Corn futures are unchanged to a penny firmer.
- Nearby corn futures are firmer in tandem with wheat futures, along with solid outside market support.
- Most of the Midwest and central two-thirds of the Plains will receive rains this week, with amounts of one to three inches common, according to World Weather Inc. The Delta and Southeast will be drier this week.
- Corn-for-ethanol use is expected to total 434.4 million bu. in April, down 19.8 million bu. (4.4%) from March but up 11.8 million bu. (2.8%) from last year.
- AgRural raised its Brazilian corn production estimate to 128.5 MMT, up from 124.8 MMT in April.
- USDA reported corn export inspections of 1.58 MMT (62.0 million bu.) for the week ended May 29, up 156,569 MT from the previous week and just above the pre-report range of expectations from 1.0 MMT to 1.535 MMT.
- July corn futures are being limited by the 20-day moving average of $4.51, while support lies at $4.41 1/2.
Soybeans are 7 to 9 cents lower, while soymeal is around $2.00 lower. Soyoil is trading around 50 points lower.
- Soybeans are under pressure from generally favorable weather and concerns about renewed trade tensions between the U.S. and China.
- President Trump on Friday accused China of violating an agreement with the U.S. to mutually roll back tariffs and trade restrictions for critical minerals. China said Trump’s accusations were “groundless,” and promised to take forceful measures to safeguard its interests.
- Soybean crush is expected to total 202.0 million bu. in April, according to a Bloomberg survey. That would be down 4.6 million bu. (2.2%) from March but up 24.4 million bu. (13.7%) from last year.
- USDA reported soybean export inspections of 268,343 MT (9.9 million bu.) for the week ended May 29, up 68,321 MT from the previous week and within the pre-report range of 75,000 to 450,000 MT.
- July soybeans have dropped to the lowest level since April 11, with next support at $10.32 3/4, while stiff resistance stands at the 200-, 40-, 100-, 10- and 20-day moving averages, layered from $10.46 3/4 to $10.53 3/4.
Winter wheat futures are mostly 10 to 13 cents higher, while HRS futures are 4 to 5 cents higher.
- SRW wheat futures are sharply firmer amid growing geopolitical tensions and support from a weaker U.S. dollar.
- Geopolitical tensions between Russia and Ukraine are heightened following weekend attacks.
- World Weather Inc. notes Canada’s Prairies and northern Montana are too dry and crop stress continues to rise each day. Restricted rainfall is expected over the next ten days. Meanwhile, central parts of the U.S. Plains may trend too wet once again as rain resumes this week.
- USDA reported wheat export inspections of 552,910 MT (20.3 million bu.) for the week ended May 29, down 10,059 MT from the previous week but near the upper end of the pre-report expectations from 300,000 to 625,000 MT.
- July SRW futures have extended above several layers of resistance, with the psychological $5.50 level bulls’ next target. Initial support lies at the 20-day moving average of $5.31 1/2.
Live cattle and feeders are posting strong gains at midsession.
- Nearby live cattle are firmer with continued support from stronger cash and wholesale fundamentals.
- Last week’s official average cash cattle price won’t be released by USDA until later this morning, though all signs point to a higher price for a seventh consecutive week with six of those being record highs.
- Wholesale beef prices also continued to strengthen, rising 25 cents for Choice to $366.34 and $3.01 for Select to $356.65 on Friday.
- June live cattle face resistance at $216.88, which is backed by the May 14 high of $218.625. Support lies at the 10- and 20-day moving averages, trading at $214.78 and $214.35.
Hog futures are mostly firmer in midmorning trade.
- Nearby lean hogs are holding near unchanged, with seller interest limited by the seasonal climb in the cash index.
- The CME lean hog index is up another 71 cents to $94.84 as of May 29, marking the largest daily gain in the seasonal price increase.
- Pork cutout firmed $2.60 to $107.22 on Friday. The cash index and pork cutout are both trading at their highest levels since August 2023.
- June lean hogs challenged the May high before retreating, while the 10-, 20- and 100-day moving averages serve as initial support.