Corn is mostly a penny to 2 cents lower.
- Corn futures are modestly weaker amid spillover pressure from wheat and crude oil futures.
- USDA reported daily sales of 125,000 MT and 227,160 MT to unknown destinations for 2025-26.
- President Trump late Thursday unveiled a batch of new tariffs on dozens of countries just ahead of the Aug. 1 U.S.-imposed deadline for new deals to be made. The baseline rates for many countries remain unchanged at 10% from the duties Trump imposed in April. Altogether, the average U.S. tariff rate will rise to 15.2% if rates are implemented as announced, according to Bloomberg Economics.
- September corn is facing resistance at the 10- and 20-day moving averages of $3.96 1/2 and $3.98 3/4, while support is layered at $3.89 3/4 and this week’s low of $3.87 3/4.
Soybeans are mostly 2 to 5 cents higher, while soymeal is around $4.00 higher. Soyoil is mostly 80 points lower.
- Soybeans are firmer amid support from continued short-covering in meal.
- Analysts expect June soybean crush totaled 196.6 million bushels, which would be down 3.5% from May and the smallest monthly crush since February. It would still be up, however, from June 2024 crush of 183.5 million bushels and the largest June crush on record. Soyoil stocks are expected to have totaled 1.863 million pounds, according to a Reuters poll of analysts.
- A Chinese buyer has signed a deal this week to import 30,000 MT of Argentine soymeal as feed producers move to lock in cheaper supplies from South America, according to trade sources.
- November soybean futures have edged to a new for-the-move low, though support lies at $9.84 1/4. Initial resistance stands at $9.97 1/2.
Wheat futures are a nickel to 8 cents lower.
- SRW wheat futures continue to grind lower despite a notable pullback in the U.S. dollar.
- Sovecon trimmed its forecast for the 2025 Russian wheat crop toe 83.3 MMT, down from its previous estimate of 83.6 MMT, due to weaker-than-expected yields in the key southern region.
- Recent rainfall in Argentina has improved soil moisture reserves for the country’s 2025-26 wheat crop, with nearly all of the planted area now in normal or optimal condition, according to the Buenos Aires Grains Exchange.
- December SRW futures have carved a fresh contract low of $5.36 1/2, though support remains at $5.37 1/2.
Live cattle and feeders are mixed at midsession.
- Nearby live cattle are correctively firmer in the wake of Thursday’s strong selloff.
- Cash negotiations remain slow to develop, though fresh contract supplies with the flip of the calendar should lean in packers’ favor.
- Wholesale beef values rose on Thursday, with Choice up 67 cents to $361.21, while Select rose 46 cents to $341.37.
- August live cattle are hovering within Thursday’s lower range, supported by the 10-day moving average of $227.67, while initial resistance is at $231.79, then this week’s high of $233.75.
Hog futures are modestly lower at midmorning.
- Nearby lean hogs are weaker amid fading cash and wholesale fundamentals but are trading well off earlier lows.
- The CME lean hog index is down 14 cents to $110.37, ending a string of recent gains.
- The pork cutout value slid $2.00 to $114.00 on Friday amid a $10.83 dive in primal bellies.
- August lean hogs have edged below the 20-day moving average of $106.64, with support now serving at $106.36. Resistance stands at $107.26.