Corn futures are 1 to 2 cents higher at midmorning.
- Corn futures hit a contract low overnight but have since bounced on corrective buying.
- The National Weather Service today said showers and thunderstorms with heavy rain are likely today over the upper/middle Mississippi Valley, the Ohio Valley, and the Tennessee Valley.
- President Trump said Friday afternoon that farmers would see “good things” happen in the coming months, as he sought to bolster his relationship with an agriculture industry that has been battered by tariffs as well as high fuel and fertilizer costs triggered by his war with Iran.
- USDA reported export inspections totaling 75.2 million bushels for the week ended June 4, up from 68.9 million bushels the prior week.
- July corn futures are higher on corrective buying. Bulls are looking to break prices above Friday’s high of $4.24 1/2 on persistent strength.
Soybeans are unchanged to a 2 cents lower, meal futures are around $2.50 lower, while soyoil is around 50 points higher.
- The soy complex is mixed as soyoil works higher, meal works lower and soybeans trade near unchanged.
- World Weather Inc. notes high yield potentials for summer crops as additional rain is expected over much of the Midwest over the coming two weeks.
- USDA reported export inspections of 14.6 million bushels, down from 18.6 million bushels the prior week. Inspections slowing this week is rather disappointing given the recent strong pace.
- July soybeans are trading near recent lows. Support comes in at the overnight low of $11.11 1/4 on persistent selling pressure, while resistance lies at $11.25 on a push higher.
Winter wheat futures are 7 to 10 cents higher while HRS futures are around a nickel higher.
- SRW wheat futures are working higher for the first time in seven sessions.
- Recent rains came too late to seriously change winter wheat production potential, says World Weather Inc. Heavy rains in Texas and Oklahoma could lead to quality concerns as the crop is largely mature.
- Rain in the northern Plains is helpful in maintaining soil moisture but excessive heat this week will dampen that surplus as highs are expected near 100 degrees on Tuesday.
- USDA reported export inspections totaling 11.7 million bushels, down from 14.8 million bushels the previous week. Recent inspections data indicates the total marketing year exports for 2025-26 will likely come in below what USDA anticipated in its May report.
- July SRW futures are seeing corrective buying. Resistance comes in at $5.94 on persistent strength. Support comes in at the overnight low of $5.74 3/4 on a turn back lower.
Live cattle and feeders opened higher but have since reversed lower.
- Live cattle and feeders are trading lower after failing to break above key resistance.
- USDA on Monday confirmed two additional cases of New World screwworm (NWS) in the United States – a calf in La Salle County, Texas, and a dog in Andrews County, Texas -- bringing total number of U.S. cases to 4.
- Cash trade into Friday was roughly in line with the prior week. Sentiment around the recent NWS cases is that it will boost cash cattle prices, but there has not been much indication of that yet.
- Choice beef rose 4 cents to $392.70 Friday while select slid 35 cents to $382.69. Typically, wholesale beef works higher this time of the year amid the summer grilling season.
- August cattle futures are having a hard time breaking above downtrend resistance from the May high. Stiff resistance comes in at $241.75, the 40-day moving average, on another push higher. Support comes in at $237.85 on persistent selling.
Hog futures are lower at midmorning.
- Deferred lean hog futures are favoring the downside while nearby contracts are trying to work higher.
- The CME lean hog index is up 9 cents to $92.60 as of June 4.
- Pork cutout surged $3.05 to $101.18 Friday, led by gains in loins, butts and picnics, though all cuts except bellies saw gains on the day.
- August lean hogs continue to face stiff resistance at the 10-day moving average at $99.10, which capped gains earlier in the session. Support comes in at $97.00 then last week’s for-the-move low of $96.17.