Corn futures are unchanged to a penny higher at midmorning.
- Corn futures have turned from the overnight for-the-move high amid corrective pressure.
- USDA reported weekly corn sales of 332,700 MT for 2026-27 during the week ended July 16, up 6% from the previous week but down 44% from the four-week average. Net sales of 701,500 MT were reported for 2026-27. Net sales were shy of pre-report expectations which ranged from 400,000 to 800,000 MT for old-crop, but were near the upper- end of expectations for new-crop sales.
- Drought conditions eased modestly in the U.S., with the July 21 drought monitor showing a 0.5% decline from the previous week. Currently, 19% of corn acres, 18% of soybean acres and 24% of spring wheat acres are in D1-D4 drought. Click here to read more.
- September corn futures are facing initial resistance at $4.66, while support lies at $4.59 and is backed by the 100- and 200-day moving averages.
Soybeans are 2 to 4 cents higher, while meal is around 80 cents lower. Soyoil is 25 points higher.
- Soybeans have pulled away from the fresh for-the-move high, with a stronger U.S. dollar limiting buyer interest.
- USDA reported daily sales of 126,000 MT to unknown destinations during 2026-27.
- USDA reported weekly soybean sales of 56,400 MT for 2026-27 during the week ended July 16, down 70% from the previous week and four-week average. Net sales of 1.537 MMT for 2026-27 were primarily to China. Net sales were within pre-report expectations.
- August soybeans are up against resistance at $12.47 1/4, which is backed by additional resistance $12.55 11/2. Support lies at $12.32 1/2 and $12.24 1/4.
Wheat futures are a penny to 5 cents lower.
- SRW wheat futures are pausing after reaching a fresh high despite lingering geopolitical tensions in the Black Sea and Middle East.
- USDA reported weekly wheat sales totaled 290,000 MT for 2026-27 during the week ended July 16, up 23% from the previous week but down 14% from the four-week average. Net sales were within pre-report expectations.
- A crop tour this week headed by the Wheat Quality Council is reporting yield projections for North Dakota down 4 bushels an acre from last year, according to Dow Jones Newswires. At 46 bushels an acre, it’s still close to the 5-year average, but giving grain traders reason to believe that worse yields might soon be reported from the tour, the report said.
- Shipowners have temporarily suspended vessel arrivals at Ukraine’s Black Sea ports for agricultural exports after a recent surge in Russian attacks on ports and merchant shipping, the country’s agriculture minister said.
- Ukraine has lost about a third of its capacity to export grain via the Black Sea ports due to Russian missile and drone attacks, traders and analysts have said.
- September SRW futures are facing resistance at $7.16 ½ and $7.27 1/2, while support lies at $6.97 1/4 and $6.86 1/2.
Live cattle and feeders are higher at midsession.
- Cattle futures are correctively firmer after carving fresh near-term lows.
- Wholesale beef values declined on Wednesday, with Choice down $3.41 to $363.50 and Select down $3.66 to $350.57. Movement totaled 116 loads.
- USDA is scheduled to release a slew of reports on Friday afternoon that will provide an update on the supply picture for both cattle and beef, having ramifications for price action following the peak of grilling season. Click here to read more.
- USDA reported weekly beef sales totaled 9,400 MT for 2026 during the week ended July 16, which were up 18% from the previous week but down 32% from the previous week.
- August live cattle have carved fresh lows, with support serving at $222.12 and $221.03. Resistance stands at $225.17, which is backed by the 10- day moving average.
Hog futures are mixed at midday.
- Lean hogs are trading well off earlier lows amid solid technical support.
- The CME lean hog index is up 44 cents to $97.08 as of July 21.
- The pork cutout value fell $1.32 to $103.50, led by declines in primal ribs, hams and bellies. Movement totaled 304.4.
- USDA reported net pork sales totaled 28,800 MT for 2026, which were up 33% from the previous week and 12% from the four-week average.
- August lean hogs are facing resistance at $101.66, which is backed by the 200- and 100-day moving averages, while support lies at $100.68, which is backed by the 10- and 20-day moving averages.