Corn futures are unchanged to 3 cents firmer.
- Corn futures continue to face bear spreading, despite strong old-crop demand, with July futures now around a nickel below new-crop December corn.
- USDA reported net old-crop corn export sales of 942,300 MT for the week ended May 29, up 3% from the previous week but down 31% from the four-week average. Net new-crop sales totaled 160,100 MT. Both figures were within pre-report expectations.
- Overnight, South Korea purchased 259,000 MT of corn, 60,000 MT to be sourced from the U.S., 67,000 MT to be sourced from the U.S., South America or South Africa and 132,000 MT from South America or South Africa.
- World Weather Inc. says Iowa and Nebraska and immediate neighboring areas continue to be closely monitored for dryness due to less-than-usual rainfall during the growing season so far.
- July corn futures have modestly rebounded from the earlier drop to the lowest level since Oct. 22, with support at $4.37 1/4. Resistance stems from the 20- and 10-day moving averages, each trading around $4.48.
Soybeans are 3 to 5 cents higher. Soymeal is modestly lower while soyoil is narrowly mixed.
- Soybeans are firmer for the third straight session, though technical headwinds continue to limit buyer interest
- USDA reported net old-crop soybean sales of 194,300 MT for the week ended May 29, up 33% from the previous week but down 30% from the four-week average. Net new-crop sales totaled 3,500 MT. Both figures were within expected ranges.
- FDA Commissioner Martin Makary is facing backlash from food and agriculture industry groups following remarks he made Wednesday on Fox News labeling seed oils as “pro-inflammatory” and claiming they are “not naturally occurring.”
- July soybeans are facing resistance at the 200-, 10-, 100-, 40- and 20-day moving averages, layered from $10.46 3/4 to $10.54. Initial support lies at $10.37 1/2.
Winter wheat futures are 2 to 4 cents higher while HRS futures are chopping around unchanged.
- SRW wheat futures are extending short-covering gains amid global crop concerns and end-user demand.
- USDA reported net old-crop reductions of 49,100 MT, while new-crop sales totaled 444,900 MT for the week ended May 29. Net sales were within the expected pre-report ranges.
- Extreme storms and floods are likely to be more frequent and intense than normal, state broadcaster CCTV reported, citing the water resources ministry. Floods in northern China from June to August are likely to be more severe this year, presenting a threat to the country’s key grain producing region.
- World Weather reports rain potentials are rising in Canada and a part of the Northern U.S. Plains for mid-month.
- July SRW futures continue to meet resistance at $5.49 1/4, while support is at the 40-, 10-, and 20-day moving averages, trading at $5.39 1/2, $5.37 1/2 and $5.33 1/2.
Live cattle and feeders are posting strong gains at midsession.
- Nearby live cattle have scored a new all-time high as cash trade points to another week of record prices.
- Cash cattle started trading at higher prices in the Southern Plains on Wednesday. This followed some light trade at steady/lower prices in the far northern market earlier this week.
- Choice boxed beef fell 28 cents on Wednesday to $365.16, while Select rose 20 cents to $356.72. Movement held steady at 123 loads.
- USDA reported net beef sales of 9,000 MT for 2025 during the week ended May 29, down 39% from the previous week and 27% from the four-week average.
- June live cattle gapped higher at the open, wiping out the May high and marking a new high on the continuation chart. Resistance now stands at psychological levels, starting at $222.00. Support lies at $219.23.
Hog futures are mildly firmer in midmorning trade.
- Nearby lean hogs are modestly firmer, with technical and fundamental support keeping seller interest at bay.
- The CME lean hog index is up another 41 cents to $96.75 as of June 3.
- Pork cutout firmed 51 cents to $106.62 on Wednesday.
- USDA reported net pork sales of 36,400 for 2025 during the week ended May 29, up 19% from the previous week and 25% from the four-week average.
- July lean hogs are facing resistance at this week’s high of $106.05, while support remains at the 10- and 20-day moving averages of $103.55 and $103.11.