Corn futures are 3 to 4 cents lower at midmorning.
- Corn futures are weaker for the fifth straight session, with nearby futures carving a fresh contract low.
- President Trump expressed confidence that Washington and New Delhi will strike a long-awaited trade agreement after negotiators wrapped up a fresh round of talks this week, said a Bloomberg report.
- India is set to launch a new high-ethanol fuel blend, called E85, which will contain about 85% ethanol and pollute less than its conventional counterparts. The new blend will be initially sold at 50 pumps in the country, and its wider adoption may depend on E85 fuel being priced competitively against E20 gasoline.
- Southern Safrinha corn areas of Brazil have been trending drier recently. Northern Safrinha crop areas are dry and crops are filling, maturing and beginning to be harvested. Some rain next week and near mid-month may delay early season harvesting in the north and may benefit late maturing crops in the south, notes World Weather Inc.
July corn futures are facing support at the fresh contract low of $4.19 ¼, which is backed by psychological support at $4.00. Initial resistance stands at $4.30 1/4.
Soybeans are unchanged to a penny lower, while meal futures are around $2.50 lower. Soyoil is around 30 points lower.
- The soy complex is collectively weaker amid continued fund liquidation.
- USDA reported daily sales of 190,000 MT of soybean meal during the 2025-26 marketing year.
- Late season planting in the United States is advancing well around periods of rainfall. A favorable mix of weather is expected to prevail through next week supporting fieldwork of all kinds and crop development, according to World Weather.
- July soybeans are facing resistance at the 200-day moving average, trading at $11.37 1/4, which is backed by the 100-, 10-, 20- and 40-day moving averages. Support is layered at $11.20 1/2, $11.14 3/4 and $11.00.
Winter wheat futures are mostly unchanged to 3 cents lower while HRS futures are around a penny higher.
- SRW wheat futures are modestly weaker, with pressure stemming from a stronger U.S. dollar in the wake of favorable jobs data released earlier today.
- The condition of major cereal crops in France worsened last week during a record-breaking heatwave in the European Union’s largest grain producer, data from farm office FranceAgriMer showed on Friday.
- Ukraine’s deputy minister, Taras Vysotskiy said the ministry expected the 2026 grain harvest could total 60 million metric tons, almost the same as in 2025. Ukraine is a major European exporter of grain and oilseeds, with corn and wheat dominating the planted area
- July SRW futures are facing support at the 200-day moving average of $5.75 3/4, while resistance is at the 100-day, trading at $5.88 1/2.
Live cattle and feeders are posting strong gains at midsession.
- Live cattle and feeders are posting solid followthrough gains amid NWS uncertainties.
- Choice boxed beef fell $3.20 on Thursday to $392.66, while Select fell $1.39 to $383.04. Movement improved to 128 loads.
- USDA Secretary Brooke Rollins on Thursday afternoon said her agency is working to contain New World screwworm after a case was detected in Texas and which could impact the U.S. meat industry and the domestic cattle herd. The agency is implementing quarantines, movement controls and surveillance in a zone around the detection site to prevent a bigger outbreak, which depends on fencing in the screwworm fly.
- August cattle futures are facing initial resistance at $244.55, which is backed by $247.59. Support lies at the 10-day moving average of $240.49, which is backed by the 100-day moving average.
Hog futures are lower at midmorning.
- Lean hog futures are notably weaker amid technical and wholesale pressure.
- The CME lean hog index is up 26 cents to 92.51 as of June 3.
- The pork cutout value fell another 38 cents to $98.13 on Thursday. Movement totaled 222.7 loads.
- August lean hogs continue to face resistance at the 10-day moving average of $99.22, which is backed by the 20- and 200-day moving averages. Initial support lies at this week’s low of $96.175.