Corn is mostly 3 to 4 cents lower.
- Corn futures are lower for the third straight session amid technical selling and notions of a record crop.
- USDA reported daily sales of 128,000 MT of corn to unknown destinations during 2025-26.
- USDA rated the corn crop as 73% “good” to “excellent” and 7% “poor” to “very poor” unchanged from last week. On the Pro Farmer Crop Condition Index (CCI; 0 to 500-point scale, with 500 representing perfect), the corn crop declined less than a point to 384.8.
- World Weather Inc. reports the lower eastern Midwest, northern Delta and western Tennessee River Basin will have a good chance of drying down over the next couple of weeks.
- September corn has notched a new contract low. Support now lies at $3.78 3/4, while resistance stands at $3.88 1/2, then the 10- and 20-day moving averages.
Soybeans are chopping around unchanged, while soymeal is fractionally higher. Soyoil is around 50 points lower.
- Soybeans are waffling around unchanged as meal futures have turned from earlier highs.
- USDA rated the soybean crop as 69% “good” to “excellent,” down one percentage point from last week, and 7% “poor” to “very poor,” which was up a point on the week.
- China has recently allocated more than one billion yuan ($139.1 million) to capital Beijing and several other areas to support recovery of agriculture production hit by floods and drought, according to state broadcaster CCTV earlier today.
- Malaysia’s commodities ministry said on Tuesday it would seek to boost the allocation for palm oil replanting to 1.4 billion ringgit ($331 million) under a new five-year economic plan.
- November soybean futures are facing pressure from the 10- and 20-day moving averages, currently trading at $10.05 1/4 and $10.11 1/4, while initial support is layered at $9.88, then at last week’s low of $9.86.
Winter wheat futures are 7 to 8 cents lower while HRS futures are chopping around unchanged.
- SRW wheat futures are lower for the sixth straight session despite a weaker U.S. dollar.
- USDA rated the spring wheat crop as 48% “good” to “excellent” and 17% “poor” to “very poor.” On our CCI, the soybean crop declined a point but remains one point above year-ago. On our CCI, the spring wheat crop rating fell 1.6 points.
- European Union soft wheat exports since the start of the 2025-26 season in July were down 58% on the year, according to data from the European Commission data.
- December SRW futures have carved a fresh contract low. Support now lies at $5.28 1/4, while resistance stands at $5.37 3/4.
Live cattle and feeders are posting strong gains at midsession.
- Nearby live cattle are solidly higher amid continued support from firm cash trade.
- Cash cattle surged $3.79 last week to $243.17, scoring a new record.
- Wholesale beef values rose on Monday, with Choice up $1.10 to $364.32, while Select jumped $1.09 to $341.59. Nonetheless, packer margins remain deep in the red as strength in futures continue to outpace wholesale gains.
- August live cattle have edged to a fresh all-time high, with resistance now serving at $235.85, while initial support lies at $230.83.
Hog futures are solidly higher at midmorning.
- Nearby lean hogs have scored a more than one-month intraday high amid support from rocketing cattle futures and firmer wholesale values.
- The CME lean hog index is down another 27 cents to $109.99 as of Aug. 1.
- The pork cutout value rose 85 cents to $117.79 amid gains in all cuts aside from primal butts and loins. Movement totaled 243.9 loads.
- August lean hogs are up against resistance at $109.01, while initial support lies at the 10-day moving average of $108.04.