Corn futures are mostly 3 to 4 cents lower at midmorning.
- Corn futures have edged to the lowest level since Jan.22 after a continued fund liquidation amid mostly favorable U.S. weather.
- USDA reported daily sales of 136,000 MT to South Korea during 2026-27.
- The U.S. is proposing new tariffs of at least 10% on imports from 60 trading partners “in President Trump’s biggest move to rebuild his protectionist wall since his earlier levies were struck down by the Supreme Court,” Bloomberg reported.
- U.S. ethanol production rose 19,000 barrels per day (bpd) to 1.108 bpd during the week ended May 29. Ethanol stocks declined by 362,000 barrels to 24.61 million barrels.
- Canada made new and detailed proposals on trade to the U.S. based on negotiating progress in recent weeks, said Canadian cabinet minister Dominic LeBlanc and as reported by Bloomberg. “A strong, prosperous Canadian economy is good for North America, and we discussed how we can work together on a number of issues that strengthen the competitiveness of the North American economy,” he said at a press conference in Washington after a meeting with U.S. Trade Representative Jamieson Greer.
December corn futures are facing support from the Jan. 15 low of $4.33 1/2, while resistance stands at $4.41 3/4.
Old-crop soybeans are a penny to 2 cents lower, while new-crop is modestly favoring the upside. Meal futures are around $2.50 lower, while soyoil is around 65 points higher.
- Soybeans have turned from a near two-month low in earlier trade, with solid technical support at the 100-day moving average.
- The Trump administration is seeking public comments on its plans to create a Board of Trade to manage economic ties with China. The Office of the U.S. Trade Representative is seeking comments by July 10 after placing a notice in the Federal Register. The move to create a Board of Trade comes after President Trump and Chinese counterpart Xi Jinping agreed to create the board during a high-profile summit in Beijing in mid-May.
- July soybeans are facing support at the 100-day moving average of $11.66 ½, while resistance stands at the 10-, 40- and 20-day moving averages, layered from $11.90 1/2 to $11.98 1/4.
Wheat futures are 7 to 12 cents lower.
- SRW wheat futures are weaker for the third straight session amid technical selling and pressure from a firmer U.S. dollar, though technical support is curbing more earnest selling efforts.
- A favorable mix of rain and sunshine is expected in the next seven days to support summer crop development, according to World Weather Inc. The rain is likely too late for some of the unirrigated winter wheat in the southern Plains; however, rainfall will still be beneficial for the central Plains.
- Wheat conditions in much of Europe are rated well, with little change likely in the coming week. Parts of France will get some needed rain this week improving crop and field conditions after drying too much recently, according to World Weather.
- July SRW futures are facing support at the 100-day moving average, trading at $5.96, while resistance is at $6.15 1/4, which is backed by the 40-, 10- and 20-day moving averages.
Live cattle and feeders are lower at midsession.
- Nearby live cattle are weaker, while feeders post heftier losses amid potential demand implications as New World Screwworm inches closer to the U.S.
- A New World Screwworm case was found in Mexico just 25 miles from the U.S. border, USDA Secretary Brooke Rollins said Tuesday. The detection of the flesh-eating parasite in a five-year old goat in Mexico’s Coahuila state is the closest confirmed case to the U.S. border during the most recent outbreak, according to Reuters.
- Boxed beef improved on Tuesday, with Choice up $1.24 to $394.07 and Select up $1.72 to $384.81. Movement totaled 115 loads.
- August cattle futures have tested support at the 100-day moving average, trading at $236.80, with additional support at $235.63 and $234.24. Resistance stems from the 10-, 20- and 40-day moving averages, layered from $240.51 to $243.86.
Hog futures are firmer at midmorning.
- Lean hog futures are extending Tuesday’s gains amid extended short-covering following the recent $15 selloff from the March high.
- The pork cutout value is up another 84 cents to $100.59, led by gains in primal bellies, ribs and hams. Movement totaled 300.1 loads.
- The CME lean hog index is up 14 cents to $91.65 as of June 1.
- August lean hogs gapped higher at the open and are up against resistance at the 10-day moving average, trading at $99.74. Initial support lies at $98.08, which is backed by Tuesday’s low of $96.18.