Corn futures are mostly 5 to 6 cents lower at midmorning.
- Corn futures are correctively weaker following strong early-week gains.
- The U.S. launched strikes on Iran early today, hours after it revoked a license authorizing the sale of Iranian oil in retaliation for what the U.S. said were Tehran’s attacks on ships in the Strait of Hormuz. Iran hit back with strikes on Bahrain and Kuwait. President Trump said later that the interim agreement with Iran was “over” but he would allow talks to continue.
- World Weather Inc. reports U.S. crops vary greatly from drought stress in the Carolinas and a part of the far northwestern Corn Belt to excessively wet in some central Midwest locations. The coming week of weather will provide some rain and sunshine while maintaining seasonably warm temperatures. The end result should be mostly good for summer crops, although there is potential for some heavy rainfall in the lower eastern Midwest.
- USDA is accepting 2.2 million acres into the Conservation Reserve Program (CRP) for 2026, said an agency press release Tuesday. “Producers and landowners submitted offers on nearly 2.5 million acres through the General, Grassland and Continuous CRP signups.
- Safrinha corn harvesting in center west Brazil should advance well this week, but rain next week may briefly slow farming activity, notes World Weather.
- September corn futures are facing resistance from the 200- and 100-day moving averages, layered at $4.67 and $4.73 ¼, while support lies around $4.54 and is backed by the 40-, 10- and 20-day moving averages.
Soybeans are unchanged to 4 cents higher, while meal is around $5.00 lower. Soyoil is around 220 points higher.
- Soybeans are modestly firmer after posting a fresh for-the-move high early on, with support from a flash sale to China.
- USDA reported daily sales of 472,000 MT of soybeans for delivery to China. Of the total, 136,000 MT is for 2025-26 and 336,000 MT is for 2026-27.
- Malaysian palm oil futures on Wednesday traded above MYR 4,550 per MT, rebounding from the prior session’s lull as a weaker ringgit and strength in Dalian and Chicago edible oil markets lent support. Exports also lifted sentiment, with cargo surveyors estimating July 1–5 palm oil shipments rose between 10.6% and 11.1% from the same period in June.
- August soybeans are facing resistance from the May 13 high of $12.29 ½, while support lies at $11.78, which is backed by the 100- and 40-day moving averages.
Wheat futures are a penny to 4 cents lower.
- SRW wheat futures have turned from the earlier high amid technical pressure at the 100- and 40-day moving average.
- Net drying is expected to evolve in the northern U.S. Pains and southern parts of Canada’s Prairies over the next week with some unusually warm weather expected, which may lead to rapid soil moisture depletion and a little crop stress in time, according to World Weather.
- Argentina’s planting has been advancing well and little change is anticipated. Southern Brazil wheat planting has advanced slowly around waves of rain and this trend will continue, notes World Weather.
- September SRW futures have tested resistance at the 100- and 40-day moving averages, with greater resistance serving at the May 14 high of $7.00. Support lies at $6.09 ¼, which is backed by the 20-, 10- and 200-day moving averages.
Live cattle and feeders are notably lower at midsession.
- Cattle futures are extending recent losses, with feeders breaching key support at the 100- and 40-day moving averages.
- The USDA Animal and Plant Health and Inspection Service (APHIS) on its NWS website is reporting 32 total New World screwworm detected cases in the U.S. the past 30 days and all still in Texas and New Mexico. There are 18 active cases, all still in Texas.
- Choice boxed beef fell 71 cents to $385.77 on Tuesday, while Select rose 2 cents to $365.89. Movement improved to 128 loads.
- August live cattle are facing pressure from the 100-day moving averages of $239.59, while support lies at $234.27, which is backed by the June 4 low of $233.975.
Hog futures are posting solid gains at midday.
- Nearby lean hogs are posting solid gains but are trading sideways in consolidative trade.
- The CME lean hog index is up 11 cents to $91.66 as of July 6.
- The pork cutout value rose $1.66 on Tuesday to $97.91, led by gains in primal bellies and hams. Movement totaled 341.2 loads.
- August lean hogs are holding a range between the 40- and 20-day moving average, trading at $98.91 and $96.77.