Market Snapshot | Grains correct after scoring fresh near-term highs

Corn futures are 4 to 5 cents lower at midmorning.

• Corn futures are weaker after marking a fresh for-the-move high in overnight trade, which featured a test of 100-day moving average for the first time since June 1.
• USDA reported weekly corn sales totaled 315,000 MT for 2025/2026, a marketing-year low, during the week ended July 9. Net sales were down 44 percent from the previous week and 61 percent from the prior 4-week average. Net new-crop sales totaled 311,200 MT for 2026/2027. Old-crop sales were short of analysts’ expectations, which ranged from 500,000 MT to 1.1 MMT, while new-crop sales were near the low end of the expected range of 300,000 MT to 1.1 MMT.
• The U.S. struck Iran for a fifth consecutive day overnight and hit a sanctioned oil tanker near the country’s main export terminal, as tensions between the warring sides show little sign of abating, said a Bloomberg report.
• The July 14 drought monitor showed 65.7% of the U.S. is experiencing abnormal dryness or drought, down 1.2% from the previous week, with 46.5% in D1 level drought or higher, down 0.7%. Currently 19% of corn acres and 18% of soybean acres are in D1-D4 drought. Click here for more details.
• September corn futures continue to face resistance at the 200- and 100-day moving averages, trading at $4.67 and $4.73 1/4, while support lies at $4.61 3/4, which is backed by the 10- and 40-day moving averages.

Soybeans are unchanged to a penny lower, while meal is around $4.00 higher. Soyoil is fractionally lower.

• Soybeans are bobbing around unchanged, with pressure from weakness in corn while meal strength offers support.
• USDA reported weekly soybean sales totaled 188,300 MT for 2025/2026, during the week ended July 9, which were up noticeably from the previous week, but down 23 percent from the prior 4-week average. New crop sales of 1,769,600 MT for 2026/2027 were primarily for China. Analysts expected old-crop sales to range from 100,000 to 500,000 MT and new-crop sales to range from 900,000 MT to 1.7 MMT.
• Bloomberg reports, “White House and administration officials huddled this week on a possible extension of the Jones Act exemptions that is set to expire next month, according to people familiar with the matter. The people spoke on condition of anonymity to discuss the private deliberations. President Trump has not yet decided on a renewal,” according to the report.
• NOPA members crushed 214.340 million bushels of soybeans last month, up 2.7% from May and up 15.7% from June 2025. Soyoil stocks held by NOPA members as of June 30 fell to an eight-month low of 1.501 billion pounds, down 13.5% from stocks totaling 1.735 billion pounds at the end of May.
• August soybeans continue to face initial resistance at $12.09 1/2, which is backed by the May 13 high of $12.29 1/2. Support lies at $11.97 1/4, which is backed by the 10-, 100-, 40- and 20-day moving averages.

Winter wheat futures are 3 to 6 cents higher, while HRS is mostly 15 to 22 cents lower.

• SRW wheat futures soared in overnight trade as tension persists in the Black Sea, though futures have backed well off the high to post modest corrective losses.
• USDA reported weekly wheat sales totaled Net sales of 235,100 metric tons (MT) for 2026/2027 during the week ended July 9, which were down 25 percent from the previous week and 38 percent from the prior 4-week average. Net sales were short of analysts expected range of 250,000 to 600,000 MT.
• Ukraine and Russia launched missile and drone attacks Thursday on vessels in the Black Sea and Sea of Azov, according to Reuters, in advancing hostilities in the key grain exporting region.
• September SRW futures are being limited by resistance at $6.92 1/2, which is backed by resistance at $7.00. Support lies at $6.67 1/2 and $6.52 1/2.

Live cattle and feeders are notably lower at midsession.

• Cattle futures are weaker for the fourteenth straight session and have posted a fresh four-month low as cash and wholesale fundamentals falter.
• Boxed beef edged lower on Wednesday, with Choice down $2.67 to $371.28 and Select down $5.23 to $359.18. Movement totaled 123 loads.
• USDA reported weekly beef sales totaled 8,000 MT for 2026 during the week ended July 9, which were down 43 percent from the previous week and 45 percent from the prior 4-week average.
• August live cattle are now facing support at $226.03, while resistance stands at the 200-day moving average, trading at $231.48.

Hog futures are higher at midday.

• Lean hogs are firmer, though nearby futures have backed off the fresh for-the-move high carved early on in corrective trade.
• The pork cutout value rose 25 cents on Wednesday to $101.46, with a $7 gain in bellies offsetting declines in all other cuts. Movement totaled 277.0 loads.
• USDA reported weekly pork sales totaled Net sales of 21,600 MT for 2026 during the week ended July 9, which were up 22 percent from the previous week, but down 12 percent from the prior 4-week average.
• August lean hogs are facing resistance at $101.07, while support lies at $99.71.