Corn futures are 10 to 11 cents lower.
- Corn futures are weaker as tensions ease momentarily in the Middle East.
- USDA reported weekly corn inspections totaled 1.49 MMT during the week ended July 23, down 124,795 MT from the previous week. Net inspections were within the pre-report range of 1.1 MMT to 1.625 MMT.
- The U.S. and Iran held off attacks on each other for a third straight night, helping lift global stock and bond markets and push down oil prices. President Trump, who last week threatened to step up attacks in Iran, is giving diplomacy “some space,” Mike Waltz, Washington’s ambassador to the United Nations, said on Sunday, Bloomberg reported.
- Farmers in Brazil’s center-south had harvested 60% of their 2026 second corn crop as of last Thursday, according to Agrural. That was up from 49% in the previous week, but eight percentage points behind year-ago.
- September corn futures are being supported by the 10- and 100-day moving averages, each trading around $4.74, while resistance is layered at $4.86 1/4 and $4.92.
Soybeans are 36 to 37 cents lower, while meal is around $11.00 lower. Soyoil is 200 points lower.
- Soybeans are notably weaker as traders remove risk premium and as China voices opposition to the latest round of tariffs.
- USDA reported weekly soybean inspections totaled 348,850 MT during the week ended July 23, up 29,828 MT from the previous week. Net inspections were near the upper-end of the pre-report range of 200,000 to 420,000 MT.
- USDA reported daily sales of 132,000 MT of soybeans to China and 126,000 MT of soybeans to unknown destinations during 2026-27.
- China’s Ministry of Commerce on Monday voiced firm opposition to the U.S. decision late last week to initiate a Section 301 investigation and impose unilateral tariffs on China as part of a crackdown on forced labor, calling the move a typical act of unilateralism and protectionism and urging Washington to correct its “wrong practice” and remove relevant unilateral tariff measures, Global Times, a state-run tabloid, reported.
- September soybeans are testing support at the 10-day moving average at $12.08, which is backed by psychological support at $12.00 and the 20-day moving average. Resistance stands at last week’s high of $12.43.
Wheat futures are 8 to 11 cents lower.
- SRW wheat futures are weaker, but a strong technical posture is limiting seller interest.
- USDA reported weekly wheat inspections totaled 394,785 MT during the week ended July 23, up 165,024 MT from the previous week. Net inspections were near the upper end of the pre-report range of 200,000 to 400,000 MT.
- World Weather Inc. reports 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 lack of rain and very warm to hot temperatures. Not much relief is likely through the next ten days and production potential will continue to decrease for some of the driest areas.
- September SRW futures are facing resistance from last week’s high of $7.11 1/4, while support lies at $6.54 1/2, which is backed by the 20-, 100- and 40-day moving averages.
Live cattle and feeders are lower at midsession.
- Cattle futures are facing selling pressure after USDA announced a coordinated, phased reopening of southern cattle ports.
- USDA late Friday announced “a coordinated, phased reopening of southern cattle ports, contingent on Mexico’s adherence to the Joint Action Plan. Beginning August 24, 2026, USDA will open the Douglas, AZ port of entry to cattle trade, while simultaneously initiating the operational steps necessary for subsequent openings at the Santa Teresa, NM, and Columbus, NM, ports. Every animal entering the United States through these ports will undergo a full USDA inspection to ensure it is free of any signs of New World screwworm (NWS),” said a USDA press release Friday evening.
- August live cattle are trading between last week’s low of $221.70 and the 10-day moving average of $226.76.
Hog futures are lower at midday.
- Nearby lean hogs are modestly weaker as technical resistance curbs buyers.
- The CME lean hog index is up 43 cents to $97.91 as of July 23.
- The pork cutout value rose 15 cents to $104.63, led by gains in primal picnics. Movement totaled 217.3 loads.
- August lean hogs are up against resistance at the 200- and 100-day moving averages, trading at $102.66 and $102.91. Support lies at $102.27, which is backed by the 10-day moving average.