Corn futures are a penny to 2 cents lower.
- Corn futures are weaker for the third straight session amid continued technical selling.
- USDA reported daily sales of 100,000 MT to Mexico. Of the total, 30,000 MT is for 2026-27 and 70,000 MT is for 2026-27.
- USDA rated the corn crop as 68% good to excellent as of Sunday, unchanged from the previous week. Emergence was estimated at 97%, while 5% of the crop was silking.
- South American crop consultant Dr. Michael Cordonnier maintained his 2025-26 Brazilian and Argentine corn production estimates 139 MMT and 63 MMT, respectively. He holds a neutral bias for both crops going forward.
- July corn futures are facing support at the June 15 low of $4.06 ¼, while resistance stands at the 10-day moving average of $4.15.
Soybeans are a penny to 2 cents higher, while meal is $3.30 higher. Soyoil is around 100 points.
- Soybeans are firmer with support from corrective strength in meal.
- USDA rated the soybean crop as 66% good to excellent as of Sunday, unchanged from last week. Emergence was estimated at 93% while 9% of the crop was blooming.
- Dr. Michael Cordonnier increased his 2025-26 Argentine soybean production estimate 1.0 MMT to 50 MMT amid recent rains. He holds a neutral bias going forward.
- July soybeans are being limited by resistance at the 200- and 20-day moving averages, layered at $11.34 1/2 and $11.45, while support lies at $11.10 1/4 and the June 15 low of $11.02 1/2.
Wheat futures are 7 to 13 cents lower.
- SRW wheat futures are being pressured by the U.S. dollar.
- USDA estimated winter wheat harvest was 40% complete as of Sunday, notably ahead of year-ago and the five-year average. Meanwhile, the good to excellent rating slid one percentage point to 26%, while the poor/very poor rating increased one point to 46%.
- USDA rated the spring week crop as 54% good to excellent as of Sunday, down one percentage point from the previous week.
- Sovecon lowered its 2026 wheat crop forecast for Russia to 88.9 MMT, down from 90.3 MMT, following a cut to its planted area estimate. This would mark the smallest total wheat area since 2014.
- Egypt is discussing increasing wheat imports from Poland as a part of efforts to diversify sources of strategic commodities and bolster food security, according to its supply ministry earlier today.
- July SRW futures are facing resistance at the 20- and 100-day moving averages, layered at $5.98 1/2 and $6.03 1/4. Support lies at $5.85 1/2.
Live cattle and feeders are weaker at midsession.
- Cattle futures are weaker in consolidative trade in a pause after recent strength.
- The USDA Animal and Plant Health and Inspection Service (APHIS) on its NWS website is now reporting 16 total New World screwworm detected cases, but all still in Texas and New Mexico, with the newest one in Texas. Thirteen of those cases were classified as “active,” all in Texas.
- Cash cattle trade averaged $259.63 last week, up $3.55 from the previous week.
- Boxed beef prices improved on Monday, with Choice up $1.69 to $396.06 while Select rose $3.51 to $375.59. Movement totaled 79 loads.
- August live cattle are trading within Monday’s lower range as resistance stands at $249.53, which is backed by the May 1 high. Support lies at the 10-day moving average, trading at $244.75.
Hog futures are notably firmer at midday.
- Lean hog futures are posting solid gains amid corrective strength.
- The CME lean hog index is down another 53 cents to $91.64 as of June 19.
- The pork cutout value slid 69 cents on Monday to $96.08, led by a near $12 drop in primal butts. Movement totaled 232.2 loads.
- August lean hogs are testing resistance at the 20-day moving average, with additional resistance at $98.39, while support lies at $96.68, which is backed by the 10-day moving average.