Corn futures are 1 to 4 cents higher at midmorning.
- Corn futures are looking to continue capitalizing on yesterday’s mild gains.
- USDA showed corn was rated 67% good to excellent, unchanged from the prior report. The agency also reported corn planting at 97% complete as of June 7, with 86% of the crop emerged at that time.
- Pro Farmer Crop Consultant Dr. Michael Cordonnier increased his Brazilian corn estimate 2 MMT to 138 MMT with a neutral bias going forward. Safrinha-crop harvest is in the early stages and yield reports from Mato Grosso are good thus far.
- USDA reported a flash sale of 120,000 MT of corn to unknown destinations for delivery in the 2025/2026 marketing year.
- July corn futures are facing resistance around Friday’s high of $4.24 3/4, while finding support in the $4.18 area.
Soybeans are 2 to 4 cents lower, while soymeal is $1.00 to $1.50 higher, and soyoil is 30 to 50 points higher.
- The soy complex is mostly firmer at mid-session, though soybeans turned slightly lower in recent trade.
- China’s soybean imports in the month of May came in at 11.79 MMT, the third highest on record for the month, though down from last year’s 13.92 MMT.
- USDA’s rating of the soybean crop was 65% good to excellent, down 1% from last week. Planting is estimated at 92% complete with emergence at 79%.
- Pro Farmer Crop Consultant Dr. Michael Cordonnier left his Brazilian and Argentine soybean production estimates unchanged, at 180 MMT and 49 MMT respectively.
- July soybeans are in a price downtrend and find their next support at the early February closes in the $11.10 area. First resistance on a reversal will be at last week’s close of $11.21 1/2.
Winter wheat futures are 2 to 6 cents higher while HRS futures are around 2 to 5 higher.
- SRW wheat futures are modestly firmer as they look to fight off persistent selling pressure today.
- Winter wheat’s good to excellent rating dropped another percentage point this week and now stands at 25%. Harvest is off to a strong start and is 11% complete compared to the five year average of 6%.
- SRW exports from the EU continue to pace ahead of last year, and currently stand at 22.05 MMT compared to 20.55 million a year prior at this time.
- The Ukrainian grain traders union, UGA, estimates that 96% of the country’s spring grain plantings are now complete.
- July SRW futures are finding support at last week’s close of $5.80, and will likely face resistance at the 10-day moving average of $5.98 ¾.
Live cattle and feeders are posting modest gains at midsession.
- Live cattle and feeders are posting follow through gains amid concerns of NWS further limiting supply.
- USDA has now confirmed five cases of new world screwworm in the U.S., three calves and a goat in Texas and one dog in New Mexico.
- Last week’s cash cattle trade averaged $256.53 for steers and $256.38 for heifers.
- August cattle futures are facing initial resistance at $237.50, which is backed by the 100-day moving average of $239.05. Support lies at the 10-day moving average of $236.71, which is backed by the 20-day moving average.
Hog futures are lower at midmorning.
- Lean hog futures are slightly weaker amid continued technical and wholesale pressure.
- The most recent CME lean hogs index is up 9 cents to $92.60.
- Yesterday afternoon’s report showed pork cutout down $2.72 to $94.46, led by losses in butts.
- August lean hogs continue to face resistance at the 20-day moving average of $95.87, which is backed by the 100-day moving average. First support is found at $95.50.