Corn futures are mostly unchanged at midmorning.
- Corn futures are modestly weaker, with pressure from weakness in SRW futures.
- Iran said it has reached an agreement with Oman on a proposed route for shipping through the Strait of Hormuz, a potential step toward a reopening of the critical waterway for energy supplies. “A joint statement from Tehran and Muscat is under review and in the final drafting stage, Iranian Foreign Ministry spokesman Esmail Baghaei told reporters on Wednesday, according to a post on Telegram,” said a Bloomberg report.
- USDA reported weekly corn sales totaled 116,700 MT during the week ended July 30, a marketing-year low and down 68% from the previous week and 70% from the four-week average. Net sales of 1.03 MMT were reported for 2026-27. Analysts expected old-crop sales to range from 200,000 to 600,000 MT and new-crop sales to range from 700,000 MT to 1.2 MMT.
- Expana cut its forecast for the European Union’s 2026-27 corn harvest by 4.6 MMT to 44.5 MMT, which is down 13.9% from year-ago and 19% below the five-year average.
- September corn futures are being supported by the 40-day moving average of $4.54, while resistance stands at $4.41 ¼, which is backed by the 20-, 10-, 200- and 100-day moving averages.
Soybeans are mostly unchanged, while meal is around 40 cents higher. Soyoil is fractionally lower.
- Soybeans are chopping around unchanged in directionless trade despite continued export demand from China.
- USDA reported daily sales of 122,000 MT of soybeans to China during 2026-27.
- USDA reported weekly soybean sales totaled 32,200 MT during the week ended July 30, a marketing year low and down 89% from the previous week and 79% from the four-week average. Net sales of 903,900 MT were reported for 2026-27. Analysts expected net old-crop sales to range from 100,000 to 400,000 MT and new-crop sales between 900,000 MT and 1.55 MMT.
- September soybeans are facing support around $11.50, while resistance remains at the 100- and 40-day moving averages, trading at $11.62 and $11.64 3/4.
Wheat futures are 11 to 13 cents lower.
- SRW wheat futures are facing technical pressure despite lingering geopolitical and global supply uncertainties.
- USDA reported weekly wheat sales totaled 296,400 MT during the week ended July 30, up 4% from the previous week and 6% from the four-week average. Analysts expected net sales to range from 250,000 and 450,000 MT.
- Ukraine struck two of Russia’s oil refineries overnight, the Yaroslavl refinery and Bashneft’s Novoil facility. The Yaroslavl region repelled its largest-ever drone attack, with unmanned aerial vehicles destroyed overnight, and the tanks at the oil refinery were damaged due to fallen debris, said a Bloomberg report.
- Expana lowered its production forecast for soft wheat production by 1.5 MMT to 126.8 MMT, which is 7.2% below last season.
- Algeria’s state grains agency OAIC has bought around 540,000 to 720,000 MT of milling wheat in an international tender which closed on Wednesday, according to European traders. The wheat can be sourced crop optional origins, but traders expected Romania and Bulgaria to major suppliers. Russian wheat was offered but not favored despite cheap prices, due to concerns around recent attacks on Russian shipping and ports.
- September SRW futures are testing at the 40- and 100-day moving averages, each trading around $6.32, while additional support lies at $6.23 ½. Resistance is layered at the 10- and 20-day moving averages, trading at $6.53 and $6.62.
Live cattle and feeders are lower at midsession.
- Nearby live cattle futures are facing a corrective pullback following recent gains.
- Choice boxed beef fell $1.68 on Wednesday to $367.97, while Select rose $1.56 to $348.06. Movement totaled 109 loads.
- USDA reported net beef sales totaled 19,800 MT for 2026, up 31% from the previous week and 71% from the four-week average.
- August live cattle are trading within Wednesday’s range, with support serving at $227.81. Resistance stands at the 40-day moving average of $231.08.
Hog futures are lower- to mixed at midday.
- Nearby lean hogs are modestly firmer, while deferred contracts are under pressure as traders anticipate supplies to increase into fall.
- The CME lean hog index is down 22 cents to $96.95 as of August 4.
- The pork cutout value rose $1.22 to $101.05 on Wednesday, led by gains in primal hams and loins. Movement totaled 301.2 loads.
- USDA reported net pork sales of 27,300 MT for 2026 during the week ended July 30. Net sales were down 23% from the previous week but up 6% from the four-week average.
- August lean hogs are facing support at Wednesday’s low of $96.475, which is backed by support $96.23 and the June low of $93.975. Resistance stands at$97.21, which is backed by the 40-day moving average.