Corn futures are mostly 7 to 8 cents higher at midmorning.
- Corn futures are firmer, with support from strong gains in wheat futures.
- The U.S. will soon announce unprecedented economic measures against Iran, Treasury Secretary Scott Bessent said Thursday, intensifying the Trump administration’s effort to force Tehran’s capitulation after almost six months of war. “Watch this space for more announcements coming next week because we are going to apply measures like have never been seen in the history of economic isolation on a country,” Bessent said in an interview with Newsmax on Thursday.
- FranceAgriMer rated the French corn crop as 29% good to excellent as of August 10, down from 31% a week earlier and 65% from year-ago.
- September corn futures are testing resistance at the 20-, 200- and 100-day moving averages, with additional resistance serving at this week’s high of $4.57 3/4, which is backed by the July 24 high of $4.68.
Soybeans are 3 to 5 cents higher, while meal is around $1.60 higher. Soyoil is around 30 points lower.
- Soybeans are firmer as China continues to step in as a buyer.
- USDA reported daily sales of 136,000 MT to China during 2026-27.
- Frequent bouts of rain, hail and damaging wind this week has hurt some crops from South Dakota and Nebraska across Iowa to parts of the central Midwest, notes World Weather Inc. This region will see additional stormy weather through midweek next week, which should be followed by an improvement in late August.
- September soybeans are testing resistance at the 40-day moving average, with additional resistance at $11.75 3/4, which is backed by the 20-day moving average of $11.83 1/2. Support lies at the 100- and 10-day moving averages, trading at $11.63 1/2 and $11.62 1/2.
SRW wheat futures are around 23 cents higher, while HRW futures are 30 to 32 cents highr. HRS futures are 15 to 16 cents higher.
- SRW wheat futures are posting solid gains as geopolitical tensions linger in the Black Sea and the U.S. dollar faces pressure.
- Ukraine has secured funding to acquire additional storage capacity for the 2026 grain harvest, due to a sharp decline in exports, according to its agriculture minister Taras Vysotskyi earlier today. The ministry said the storage shortfall could reach 11 MMT and that it had asked U.S. partners for support in procuring equipment for temporary on-farm storage.
- Parched soil and scorching heat are threatening Europe’s fall planting season, heightening risks to global food supplies stretched by geopolitical tensions,” said a Bloomberg report Friday. “The multiple heat waves that have battered Europe this summer have already upended harvests and disrupted critical grain transport routes. Now, as dry weather persists, concern is turning to next year’s crop, with some farmers already delaying sowing or reconsidering how much land to plant,” said the report.
- September SRW futures are testing resistance at the 20-day moving average, trading at $6.58 1/2, with additional resistance at $6.73 3/4 and $6.82 3/4. Support lies at the 10-, 40- and 100-day moving averages, layered from $6.45 1/2 to $6.33 1/2.
Live cattle and feeders are notably lower at midsession.
- Nearby live cattle gapped lower at the open and have carved an eight-month low amid strong technical selling.
- Cash cattle trade has averaged $231.44 so far this week, down from last week’s average of $235.19.
- Tyson Foods “is making strategic changes to its beef operations to position the company for long-term success,” said a company press release Thursday. “Tyson Foods will anchor its beef business around three strategically located beef facilities in the central United States: Dakota City, Nebraska; Holcomb, Kansas and Amarillo, Texas, to create a more competitive footprint. The company will end operations at its Joslin, Illinois, beef facility and its Eagle Mountain, Utah, case-ready facility and is pursuing the sale of its Pasco, Washington, beef facility.
- Choice boxed beef rose $3.62 to $375.90 on Thursday, while Select fell 57 cents to $349.24. Movement totaled 113 loads.
- October live cattle gapped lower at the open and have carved a fresh for-the-move low. Support is layered at $216.42 and $213.78, while resistance stands at $218.23 and $220.87.
Hog futures are weaker at midday.
- Expiring August futures are modestly weaker, while deferred contracts face pressure from cutout.
- The CME lean hog index is down 2 cents to $95.87 as of Aug. 12.
- The pork cutout value fell $1.23 to $98.92 on Thursday, led by a $7-drop in primal picnics.
- October lean hogs are facing support at $81.475, while resistance stems from the 10-, 40- and 20-day moving averages, layered from $82.95 to $85.08.