Corn is mostly 2 to 3 cents lower.
- Corn futures are favoring the downside in sideways consolidative trade, with a firmer U.S. dollar hovering over grains.
- USDA reported daily sales of 102,870 MT to Mexico and 140,000 MT to South Korea during 2025-26.
- South Korea and the U.S. reaffirmed their commitment to reach a trade agreement ahead of the Aug. 1 U.S.-imposed deadline when U.S. tariffs are set to rise. U.S. Commerce Secretary Howard Lutnick and South Korea’s Industry Minister Kim Jung-kwan discussed sector and reciprocal tariffs Thursday, with Kim Jung-kwan emphasizing the need to ease trade barriers.
- The 10- and 20-day moving averages of $4.20 3/4 and $4.21 1/2 continue to serve up resistance, while initial support lies at $4.17 3/4.
Soybeans are mostly 6 cents lower, while soymeal is around $1.50 lower. Soyoil is around 50 points lower.
- Soybeans are edging lower for the fifth straight session amid continued technical selling.
- USDA reported daily sales of 142,500 MT to Mexico during 2025-26.
- Malaysian palm oil futures prices were down over 2%, below MYR 4,250 per MT, snapping a three-session winning streak amid weakness in Dalian palm olein. Signs of higher palm oil output also pressured prices after the Malaysian Palm Oil Board projected production to rise to 19.5 million tons in 2025 from 19.3 million last year.
- August soybean futures continue to find initial support at $9.98 1/2, which is backed by the recent low of $9.93. The 10 and 20-day moving averages, layered at $10.09 1/4 and $10.18 1/2.
Winter wheat futures are 4 to 5 cents lower, while HRS is near steady.
- SRW wheat futures are edging lower amid pressure from a firmer dollar and looming technicals.
- Most of the winter wheat in Europe and Russia is being harvested and will not likely respond well to rain in the future, according to World Weather Inc. Production cuts for winter crops have not been as great as feared in Europe.
- Australia’s weather has improved with rain recently and more is expected while crops are semi-dormant. Better stands and tillering is expected prior to aggressive crop development this spring due to recent rains.
- December SRW futures continue to be limited by the 10-day moving average of $5.61 1/2, which is backed by the 20- and 40-day moving averages. Initial support remains at $5.55 3/4.
Live cattle mixed, while feeders are modestly firmer at midsession.
- Nearby live cattle are modestly weaker as traders pause ahead of this afternoon’s Cattle on Feed Report.
- Cash cattle trade picked up mid-week at lower prices, likely weighing on futures, though movement remains light.
- Today’s monthly USDA cattle-on-feed report is expected to show cattle on feedlots of more than 1,000 head, as of July 1, at 99.2% of the level seen one year ago at the same time. Placements in June are seen at 98.0% of year-ago levels, with marketings in June seen at 96.4% from last year at the same time.
- August live cattle are trading within Thursday’s range, bound by support/resistance at Wednesday’s low and high of $224.625 and $224.60.
Hog futures are weaker at midmorning.
- Nearby lean hogs are correctively lower as traders book profits ahead of the weekend.
- The CME lean hog index is up another 72 cents to $109.95.
- The pork cutout value rose 30 cents to $117.54 on Thursday amid strength in hams and picnics.
- August lean hogs have inched below the 40-day moving average of $108.09, with additional support at $107.50. Resistance stands at $108.38.