Corn futures are mostly 8 cents higher at midmorning.
- Corn futures are firmer in corrective trade, with support from continued demand evidence and fading crop conditions.
- USDA reported daily sales of 197,272 MT to unknown destinations during 2026-27.
- USDA rated the crop as 63% good to excellent as of Sunday, down four percentage points from last week. That was the largest weekly decline this year and below analyst’s expectations. On the Pro Farmer Crop Condition Index (CCI; 0 to 500-point scale, with 500 being perfect) the crop declined 8.25 points to 364.39, which is 21.46 points below last year at this time.
- Relief from heat and dryness is expected in the northwestern U.S. Corn Belt late this week, leading to some crop improvement, according to World Weather Inc.
- Warmer and wetter conditions are forecast across southern Brazil and Argentina’s Pampas region over the next 15 days, with rainfall posing risks to Brazil’s second-crop harvesting, according to LSEG.
- September corn futures have moved back above the 100-day moving average, though resistance remains at last week’s high of $4.68. Support lies around $4.46 1/2.
Soybeans are 4 to 6 cents higher while meal is around 40 cents higher. Soyoil is 60 points lower.
- Soybeans are correctively firmer in step with meal, though weakness in soyoil and technical challenges are curbing buyer interest.
- USDA rated the soybean crop as 63% good to excellent as of Sunday, down three percentage points from the previous week. On our CCI, the crop rating fell 5.23 points and is well behind last year’s rating of 377.00 for the same week.
- World Weather notes cooling next week in the heart of the Midwest where soybeans may be of interest as soybeans may have a need for warmer conditions.
- China’s Sinograin said earlier today it will auction about half a million metric tons of imported soybeans on Friday, its first sale of that size since January, as the market expects the state stockpiler to free up space for incoming U.S. soybeans, according to Reuters.
- Brazil is seen exporting a record 115.4 MMT of soybeans in 2026, according to crushers group Abiove. The estimate was up 1.1% from a June projection, while the crush estimate also rose to 63.3 MMT, up from its previous estimate of 63.0 MMT.
- September soybeans are holding a range between the 10- and 20-day moving averages, trading at $12.09 1/4 and $11.88. Greater resistance/support lies at last week’s high of $12.43 and the 100- and 40-day moving averages, each trading around $11.60.
Winter wheat futures are 2 cents higher while HRS wheat is unchanged to a penny lower.
- SRW wheat futures are modestly firmer in corrective trade, with support from a weaker U.S. dollar.
- USDA rated the spring wheat crop as 53% good to excellent, unchanged from last week. However, our CCI showed a 7.01 decline on the week to 344.38, which is 6.2 points behind last year’s rating during the same week.
- Sovecon cut its forecast for Russia’s 2026-27 wheat exports by 1.9 MMT to 44.6 MMT as navigation in the Sea of Azov remained closed. Sovecon said it did not expect navigation in the Sea of Azov to normalize in the coming weeks, “although some recovery later in the season remains possible.”
- Too much rain has been falling in parts of Russia’s New Lands, possibly raising the potential for wet weather disease, according to World Weather. The wet bias is expected to prevail for the next ten days, while good winter crop harvest continues in Russia’s Southern Region and parts of Ukraine.
- September SRW futures are being limited by the 10-day moving average, trading at $6.78 ¾, which is backed by last week’s high. The 20-day moving average, trading around $6.48 is serving as initial support.
Live cattle and feeders are higher at midsession.
- Cattle futures are posting corrective gains following Monday’s rout amid news of a phased border reopening to begin in August.
- Cash cattle trade averaged $230.48 last week, down another $7.80.
- Choice boxed beef rose $1.65 to $362.89, while Select fell $1.55 to $345.16. Movement totaled 86 loads.
- August live cattle are testing resistance at the 10-day moving average, though additional resistance stands at the 100- and 20-day moving averages, layered at $239.00 and $231.90.
Hog futures are mixed at midday.
- Nearby lean hogs are modestly weaker as technical resistance continues to limit buyers.
- The CME lean hog index is up 32 cents to $98.23 as of July 24.
- The pork cutout value fell 18 cents to $104.45, with declines in primal bellies and hams offsetting gains in all other cuts. Movement totaled 260.5 loads.
- August lean hogs are facing resistance at $103.30, which is backed by greater resistance at the May 13 high of $106.975. Initial support lies at $102.36.