Corn is mostly 7 to 9 cents lower.
- Corn futures have extended earlier losses on pressure from favorable weather for crop development and weakness in the wheat market.
- Most U.S. crop areas will receive rains over the next two weeks, maintaining mostly favorable conditions for crop development. World Weather Inc. says that does not mean soil moisture will be perfect for all production areas, with dryness a concern in part of the Northern Plains and some areas of the Corn Belt. The Southern Plains should see less frequent rainfall over the next two weeks, resulting in better wheat maturation and harvest conditions.
- USDA reported corn export inspections of 1.67 MMT (65.9 million bu.) for the week ended June 12, down 55,866 MT from the previous week but near the upper end of pre-report expectations from 1.0 MMT to 1.7 MMT.
- July corn futures are facing resistance at the 20-day moving average of $4.45 1/2, while support lies at $4.31 1/4.
Soybeans are 2 cents lower to 2 cents higher, while soymeal is around $6.50 cents lower. Soyoil is around 330 points higher.
- Soybeans have pared some of their earlier gains as pressure on soymeal is offsetting some of the strength from soyoil.
- Soyoil futures are sharply higher for a second straight day in reaction to last Friday’s RFS proposals from EPA that showed biomass-based diesel levels for 2026 and 2027 higher than expected.
- USDA reported soybean export inspections of 215,803 MT (7.9 million bu.), down 342,813 MT from the previous week but within the pre-report range of expectations from 175,000 to 450,000 MT.
- Analysts polled by Reuters expect the National Oilseed Processors Association (NOPA) to report soybean crush totaled 193.5 million bu. in May, which would be a record for the month. Crush is expected to rise 3.3 million bu. (1.7%) from April and 9.9 million bu. (5.4%) from year-ago. Soyoil stocks are expected to decline to 1.451 billion pounds.
- Soybean futures continued to meet resistance at $10.80 1/4, while support lies at the 10-day moving average of $10.56 1/2.
Wheat futures are 5 to 7 cents lower.
- Wheat futures are under pressure despite a weaker U.S. dollar, as corn lends spillover pressure.
- USDA reported export inspections of 388,752 MT (14.3 million bu.) for the week ended June 12, up 64,545 MT from the previous week and within pre-report expectations from 250,000 to 450,000 MT.
- Canada’s Prairies and northern Montana are too dry and crop stress continues to rise as each day goes by, according to World Weather Inc. There is potential for rainfall in these areas this week into next week, but its distribution will not be even.
- July SRW futures have extended back below the 10-, 20- and 40-day moving averages, with support now at $5.29. Initial resistance remains at $5.51 1/2.
Live cattle and feeders are sharply higher at midsession.
- Nearby live cattle are recouping a portion of Friday’s losses in corrective trade.
- While heavy selling was featured across the cattle complex Friday, the cash market remains strong and is poised to post another record weekly average.
- Wholesale beef values rose on Friday, with Choice up $1.16 to $377.88, while Select rose 43 cents to $363.50. Movement was light, however, at 80 loads.
- June live cattle are holding an inside range, with resistance at last week’s contract high at $229.125, while support lies at the 10-day moving average of $224.53.
Hog futures are posting strong gains at midmorning.
- Nearby lean hogs have notched a fresh contract high amid solid cash and wholesale support.
- The CME lean hog index is up another $1.05 to $102.81 as of June 12.
- Pork cutout jumped $3.56 to $118.06 on Friday, led by hams and bellies. Surging cash fundamentals should encourage traders to at least maintain sizable premiums in summer-month hog futures.
- July lean hogs gapped higher and have scored a new contract high of $111.20, which will now serve as resistance, while support lies at $110.09.