Corn is mostly 7 to 10 cents lower.
- Nearby corn futures are facing notable weakness amid a general risk-off tone and continued bear spreading.
- The extreme heat and wind across the Plains and Midwest during the weekend will abate, with seasonal temps and multiple rain chances likely this week. The high-pressure ridge is expected to build over the Canadian Prairies, Rocky Mountain region and Northern Plains.
- USDA reported corn export inspections of 1.48 MMT (58.1 million bu.) for the week ended June 19, down 218,867 MT from the previous week but within pre-report expectations from 1.2 MMT to 1.6 MMT.
- July corn futures posted a new contract low, with support now at $4.19 1/2. Initial resistance is at the 10-day moving average of $4.34 1/4.
Soybeans are 10 to 13 cents lower, while soymeal is around $1.50 cents lower. Soyoil is around 120 points lower.
- Soybeans are lower amid persisting meal pressure and weakness in corn.
- USDA reported soybean export inspections of 192,890 MT (7.1 million bu.) for the week ended June 19, down 30,551 MT from the previous week and short of pre-report expectations from 200,000 to 450,000 MT.
- U.S. northwestern Corn and Soybean Belt will receive much-needed rain this week with amounts of 1.00 to 3.00 inches from Nebraska and southeastern South Dakota through Iowa and southern Minnesota to Wisconsin easing long-term dryness.
- Soybean futures are finding support at the 10-day moving average of $10.57 3/4.
Winter wheat futures are 13 to 17 cents lower, while HRS futures are 8 to 9 cents lower.
- Wheat futures are lower amid risk-off and technical selling.
- USDA reported wheat export inspections of 254,782 MT (9.4 million bu.) for the week ended June 19, down 208,660 MT from the previous week and near the low-end of pre-report expectations from 250,000 to 500,000 MT.
- Less rain in the Southern Plains and lower Midwest during the weekend and this week will be good for wheat maturation and eventual harvesting, notes World Weather Inc.
- Crop monitoring service MARS increased its forecast for soft wheat yields in the European Union this year to 6.05 MT per hectare, up slightly from last month and 5% above the five-year average.
- July SRW futures are testing support at $5.50, while resistance is at $5.70 1/2.
Live cattle and feeders are moderately to sharply weaker at midsession.
- Nearby live cattle are weaker despite noticeable discounts to the cash market.
- USDA estimated there were 11.442 million head of cattle in large feedlots (1,000-plus head) as of June 1, down 141,000 head (1.2%) from year-ago. May placements declined 7.8% and marketings fell 10.1% from year-ago levels, with both categories slightly lower than the average pre-report estimates.
- Choice boxed beef fell $3.29 on Friday to $390.50, while Select rose $2.36 to $376.95. Movement was light at only 93 loads.
- June live cattle are testing initial support at $208.18. Resistance is at the 40-day moving average of $210.39, which is backed by the 20- and 10-day moving averages.
Hog futures are posting modest gains at midmorning.
- Lean hogs are modestly firmer as strong technicals and fundamental support continue to prop up prices.
- The CME lean hog index rose to $108.08 as of June 19.
- Pork cutout jumped to $122.14 on Friday, the highest level since August 2022.
- July lean hogs continue to face resistance at $113.17, while the 10-day moving average of $111.14 serves as initial support.