11.03 ½, while resistance is at $11.19, which is backed by the 10- and 200-day moving averages.
Winter wheat futures are 2 to 3 cents higher, while HRS future are 3 to 4 cents lower.
- SRW wheat futures have rebounded from a near four-month low carved early on amid corrective buying and support from a weaker U.S. dollar.
- USDA reported weekly corn export inspections totaled 334,292 MT during the week ended June 11, up 10,974 MT from the previous week. Net inspections were short of the expected pre-report range of 350,000 to 550,000 MT.
- Romania, one of the European Union’s largest wheat exporters, could harvest a record wheat crop of 13.86 MMT this year if moderate rain continues and storm damage remains limited ahead of harvest, according to commodity analysis firm, Argus.
- July SRW futures are facing support at the 200-day moving average, trading at $5.76 1/2, while resistance stands at $5.92 ½, which is backed by the 100-day moving average, which coincides with psychological resistance at $6.00.
Live cattle and feeders are higher at midmorning.
- Cattle futures are posting gains to kick off the week, but remain limited by technical resistance.
- The USDA Animal and Plant Health and Inspection Service (APHIS) on its NWS website now reports 12 total New World screwworm detected cases, in Texas and New Mexico. “U.S.’s screwworm fix is still a year away, risking more spread.” That’s a weekend news headline from Bloomberg.
- JBS, the world’s largest meatpacker and the largest U.S. beef processor by volume, announced Friday it plans to close a plant in Souderton, Pennsylvania, in response to short cattle supplies.
- Boxed beef values slipped on Friday, with Choice down $1.28 to $391.93 and Select down 53 cents to $372.72. Movement was light at 77 loads.
- August live cattle are trading between the 40- and 100-day moving averages, trading at $236.32 and $233.92. Additional resistance stands at $237.67, while further support lies at the 20- and 10-day moving averages.
Hog futures are weaker at midday.
- Lean hog futures are mostly weaker, though nearby futures are being supported by a jump in cutout last week.
- The CME lean hog index is down 15 cents to $92.75 as of June 11.
- The pork cutout value rose $2.92 on Friday to $97.39, led by a near $13 gain in primal butts. Movement totaled 333.1 loads.
- August lean hogs are trading within Friday’s upper range, limited by resistance at the 10-day moving average of $96.98. Initial support lies at $95.09.