Corn futures are a nickel to 6 cents higher at midmorning.
- Corn futures are firmer in corrective trade in the wake of last week’s technical selling.
- USDA reported weekly corn inspections totaled 1.885 MMT during the week ended July 30, up 351,421 MT from the previous week. Net inspections were within analysts’ pre-report range of 1.2 to 1.95 MMT.
- AgRural raised its forecast for Brazil’s 2025-26 corn production to 142.8 MMT, up from its previous estimate of 139.9 MMT in June.
- China’s corn, rice and cotton fields are at heightened risk of crop damage in the coming days as a heat wave sweeps through key agricultural regions in the country’s north and east, Bloomberg reports. High-pressure weather systems will lead to hotter-than-normal conditions this week, according to commercial forecaster Vaisala, with Shenyang in the northeastern province of Liaoning seeing highs of 95F to 100F through Thursday.
- September corn futures are trading within the 10- and 40-day moving averages, trading at $4.47 1/4 and $4.35 ¼. Greater resistance is at the 200- and 10-day moving averages, each trading around $4.53, while additional support lies at $4.27 3/4 and the June 30 low of $4.06 1/4.
Soybeans are a penny to 3 cents higher, while meal is around 30 cents lower. Soyoil is 70 points higher.
- Soybeans are modestly firmer in corrective trade, with support from additional export demand from China and corrective gains in soyoil.
- USDA reported weekly soybean inspections totaled 343,941 MT during the week ended July 30, down 21,779 MT from the previous week, down 82,155 MT from the previous week. Net inspections were within the pre-report range of 300,000 to 600,000 MT.
- USDA reported daily sales of 488,000 MT of soybeans to China and 136,150 MT to unknown destinations during 2026-27.
- September soybeans are being supported by the 100- and 40-day moving averages, each trading around $11.60, while initial resistance is at $11.78 ½ and is backed by the 20- and 10-day moving averages.
Wheat futures are a nickel to 9 cents higher.
- SRW wheat futures firmer as support at the 100- and 40-day moving averages curb near-term selling.
- USDA reported weekly wheat inspections totaled 335,313 MT during the week ended July 30. Net inspections were within the pre-report range of 300,000 to 500,000 MT.
- Vivescia, one of France’s largest grain handlers, has observed contrasting wheat yields and quality as persistent heat caused an early harvest, according to Reuters.
- September SRW futures are facing support at the 100- and 40-day moving averages, each trading around $6.30, while resistance is at $6.46 1/4, which is backed by the 20- and 10-day moving averages.
Live cattle and feeders are higher at midsession.
- Live cattle futures are firmer to begin the week amid technical buying as supply concerns linger.
- The Teamsters Local 455 union votes early this week on a tentative agreement reached last week with Cargill covering more than 1,700 workers at the Fort Morgan, Colo., beef plant. “The multinational company worth nearly $60 billion is still offering workers a raise of $2.15 an hour, just as they did in May when workers rejected the deal. But this time, the pay increases are frontloaded in the proposed five-year deal, so workers don’t have to wait so long to see bigger paychecks.
- Choice boxed beef rose 88 cents on Friday to $361.38, while Select surged $4.90 to $346.23. Movement was light at only 82 loads.
- The 200-day moving average, trading around $231.28 is serving as initial support, with backing from the 20-day moving average. Resistance stands at $231.875 and $231.075.
Hog futures are mixed at midday.
- Nearby lean hogs are facing technical and fundamental pressure as cash and wholesale strength fade.
- The CME lean hog index is down 21 cents to $98.23 as of July 30.
- The pork cutout value fell $1.63 to $100.01, led by declines in primal hams. Movement totaled 284.3 loads.
- August lean hogs are facing resistance at the 40-day moving average, trading at $98.43, while support is layered at $97.82 and $97.31, with greater support at the June 10 low of $93.975.