Corn is 3 to 4 cents higher.
- Corn futures built on recent gains early in the session but have since face profit-taking.
- USDA reported daily export sales totaling 150,000 MT of corn for delivery to unknown destinations during the 2024-25 marketing year.
- USDA reported net sales of 532,700 MT for 2024-25 in the week ended June 26, which were down 28% from the previous week and 37% from the four-week average.
- Ukrainian state weather forecasters note the corn crop is in good condition despite moisture deficits in the southern and eastern regions.
- September corn futures encountered stiff resistance at $4.25 1/2, the 40-day moving average. Profit-taking has since ensued, with bulls seeking to hold support at $4.18 1/2 on persistent weakness.
Soybeans are around 7 to 9 cents higher. Soymeal is around $2.50 higher, while soyoil is around 45 points lower.
- Soybeans are building on recent bullish momentum though buying interest is stalling as prices are challenging key technical resistance.
- USDA reported daily export sales totaling 226,000 MT of soybeans for delivery to unknown destinations during the 2024-25 marketing year. USDA also reported 195,000 MT of soymeal for delivery to unknown destinations, with 45,000 MT for delivery during 2024-25 and 150,000 MT for delivery during 2025-26.
- USDA noted net sales of 462,400 MT for 2024-25, up 15% from the previous week and 62% from the four-week average.
- Malaysian palm oil stocks likely dropped for the first time in four months in June, a Reuters survey showed. Tighter palm oil stocks could drive additional demand to U.S. soyoil.
- August soybean futures have struggled to build much bullish momentum above the 200-day moving average, which is currently trading at $10.59. Additional strength eyes resistance at $10.64 1/4, while a reversal lower would have bulls seeking to hold support at $10.50.
Wheat futures are 2 to 3 cents lower at mid-morning.
- Wheat futures are facing profit-taking following the recent run-up higher as technical resistance has spurred selling efforts.
- Wheat export sales totaled 586,000 MT for 2025-26 and were primarily for the Philippines.
- Weather in the northern Plains is expected to be nearly ideal for the next ten days to two weeks. Montana may be a little drier than preferred in some areas, further weighing on crop conditions in the area.
- September SRW futures have somewhat stalled at 100-day moving average resistance at $5.66 1/4. Support comes in at $5.55 3/4 then the psychological $5.50 mark on additional profit-taking.
Live cattle are posting solid gains, while feeders are modestly higher at midsession.
- Nearby live cattle and feeders are posting solid gains at mid-morning as prices are supported by steep discounts to the cash market.
- Cash cattle started trading at mostly $1.00 to $2.00 lower prices in both the Southern Plains and northern market on Wednesday. Additional trade around these levels is likely today as packers and feedlots look to wrap up negotiations ahead of the long holiday weekend.
- Wholesale beef ended Wednesday mixed as Choice slid 74 cents to $380.31 while Select climbed a quarter to $380.31.
- USDA reported net beef sales totaling 11,400 MT for 2025, down 19% from the previous week and 9% from the four-week average.
- August live cattle are building on Wednesday’s gains as bulls are eyeing resistance at $213.875. Bulls would seek to hold support at $212.15, the 10-day moving average, on a reversal lower.
Hog futures are modestly lower at midmorning.
- Nearby lean hogs are facing profit-taking as cash fundamentals continue to undergo persistent weakness.
- The CME lean hog index is down another 77 cents to $110.22 as of July 1, the third straight daily decline.
- Pork cutout fell another $1.55 to $110.75 on Wednesday, pressured by sharp losses in primal butts, ribs and bellies.
- USDA reported net pork sales of 21,700 MT for 2025, down 47% from the previous week and 14% from the four-week average.
- August lean hogs look to test support at $106.55, the 40-day moving average. Resistance stands at $107.90 on a bounce, while additional strength would target resistance at $108.65, the 20-day moving average.