Corn is mostly unchanged to a penny higher.
- Corn futures are modestly firmer in corrective trade, with support from short-covering gains in wheat futures and followthrough strength in soybeans.
- With the July 9 extension deadline for U.S. tariffs rapidly approaching, major American trading partners are facing heightened uncertainty over their economic prospects. Despite months of negotiations, dozens of country-specific trade deals remain unresolved, including high-stakes talks with the “key 18” nations highlighted by Treasury Secretary Scott Bessent.
- Weekly ethanol production averaged 1.076 million barrels per day (bpd) during the week ended June 27, down 5,000 bpd (0.5%) from last week but 13,000 bpd (1.2%) above the same week last year. Ethanol stocks declined 287,000 barrels to 24.117 million barrels.
- Southern portions of center south Brazil corn production areas will get some much-needed drier weather in the next week to 10 days, which may improve conditions for grain filling and maturation of safrinha corn, according to World Weather Inc. Late-planted crops are behind in their development and frequent rains have not helped the situation, notes the forecaster.
- September corn futures have found support at $4.01 1/4, which is backed by Tuesday’s contract low of $4.00 1/4, while initial resistance stands at $4.09 3/4.
Soybeans are around 9 to 11 cents higher. Soymeal is around 50 cents lower, while soyoil is around 120 points higher.
- Soybeans continue to be led higher by soyoil strength.
- Meal futures are edging modestly lower amid continued spreading in the product markets.
- India’s oil imports surged 61% month-on-month to 953,000 MT in June, the highest since July 2024, according to estimates from dealers. Soyoil imports fell 9% from May to 363,000 MT. India’s total edible oil imports rose 30% in June from the previous month to 1.53 MMT, the highest since November.
- August soybean futures are facing resistance at the 100-, 200-, 10- and 20-day moving averages, layered from $10.42 1/2 to $10.49 1/4, while initial support lies at $10.26.
SRW and HRW wheat futures are 3 to 4 cents higher. HRS wheat is around 8 cents higher.
- Wheat futures are extending Tuesday’s corrective gains, though technical resistance is curbing momentum.
- Harvest conditions in the Southern Plains have improved recently, but some rain is predicted for the next week to 10 days that may slow crop maturation and harvest progress. Midwest weather has been great for filling and maturing SRW wheat, although periodic rains are expected over the next week to 10 days.
- December SRW futures are up against resistance at the 40-day moving average of $5.73 1/2, which is backed by the 20- and 10-day moving averages, each trading around $5.77 1/2. Initial support lies at $5.65 3/4.
Live cattle are modestly lower, while feeders are choppy with a slight upside bias at midsession.
- Nearby live cattle continue to face technical selling as bullish sentiments fade with cash trade expected to weaken again this week.
- Steep discounts to the cash market are helping limit seller interest in live cattle. The lower futures price action this week is expected to weigh on cash cattle prices.
- Choice boxed beef rose 4 cents to $395.60 on Tuesday, while Select fell $4.40 to $380.06. Movement improved to 108 loads.
- August live cattle continue to find support at $209.59, while resistance stands at 10- and 40-day moving averages of $210.65 and $211.28.
Hog futures are mixed at midmorning.
- Nearby lean hogs have edged to a near one-month low before bouncing.
- The CME lean hog index is down 77 cents to $110.99 as of June 30, the second straight daily decline after an extended string of gains.
- The pork cutout fell another $3.07 to $112.30 and is now $10.81 below its June 24 peak.
- August lean hogs are finding support at the 40-day moving average of $106.11, while initial resistance stands at $107.14 and $107.83.