Market Snapshot | Cattle extend losses, grains firm

Corn futures are mostly unchanged at midmorning.

• Corn futures are modestly firmer as technical resistance continues to limit near-term buyer interest.
• An American Farm Bureau Federation analysis shows U.S. ag economy losses are expected to deepen in 2027. “AFBF estimates that without federal assistance, farmers growing nine principal crops will lose $32 billion (national average returns over total costs) in 2027, compared to $31 billion in 2026. On a per-acre basis, every crop analyzed is projected to remain below breakeven in 2027,” said the study.
• The condition of France’s grain maize crop deteriorated again last week, FranceAgriMer said on Friday, as exceptionally dry and hot weather continues to bite in the European Union’s largest grain producer. Ratings showed that 41% of the maize crop was in good or excellent condition by July 13, down from 47% a week earlier and 72% a year ago. Crop development was running one week ahead of average.
• Concerns are growing that the U.S. and Iran will intensify military hostilities, with the sides clashing for a sixth straight day and Tehran refusing to back down over the Strait of Hormuz. The U.S. hit southern Iran overnight, striking six road bridges, and Iran responded by firing on U.S. bases in Kuwait, Jordan and Bahrain, and on Oman’s As Salamah Archipelago.
• September corn futures are being supported by the 10- and 40-day moving averages, layered from $4.40 to $4.36. Resistance remains at the 200- and 100-day moving averages, trading at $4.52 1/2 and $4.56 1/2.

Soybeans are 6 to 7 cents higher, while meal is around $3.20 lower. Soyoil is 270 points higher.

• Soybeans are firmer amid continued export evidence and strong gains in soyoil futures.
• USDA reported daily sales of 340,000 MT to China, 256,634 MT to Mexico and 110,000 MT to unknown destinations during 2026-27.
• Argentina’s soybean processing industry is increasingly relying on imports from Paraguay to keep crushing plants running, as local farmers sell their crop at the slowest pace in years, brokerage ActivTrades said on Thursday, according to Reuters.
• August soybeans are being supported by the 10- and 100-day moving averages, trading at $11.93 and $11.73, while resistance stands at $12.04 and $12.29 1/2.

Winter wheat futures are 3 cents higher, while HRW is 9 cents higher. HRS is mostly 3 to 4 cents higher.

• SRW wheat futures are modestly firmer in corrective trade.
• An industry group expects the wheat crop in Australia’s largest grain-exporting state to shrink by almost 30% year-on-year, due to hot and dry conditions forecast over the next few months, Bloomberg reported. In its first survey of production for the 2026 crop, the Grain Industry Association of Western Australia forecast that the state will harvest 9.5 million tons of wheat. That’s down from 13.3 million tons in 2025.
• Russian Agriculture Minister Oksana Lut said on Friday that prospects for this year’s harvest were good, but she acknowledged that there were fuel concerns in all regions. She promised farmers that the state would ensure they received the fuel they needed. Andrey Sizov from the SovEcon Black Sea research consultancy told Reuters: “If there is no military solution to open up the Sea of Azov, and the situation drags on for most of the second half of the year, Russia could fall short of supplying the global market by 5 to 10 million tons of wheat.”
• September SRW futures are facing resistance at this week’s high of $6.98 1/4, which is backed by resistance at $7.00. Support lies at $6.63 and $6.52, which is backed by the 10-, 100-, 20- and 40-day moving averages.

Live cattle and feeders are lower at midsession.

• Cattle futures are lower amid continued technical selling.
• USDA at midday Thursday reported more active cash cattle trading taking place, with steers fetching $239.51 and heifers $238.66.
• Boxed beef continued lower on Thursday, with Choice down $2.90 to $368.38 and Select down $3.49 to $355.69. Movement improved to 139 loads.
• August live cattle have marked a fresh for-the-move low, with support at $225.23 and $223.39. Resistance stands at $227.87, which is backed by the 200-day moving average.

Hog futures are higher at midday.

• Lean hogs are posting solid gains amid technical buying and continued wholesale and cash support.
• The CME lean hog index is up 50 cents to $95.10 as of July 15.
• The pork cutout value rose 96 cents on Thursday to $102.42, led by gains in primal bellies and butts. Movement totaled 208.13 loads.
• August lean hogs gapped higher and scored for-the-move high. Resistance stands at $100.82 and $101.36. Support lies at $99.84, which is backed by the 10-, 20- and 40-day moving averages.