Corn is mostly 2 cents higher.
- Corn futures are modestly firmer, with support stemming from crude oil strength and a rebound in weekly export sales.
- USDA reported daily sales 284,196 MT to unknown destinations, of which 83,956 MT were slated for 2024-25 and 200,240 MT for 2025-26. USDA also reported net sales totaling 135,000 MT for delivery to South Korea during 2025-26, initially erroneously reported for China.
- USDA reported weekly corn sales of 643,100 MT for 2024-25 for the week ended July 17, which were up noticeably from the previous week but down 2% from the prior four-week average. Net sales for 2025-26 totaled 733,900 MT. Analysts expected sales of 100,000 to 800,000 MT for 2024-25 and 400,000 to 800,000 MT for 2025-26.
- The leaders of Brazil and Mexico are looking to broaden trade ties as U.S. tariff concerns deepen for both export-driven economies ahead of the Aug. 1 deadline. Brazil’s Luiz Inacio Lula da Silva and his Mexican counterpart Claudia Sheinhbaum spoke on the phone Wednesday, according to a statement from the Brazilian leader’s office as both governments brace themselves for costly export duties on goods shipped to the U.S.
- The 10- and 20-day moving averages continue to curb buyers, though psychological support lies at $4.00.
Old-crop soybeans are 2 cents lower while new crop is modestly favoring the upside. Soymeal is $1.10 lower, while soyoil is around 25 points higher.
- August soybeans are weaker for the fourth consecutive session, with soymeal weakness weighing down the complex.
- USDA reported net soybean sales of 160,900 MT for 2024-25 for the week ended July 17, down 41% from the previous week and 59% from the four-week average. Net sales for 2025-26 totaled 238,800 MT. Analysts expected sales of 100,000 to 350,000 MT for 2024-25 and 250,000 to 500,000 MT for 2025-26.
- President Donald Trump late Wednesday suggested he would not go below 15% on tariff rates ahead of the Aug. 1 trade-deal deadline, indicating the floor for the increased tariffs was rising. “We’ll have a straight, simple tariff of anywhere between 15% and 50%,” Trump said Wednesday.
- Reports say Malaysia is seeking to lower U.S. tariffs to less than 20% and is optimistic of reaching a trade deal ahead of the Aug. 1 deadline, according to a Malaysian trade official. President Trump has threatened a 25% levy, separate from sector tariffs, unless Malaysia can strike a trade deal with the U.S.
- August soybean futures are being pressured by the 10- and 20-day moving averages, trading at $10.09 3/4 and $10.20, while support lies at $10.00 1/2.
SRW wheat is 2 to 3 cents lower, while HRW futures are around unchanged. HRS futures are mostly 2 cents lower.
- SRW wheat futures are modestly weaker amid persisting technical pressure and a firmer U.S. dollar.
- USDA reported net sales of 712,200 MT for 2025-26 for the week ended July 17, up 44% from the previous week and 50% from the four-week average. Sales topped the range of pre-report expectations from 250,000 MT to 500,000 MT.
- World Weather Inc. reports the lower Danube River basin, along with Russia’s Southern Region and eastern Ukraine will receive a few showers, offering partial relief to recent dryness, though much more will be needed.
- December SRW futures continue to be limited by the 10- and 20-day moving averages, trading at $5.62 1/4 and $5.65 ¾, while initial support lies at $5.57 1/2, which is backed by the July 17 low of $5.52 3/4.
Live cattle are moderately lower, while feeders are posting heftier losses at midsession.
- Nearby live cattle are weaker as traders book profits after Wednesday’s reach to fresh record highs.
- Very light cash cattle trade has occurred so far this week, as is expected, ahead of Friday’s Cattle on Feed Report.
- Wholesale values continue to decline, with Choice plunging $4.98 to $367.52, while Select fell $2.55 to $345.39. Movement did surge, however, to 164 loads.
- USDA reported net beef sales of 16,700 MT for 2025, up 90% from the previous week and 46% from the four-week average.
- August live cattle are being limited by Wednesday’s high of $227.40, while support lies at $225. 30 and the 10-day moving average of $223.81.
Hog futures are mixed at midmorning.
- Nearby lean hogs are posting modest gains as technical support and futures’ discount to cash limit seller interest.
- The CME lean hog index is up another 64 cents to $109.23 as of July 22, the strongest increase in the recent string of gains.
- Pork cutout dipped 91 cents to $117.24 on Wednesday, amid declines in all cuts aside from bellies. Movement totaled 284.5 loads.
- USDA reported net pork sales of 17,000 MT for 2025, down 1% from the previous week and 43% from the four-week average.
- August lean hogs are trading inside Wednesday’s upper range, with resistance layered at $108.575, then $109.03. Initial support lies at the 40-day moving average of $107.98, which is closely backed by the 20- and 10-day moving averages.