Market Snapshot | Notable cattle correction at midday

August 8, 2025

Pro Farmer's Market Snapshot
Market Snapshot | August 8, 2025
(Pro Farmer)

Corn is mostly unchanged, but favoring the upside at midmorning.

  • Corn futures are modestly firmer, though technical resistance is curbing extended gains.
  • USDA reported daily sales of 125,000 MT of corn to unknown destinations during 2025-26.
  • World Weather Inc. early this morning reports a large cluster of thunderstorms that evolved in Montana Thursday afternoon advanced across much of North Dakota and far southeastern Saskatchewan, Canada, to southern Manitoba and western Minnesota overnight.
  • September corn futures are facing resistance at the 10-day moving average of $3.87 1/2, which is backed by the 20-day moving average of $3.94 3/4.

Soybeans are mostly a penny lower, while soymeal is around $1.30 higher. Soyoil is 40 points lower.

  • Soybean futures are modestly weaker as technical pressure limits extended short-covering interest.
  • Malaysian palm oil futures rose 1% to above MYR 4,280 per MT, ending a two-session losing streak and supported by a weaker ringgit and gains in rival Dalian palm and Chicago soybean oil. Prices were also supported by optimism that top buyer India may start early purchases in August and September, ahead of the Diwali festivals in mid-October.
  • November soybean futures are facing resistance at the 10-day moving average of $9.95 1/4, while support lies at $9.90 1/2.

Winter wheat futures are mostly a penny to 3 cents lower while HRS futures are around nickel higher.

  • SRW wheat futures are weaker amid improved global production prospects.
  • Farmers in Argentina have wrapped up planting for the 2025-26 wheat season, expanding the total area to 6.7 million hectares, according to the Buenos Aires Grains Exchange on Thursday.
  • Russia’s IKAR consultancy raised its forecast for the 2025 wheat crop to 84.5 MMT, up from 84.0 MMT. Exports were forecast at 41.5 MMT.
  • France’s farm ministry increased its estimate of this year’s French soft wheat harvest, confirming a sharp rebound from last year.
  • December SRW futures are up against resistance at the 10-day moving average of $5.40 1/4, while support lies at $5.36 1/4.

Live cattle and feeders are solidly lower at midsession.

  • Nearby live cattle are posting notable corrective losses.
  • Wholesale values rose on Thursday, with Choice cutout rose $4.08 to $378.94 while Select rose $2.39 to $353.75.
  • Cash cattle remain slow this week, with trade likely to pick up today.
  • August live cattle are facing support at the 10- and 20-day moving averages, currently trading at $232.19 and $228.22, while resistance stands at this week’s high of $239.475.

Hog futures are weaker at midmorning.

  • Nearby lean hogs are modestly weaker, with support from resurgent cash and wholesale gains.
  • The CME lean hog index is up 50 cents to $110.10 as of Aug. 6, reversing from recent weakness.
  • The pork cutout value rose $1.11 to $116.33 on Thursday, led by strength in hams.
  • August lean hogs continue to face resistance at $109.12 amid technically oversold conditions, while support lies at $108.49.