Corn is mostly a dime lower.
- Corn futures are notably lower amid favorable weather and trade concerns.
- Forecasts call for seasonal temps and timely rains during the next 10 days across the Corn Belt, maintaining “nearly ideal” conditions for crop development, according to World Weather Inc. Favorable weather is also expected in the Delta and Southeast.
- USDA reported daily corn sales of 135,000 MT to Mexico. Of the total, 29,000 MT is for 2024-25, while 106,000 MT is for 2025-26.
- USDA reported corn export inspections of 1.491 MMT (58.7 million bu.) for the week ended July 3, up 110,119 MT from the previous week and within the pre-report range of expectations from 1.1 MMT to 1.615 MMT.
- September corn futures gapped lower overnight, with resistance at the 10-day moving average of $4.11 1/4, while support lies at $4.07 1/4.
Soybeans are mostly 23 to 28 cents lower, while soymeal is around $4.00 lower. Soyoil is around 110 points lower.
- Soybeans are marking heavy losses amid favorable weather and technical selling across the soy complex.
- President Donald Trump has said he will not extend the 90-day pause to tariffs that “expires” on Wednesday and will start sending letters to countries specifying the tariff rates they will have to pay, but the increased tariffs will not be implemented until Aug. 1, leaving more time for some countries to negotiate. Without a deal, tariffs currently set at a 10% baseline will go back to the 20% to 49% set on April 2, Treasury Secretary Scott Bessent said.
- The European Union and U.S. are making headway toward a new trade agreement after a Sunday phone call between European Commission President Ursula von der Leyen and Trump, according to a commission spokesman. With the White House’s July 9 deadline looming, officials say negotiations are entering the “end game” and progress has been made, though final details are still being worked out.
- USDA reported soybean export inspections of 389,364 MT (14.3 million bu.), up 152,650 MT from the previous week and near the upper end of the pre-report range of expectations from 150,000 to 400,000 MT.
- August soybean futures gapped lower overnight, with resistance at the overnight high of $10.47, while support lies at $10.29 1/2, then last week’s low of $10.16 3/4.
Wheat futures are 6 to 10 cents lower.
- Wheat futures are under pressure, in tandem with corn and soybeans.
- Russia’s government cut its wheat export tax to zero, effective July 9, Interfax news agency reported on Friday, citing the Russian agriculture ministry. This is the first time the tax has been removed since it was introduced in 2021 to protect the domestic market from price spikes and to discourage excessive exports.
- USDA reported wheat export inspections of 436,628 MT (16.0 million bu.), down 39,953 MT from the previous week but within the pre-report range of expectations from 300,000 to 500,000 MT.
- December SRW futures gapped lower overnight and are facing resistance at 10- and 40-day moving averages, trading at $5.71 3/4 and $5.73 3/4, while initial support lies at $5.63 3/4.
Live cattle and feeders are sharply higher at midsession.
- Nearby live cattle are sharply higher amid technical buying despite fading cash fundamentals.
- Cash cattle traded lower for a third straight week, though last week’s average cash price won’t be published by USDA until later this morning. Cash sources expect the recent pullback in cash prices to continue this week.
- Wholesale beef values fell last Wednesday, with Choice down $5.11 to $389.75 while Select dropped $1.87 to $378.44. Movement totaled 103 loads.
- August live cattle have pushed above $214.88 and $215.60, with additional resistance at $218.55. The 20-day moving average of $213.43 is initial support.
Hog futures are mixed at midmorning.
- July lean hogs are posting losses amid weakening cash and wholesale fundamentals.
- The latest quote for the CME lean hog index is down another 71 cents to $109.51 as of July 2, the fourth straight daily decline.
- Pork cutout declined another 54 cents to $110.21 last Wednesday, extending its pullback from recent highs.
- August lean hogs are finding support at $105.31, while resistance stands at $107.28.