Corn futures are mostly 2 to 3 cents higher at midmorning.
- Corn futures are firmer for the third straight session and have gained technical ground, with support now serving at the 20-day moving average.
- For the week ended June 25, USDA reported net sales of 732,100 MT for 2025/2026 were down 2% from the previous week and 23% from the prior 4-week average. Net sales 767,800 MT for 2026/2027. Net sales were within analysts’ pre-report expectations, which ranged from 500,000 MT to 1.1 MMT for old-crop and 400,000 MT to 1.1 MMT for new-crop.
- The Trump administration has opted not to renew a trade agreement with Mexico and Canada, kicking off a decade-long review process that will require yearly talks. “The United States did not agree to renew the USMCA in its current form,” U.S. Trade Representative Jamieson Greer said on Wednesday, the deadline for implementing a 16-year extension favored by Canada and Mexico.
- September corn is now being supported by the 20-day moving average, trading at $4.22 3/4, which is backed by the 10-day moving average. Resistance is layered at $4.22 3/4 and $4.35 1/2.
Soybeans are 2 to 3 cents higher, while meal is around $1.70 higher. Soyoil is around 32 points lower.
- Soybeans are firmer but remain hesitant to break outside of the recent trend of consolidation.
- USDA reported weekly sales of 41,800 MT during the week ended June 25 for 2025/2026, a marketing-year low. Net sales were down 91% from the previous week and 88% from the prior 4-week average. Net sales of 182,500 MT for 2026/2027. Net old- and new-crop sales each fell short of analysts’ pre-report expectations, which ranged from 300,000 to 650,000 MT and 350,000 to 900,000 MT, respectively.
- August soybeans are facing support at the 20-day moving average, trading at $11.27 1/4and is backed by support at $11.22. Resistance stands at $11.42 ½ and $11.51 ¾, which are backed by the 40- and 100-day moving averages.
Wheat futures are a penny to 6 cents higher.
- SRW wheat futures are posting followthrough gains with support from a notably weaker U.S. dollar.
- USDA reported weekly sales of 300,100 MT during the week ended June 25 for 2026/2027. Net sales were just above the low end of the pre-report range of 300,000 to 600,000 MT.
- World Weather Inc. reports too much rain has been falling in parts of Canada and in central portions of Russia’s New Lands possibly raising the potential for wet weather disease. This week’s weather will remain wet in both areas with some improving trends anticipated for next week.
- September SRW are being supported by the 20- and 10-day moving averages, each trading around $5.98. Resistance stands at the 100- and 40-day moving averages, layered at $6.17 3/4 and $6.23 3/4.
Live cattle are mixed while feeders are mostly firmer at midsession.
- Live cattle futures are weaker amid continued technical selling.
- The USDA Animal and Plant Health and Inspection Service (APHIS) on its NWS website is now reporting 31 total New World screwworm detected cases in the U.S. and all still in Texas and New Mexico. Both new cases came from Texas. There are now 21 active cases, all in Texas.
- Boxed beef slipped on Wednesday, with Choice down $1.90 to $391.26 and Select down $1.99 to $369.69. Movement totaled 113 loads.
- USDA reported weekly beef sales of 126,100 MT for 2026--a marketing-year high--were up noticeably from the previous week and from the prior 4-week average.
- August live cattle are facing resistance at the 20- and 10-day moving averages, layered at $243.73 and $243.83, while support lies at the 100-day moving average of $239.47, which is backed by support at $237.88.
Hog futures are mixed at midday.
- Nearby lean hogs are firmer but remain limited by technical resistance.
- The CME lean hog index is up 24 cents to $91.48 as of June 30.
- The pork cutout value rose 22 cents to $95.71 on Wednesday, led by strength in loins and ribs. Movement totaled 239.4 loads.
- USDA reported weekly pork sales of 37,600 MT for 2026 were up 44 percent from the previous week and from the prior 4-week average.
- August lean hogs are pivoting around the 10-day moving average, with support at the 20-day moving average, trading at $96.75, which is backed by $96.63 and $95.55. Resistance stands at $97.63 and $98.38.