Market Snapshot | Grain Stocks and Acreage Reports ahead

Corn is choppy in light trade at midmorning.

• Corn futures are chopping around unchanged ahead of USDA’s Quarterly Grain Stocks and Acreage Reports at 11:00 a.m. CT.
• Both reports have the ability to greatly impact markets – and this is historically the most volatile trading day of the year. The pre-report estimates for the Acreage Report suggest analysts on average expect relatively modest changes from March planting intentions. However, a surprise should not be ruled out. Click here to view pre-report estimates.
• Seasonal temps are likely across the Plains, Midwest, Delta and Southeast this week, while rainfall will be scattered. While temps won’t be as hot as recent weeks, some areas may see soil moisture decline if rains miss.
• USDA reported corn export inspections of 1.37 MMT (53.9 million bu.), down 134,096 MT from the previous week but within the pre-report range of 1.25 MMT to 1.665 MMT.
• September corn futures continue to face resistance from the 10-, 10-, 40-, 200- and 100-day moving averages, layered from $4.15 3/4 to $4.41 3/4, while initial support lies at $4.06 1/2, then last at last week’s low of $4.02 1/4.

Soybeans are 9 to 12 cents higher, while soymeal is around $1.50 cents higher. Soyoil is around 40 points higher.

• Soybeans are extending Friday’s corrective gains, with some bargain export business in meal supporting prices ahead of USDA.
• USDA reported daily soymeal sales of 204,000 MT to unknown destinations for 2025-26.
• The Senate’s updated legislative text for the 45Z Clean Fuel Production Credit as part of the reconciliation package would extend for two years the clean fuel production credit, which applies to low-emission fuels made from renewable materials such as soybeans and corn. It’s currently slated to expire at the end of 2027 and would be extended through 2029. The House bill would extend it for four years (through the end of 2031).
• USDA reported soybean export inspections of 224,787 MT (8.3 million bu.), down 22,934 MT from the previous week but within the pre-report range of 150,000 to 400,000 MT.
• August soybean futures are being limited by resistance at the 100-, 200-, 20-, 40- and 10-day moving averages, layered from $10.43 3/4 to $10.54. Initial support lies at $10.32 3/4.

Winter wheat futures are unchanged to a penny higher, while HRS futures are 4 to 6 cents higher.

• SRW wheat futures are posting modest corrective gains following last week’s heavy selling.
• Argus Media cut its estimate for Ukraine’s wheat harvest this year to 21.88 MMT, down from 23.7 MMT in March and 2.5% below last year.
• USDA reported wheat export inspections of 434,539 MT (16.0 million bu.), up 179,657 MT from the previous week and near the upper end of the pre-report range of 200,000 to 450,000 MT.
• December SRW futures have tested initial support at $5.59 1/4, which is backed by $5.55 1/4, while resistance stands at $5.67 1/4.

Live cattle are moderately lower while feeders are mixed at midsession.

• Live cattle are modestly weaker, with fading cash trade limiting buyers though supply fundamentals are fully supportive.
• Cash cattle traded generally $3.00 to $5.00 lower last week, though the official average price won’t be known until later this morning.
• Choice boxed beef rose $1.44 on Friday to $396.49, while Select firmed $3.19 to $382.92. Though, movement was light at only 80 loads.
• August live cattle face resistance at the 20-day moving average of $213.22, while support lies at the 40- and 10-day moving averages, each trading around $211.10.

Hog futures are posting sharp losses at midmorning.

• Nearby lean hogs are facing heavy selling as traders book profits amid fading gains in the cash index. July hogs have moved to a discount to the cash index.
• The CME lean hog index is up another 13 cents to $112.02 as of June 26, though that’s the smallest daily gain since May 23.
• The pork cutout value slid $2.19 on Friday to $117.46, led by a $13-drop in bellies. Movement totaled 333.5 loads.
• July lean hogs are facing resistance at the 10-day moving average of $113.32, which is backed by last week’s high of $113.70. Initial support lies at $110.63, then at the 20-day moving average of $109.61.