Corn futures are 2 to 3 cents lower at midmorning.
- Corn futures are weaker amid improved crop conditions despite recent heat.
- USDA rated the corn crop as 68% good to excellent as of Sunday, up one percentage point from the previous week. On the Pro Farmer Crop Condition Index (0 to 500 scale, with 500 being perfect), the crop increased 2.01 points to 373.63, with the most notable improvement in Ohio. The CCI rating is 9.92 points behind year-ago at this time.
- The first container ship to run on Brazilian-made ethanol fuel is scheduled to sail from the port of Santos, bound for Asia, in an unprecedented test for the nation’s biofuel industry.
- Brazil’s total grain crop is expected to reach 360.11 million metric tons in the 2025-26 season, national crop agency Conab said on Tuesday, raising its forecast from the 358.64 million tons projected in June. The new estimate, driven mainly by higher soybean and corn production, would mark a 2.2% increase from the previous season, Conab said.
- September corn futures are facing support at the 40-day moving average, trading at $4.38 1/2, with additional support at the 10- and 20-day moving averages. Resistance is layered at $4.45 1/2 and $4.50.
Soybeans are 2 to 5 cents lower, while meal is fractionally lower. Soyoil is 30 points lower.
- Soybeans are weaker in corrective trade, but are trading off the overnight low.
- USDA rated the soybean crop as 65% good to excellent as of Sunday, up one percentage point from last week. On our CCI, the crop improved 1.05 points to 368.21, with the most notable improvements in the Delta and southern U.S. The current CCI rating trails year-ago by 5.02 points.
- China’s June soybean imports rose 10.5% from a year earlier to 13.55 million metric tons, data from the General Administration of Customs showed on Tuesday.
- August soybeans are being supported by the 10-day moving average, trading at $11.78 1/4, and is backed by the 40-, 20- and 100-day moving averages. Resistance stands at $11.97 3/4 and $12.04 1/4.
SRW wheat futures are mostly 7 to 8 cents higher, while HRS futures are around 3 to 4 cents higher.
- SRW wheat futures are posting solid gains as geopolitical tensions linger. A weaker U.S. dollar is also supportive.
- USDA rated the spring wheat crop as 58% good to excellent, up one percentage point from the previous week, however, the only improvements were in Minnesota and North Dakota. The current CCI is 1.53 points ahead of year-ago at this time.
- September SRW futures are facing initial support at $6.28 ¼, which is backed by the 100-, 40-, 10- and 20-day moving averages. Resistance is layered at $6.47 1/2 and $6.60.
Live cattle and feeders are notably lower at midsession.
- Cattle futures have marked a fresh for-the-move low amid continued technical selling and pressure from weakening cash and wholesale fundamentals.
- Last week’s cash cattle trading averaged $248.01, down $7.11. from the week prior’s average $255.12.
- Choice boxed beef plunged $7.07 on Monday to $375.61, while Select slid $3.16 to $368.33. Movement totaled 122 loads.
- August live cattle are facing support at the 200-day moving average of $231.45, while resistance stands at $234.07 and $235.94.
Hog futures are modestly weaker at midday.
- Nearby lean hogs are modestly weaker despite continued wholesale and cash support.
- The CME lean hog index is up 42 cents to $93.11 as of July 10.
- The pork cutout value rose 21 cents to 101.55 on Monday. Gains in hams and ribs offset losses in all other cuts. Movement totaled 235.8 loads.
- August lean hogs are being supported by the 10- and 40-day moving averages, trading at $98.29 and $98.25, and are backed by the 20-day moving average. Resistance stands at $99.65.