Corn is mostly a penny to 2 cents lower.
- Corn futures are mostly weaker amid pressure from crude oil.
- USDA’s weekly Export Inspection Report is delayed.
- World Weather Inc. reported late Sunday the central U.S. Midwest from eastern Kansas through Missouri and Illinois to Michigan and parts of Ohio will experience net drying during the coming week. U.S. rainfall in the coming week will be greatest in the Dakotas, Minnesota, western Wisconsin, northwestern Iowa and Nebraska as well as in portions of southern Indiana and Kentucky.
- Harvest in Brazil’s center-south reached 81% complete as of last Thursday, according to AgRural, up 13 percentage points from the previous week but below the 95% pace reported a year ago.
- September corn extended to a new low, pressured by the 10- and 20-day moving averages, currently trading at $3.94 3/4 and $3.98. Initial support lies at the overnight low of $3.87 1/2, then at $3.86 3/4.
Soybeans are mostly 3 cents higher, while soymeal is around $1.00 higher. Soyoil is fractionally higher.
- Soybeans are firmer amid support from extended short-covering in meal.
- Malaysia’s palm oil inventories are forecast to rise for a fifth straight month in July to reach their highest level in almost two years as production growth outpaced exports, according to Reuters.
- Brazil’s 2025-26 soybean crop is seen at 177.2 MMT, versus 172.8 MMT year-ago, according to Celeres. Exports are expected at 110 MMT vs. 106 MMT last year.
- November soybean futures are being limited by resistance at $9.98 1/2, while support lies at last week’s low of $9.86.
Wheat futures are mostly a penny to 2 cents lower.
- SRW wheat futures are being supported by followthrough selling in the U.S. dollar.
- Wheat conditions in Canada’s Prairies area concern with parts of the eastern Prairies losing yield potential due to dryness, according to World Weather Inc. Some rain will fall this week and next week to offer a little relief, though, much of the moisture comes to o late in the season for a serious production change.
- Ukraine’s deputy economy minister, Taras Vysotskiy, reported that the 2025 wheat output forecast may be raised to 22 MMT, up from the current 21.2 MMT, according to Reuters.
- December SRW futures have carved a new contract low, though support continues to serve at $5.33 3/4. Initial resistance stands at $5.42 3/4.
Live cattle and feeders are notably firmer at midsession.
- Nearby live cattle are firmer as sellers remain limited amid strong technical and fundamental support.
- Cash trade firmed last Friday and appeared to have firmed to a new record. Last week’s cash average will be released later this morning.
- Choice boxed beef rose $1.90 on Friday to $363.22, while Select sunk 87 cents to $340.50. Movement was light at only 72 loads.
- August live cattle are facing resistance at $232.34, while support lies at $229.88, then the 10-day moving average of $228.40.
Hog futures are solidly higher at midmorning.
- Nearby lean hogs are edging higher as wholesale support is negating fading cash fundamentals.
- The CME lean hog index is down another 11 cents to $110.26 as of July 31.
- The pork cutout value rose $2.94 to $116.94 amid gains in all cuts except primal hams. Movement totaled 335.5 loads.
- August lean hogs gapped higher and are up against the 10-day moving average, currently trading at $107.8, while support lies at $107.02.