Corn futures are 5 to 6 cents lower at midmorning.
- Corn futures are weaker for the third straight session amid technical selling, driven by spillover weakness in wheat and an improvement in near-term weather.
- World Weather Inc reports U.S. rain overnight was good for some areas and not so good for others. Central and eastern South Dakota and much of interior southern Minnesota were the greatest recipients of rain overnight, while other areas of North Dakota and northwestern Minnesota did not receive very good coverage. The biggest surprise was the lack of rain in the northwestern half of Iowa and immediate surrounding areas.
- FranceAgriMer rated the French corn crop as 34% good to excellent as of July 27, down four percentage points from a week earlier and down from 69% year ago.
- September corn futures are facing pressure from the 20- and and 200-day moving averages, which are trading just below $4.70, while initial support is at $4.63, which is backed by the 40-day, trading at $4.55 1/2.
Soybeans are 2 to 3 cents lower, while meal is around $3.50 lower. Soyoil is 130 points lower.
- Soybeans have turned modestly weaker in step with the grain complex, despite continued evidence of export demand this morning.
- USDA reported daily sales of 252,000 MT of soybeans to unknown destinations during 2026-27.
- China’s Sinograin sold about half of the 504,000 MT of imported soybeans on offer at the auction, which was the biggest since January, according to Reuters who cited traders familiar with the matter. “Prices are not particularly attractive. Traders maintain the auctions are to make room for the arrival for new U.S. soybean cargoes.
- September soybeans are trading within Thursday’s range, with resistance at the 20- and 10-day moving averages, layered at $11.94 1/2 and $12.04 3/4. Support lies at 100- and 40-day moving averages, trading at $11.62 ½ and $11.61.
Wheat futures are18 to 28 cents lower.
- SRW wheat futures are notably weaker despite persistent geopolitical turmoil in the Black Sea.
- World Weather maintains spring wheat and other small grains in the U.S. northern Plains and southern Canada’s Prairies are stressed and losing yield potential due to the lack of rain and very warm to hot temps. Not much rain is expected through the next ten days and production potential will continue to decrease for some of the driest areas, although some short-term cooling will be possible this weekend and next week.
- Russia’s main grain lobby group warned on Friday that Ukrainian drone attacks on Russian ships and ports shut down grain exports via the Black Sea in the near future. Russia’s Union of Grain Exporters and Producers told Reuters that the shortfall in supply of Russian wheat to other countries this season could reach 30-25 MMT, accounting for around 15% of total global wheat trade. It would not be possible to cover the shortfall by increasing exports from alternative countries, it said.
- September SRW futures have edged below the 20-day moving average and are now facing support at $6.41, which is backed by the 100- and 40-day moving averages. The 10-day moving average, trading at $6.72 is serving as resistance.
Live cattle and feeders are firmer at midsession.
- Live cattle futures trading off the for-the-move high carved in early trade, but are still modestly firmer.
- Cash cattle trade so far has averaged $229.00 in light trade.
- The USDA Animal and Plant Health and Inspection Service (APHIS) on its NWS website is now reporting 43 total New World screwworm detected cases in the U.S. There are eight active cases, all in Texas.
- Wholesale beef faced pressure on Thursday, with Choice down $2.93 to $360.50 and Select down $1.08 to $341.33. Movement totaled 130 loads.
- The 20-day moving average, trading at $230.30 is now serving as support for August live cattle futures, while initial resistance stands at $232.25, with greater resistance at the 40- and 100-day moving averages.
Hog futures are higher at midday.
- Nearby lean hogs are higher in corrective trade in the wake of a notable selloff in the past two sessions.
- The CME lean hog index is down a penny to $98.44 as of July 29.
- The pork cutout value slipped 14 cents on Thursday to $101.64. Movement totaled 250.4 loads.
- August lean hogs are facing support at Thursday’s low of $98.25, while resistance stands at $99.075, which is backed by the 20-day moving average.