Corn futures are around 7 cents lower at midmorning.
- Corn futures are facing a corrective pullback, spurred by technical resistance, despite a continued decline in crop conditions.
- USDA rated the corn crop as 61% good to excellent, down two percentage points from the previous week. On the Pro Farmer Crop Condition Index (CCI 0 to 500-point scale, with 500 being perfect) the crop declined 3.72 points on the week and is 24.18 points below the same time a year-ago.
- Crop consultant, Dr. Michael Cordonnier, in this week’s report, left his U.S. corn yield unchanged at 181.0 bu/ac with a neutral-to-lower bias.
- Southeast Asia is forecast to see drier-and warmer-than-normal weather conditions from August through October as El Niño strengthens. Parts of the region have a high chance of receiving below-normal rainfall, and temperatures are expected to be above average.
- September corn futures are being limited by resistance at the 10- and 100-day moving averages, each trading around $4.53, while support lies at the 40-day moving average of $4.35 1/2.
Soybeans are 18 to 19 cents lower, while meal is around $3.80 lower. Soyoil is 40 points lower.
- Soybeans are testing key support at the 40-day moving average despite continued evidence of export demand from China.
- USDA reported daily sales of 132,000 MT of soybeans to China during 2026-27.
- USDA rated the soybean crop as 63% good to excellent, unchanged from the previous week. However, on our CCI, the crop declined 0.77 points to 364.32 and sits 11.86 points behind year-ago at this time.
- Dr. Michael Cordonnier maintained his U.S. soybean yield estimate this week at 52.0 bu/ac, with a neutral-to-lower bias. “The forecast for this week looks favorable for crop development, with increased soil moisture and cooler temperatures.These conditions should favor soybean flowering, pod set, and early pod filling,” said Cordonnier.
- September soybeans are testing support at the 40-day moving average, with additional support at 100-day, trading at $11.70. Resistance stems from the 20- and 10-day moving averages, trading at $12.05 1/4 and $12.10 1/2.
Winter wheat futures are 12 to 13 cents lower, while HRS futures are 7 to 8 cents lower.
- SRW wheat futures are weaker in consolidative trade as technical resistance/support limit gains and losses.
- USDA rated the spring wheat crop as 55% good to excellent, up two percentage points from the previous week. The CCI rose just 0.22 points, as declines in North Dakota negated nearly all of the increases in Montana and South Dakota.
- FESCO, one of Russia’s largest shipping and logistics c companies has reported it has suspended acceptance of new applications for shipments through the Black Sea. It is viewed as a temporary suspension of new business on those routes and not an immediate full shutdown of every vessel already at sea.
- September SRW futures are trading between resistance at the 20- and 10-day moving averages, layered at $6.59 1/2 and $6.65 1/2 and support at the 100- and 40-day moving averages, trading at $6.31 3/4 and $6.30.
Live cattle are modestly lower while feeders are mixed at midsession.
- Nearby live cattle futures are weaker, limited by resistance at the 200-day moving average.
- Teamsters Local 455, the union representing the roughly 1,700 unionized workers, voted down the latest contract offer Monday, a local union spokesperson told the local 9NEWS TV station. “Our members have spoken,” the spokesperson said in an email. “They’re demanding more, and we expect to get back to the bargaining table as soon as possible.”
- The 200-day moving average of $231.19 continues to serve up resistance, while the 20-day, trading at $229.52 is initial support.
Hog futures are weaker at midday.
- Nearby lean hogs are weaker amid continued technical selling as cash fundamentals weaken.
- The CME lean hog index is down 55 cents to $97.68 as of July 31.
- The pork cutout value rose 90 cents to $100.91 on Monday, led by gains in primal bellies. Movement totaled 268.9 loads.
- August lean hogs have marked a fresh for-the-move low, with support at $97.11, while resistance stands at the 40-day moving average, trading at $98.43.