Corn futures are 10 to 11 cents lower at midmorning.
- Corn futures are facing general selling ahead of USDA’s Acreage and Quarterly Stocks reports, due out tomorrow.
- USDA reported weekly corn export inspections totaled 1.786 MMT during the week ended June 25, down 318,543 MT from the previous week. Net inspections were near the upper end of the expected pre-report range of 1.5 to 1.8 MMT.
- Some beneficial moisture fell in a part of the direr areas of South Dakota and southwestern Minnesota ahead of very warm to hot weather, according to World Weather Inc. Not much rain is expected in the area again for the next week. Meanwhile, flooding rain occurred during the weekend in southern Indiana and Kentucky, threatening some crops.
- Indian farmers have fallen behind in planting summer crops as a slow start to the monsoon season has resulted in below average rainfall so far, according to Reuters. However, there is still time for the monsoon to gather momentum.
- September corn futures have forged a fresh low, though support lies at $4.11 3/4, while the 20-day moving average of $4.28 1/2 serves as resistance.
Soybeans are 14 to 15 cents lower, while meal is around 80 cents lower. Soyoil is around 60 points lower.
- Soybeans are weaker in consolidative trade as technical challenges limit buyer interest.
- USDA reported daily sales of 136,000 MT of soybeans to unknown destinations during 2026-27.
- USDA reported weekly soybean inspections totaled 419,124 MT during the week ended June 25, up 146,983 MT from the previous week. Net inspections were within the expected pre-report range of 350,000 to 550,000 MT.
- August soybeans are up against resistance at the 20-day moving average of $11.32 ¾, while support lies at $11.19 1/2, then at the June 15 low of $11.07 3/4.
SRW wheat wheat is 6 to 7 cents lower while HRW wheat is chopping around unchanged. HRS futures are around a penny to 2 cents lower.
- SRW wheat futures have marked a fresh for-the-move low amid continued technical selling.
- USDA reported weekly wheat inspections totaled 358,253 MT during the week ended June 25, down 37,861 MT from the previous week. Net inspections were short of analysts’ pre-report range of 400,000 to 550,000 MT.
- Argus raised its forecast for Russian wheat production in 2026-27 to 91.2 MMT, the highest since the record 2023-24 harvest after a virtual crop tour showed stronger production prospects, according to Reuters.
- A group of South Korean flour mills has issued an international tender to purchase about 100,000 MT of milling wheat to be sourced from the U.S. and Australia, according to Reuters.
- September SRW futures are facing support at $5.82 3/4, which is backed by the fresh near term low of $5.81 1/2, carved in early trade. The 200-day moving average, trident at $5.90 3/4 is initial resistance.
Live cattle and feeders are lower at midsession.
- Cattle futures are weaker amid fund liquidation after recent strength as traders pause to assess New World screwworm and consumer demand.
- The U.S. and Mexico over the weekend inaugurated a sterile fly plant in Chiapas. The plant will eventually produce up to 100 million sterile flies a week, Reuters reported. The U.S. has mostly closed its border to Mexican live cattle imports since May of 2025.
- Choice boxed beef slid $5.29 on Friday to $391.03 while Select fell $3.16 to $371.58. Movement totaled 94 loads.
- August live cattle gapped lower at the open, with resistance at the 10-day moving average of $246.44. Support lies at the 20-day moving average of $243.37, which is backed by the 100-day moving average.
Hog futures are lower at midday.
- Lean hog futures gapped lower at the open as technical challenges continue to limit earnest short-covering.
- The CME lean hog index is down 23 cents to $91.55 as of June 25.
- The pork cutout value rose 15 cents on Friday to $95.37. Movement totaled 273.7 loads.
- August lean hogs continue to face support at $95.93, which is backed by the June 10 low of $93.975. Resistance stands at the 10- and 20-day moving averages, trading at $97.82 and $100.09.