Market Snapshot | Selling resumes across grains, soy

July 21, 2025

Pro Farmer's Market Snapshot
Market Snapshot | July 21, 2025
(Pro Farmer)

Corn is 6 to 7 cents lower.

  • Corn futures are correctively weaker after posting a series of gains last week.
  • World Weather Inc. Sunday evening reported rainfall in the coming week “will be frequent and abundant enough to bolster or maintain soil moisture across the northern Plains, northern and eastern Midwest and from portions of the Tennessee River Basin into the southeastern states.”
  • USDA reported export inspections of 983,625 MT (38.7 million bu.) for the week ended July 17, which were down 330,677 MT from the previous week and short of the pre-report range of 1.1 MMT to 1.575 MMT.
  • The 10-day moving average of $4.01 is initial support for September corn, which is backed by the psychological $4.00 level. Resistance stands at the 20-day moving average of $4.05 3/4, then $4.12 1/4.

Soybeans are mostly 13 to 14 cents lower, while meal futures are around $4.00 lower. Soyoil is 30 points lower.

  • Soybeans are being pressured by returned selling in meal futures and technical headwinds.
  • USDA reported export inspections of 364,990 (13.4 million bu.) during the week ended July 17, up 213,644 MT from the previous week and near the upper-end of the pre-report range of 200,000 to 400,000 MT.
  • The European Union is making plans for retaliation against the U.S. in a scenario where there is no trade agreement reached by the U.S.-imposed deadline of Aug. 1, Bloomberg reports. The U.S. is seeking a near-universal tariff on EU goods that is higher than 10%, with increasingly fewer exemptions. EU and U.S. negotiators are heading into more talks this week.
  • Malaysian palm oil futures fell around 1% Monday, on profit taking after recent gains and amid signs of some weaker demand. Losses in palm oil were limited as Malaysian authorities raised the August crude palm oil reference price.
  • August soybean futures are being forced lower by the 20-, 100-, 40- and 200-day moving averages, layered from $10.26 to $10.40, while the 10-day moving average of $10.11 3/4 is serving as initial support.

Wheat futures are mostly 3 to 4 cents lower

  • SRW wheat futures are weaker despite a weaker U.S. dollar and solid weekly export inspections.
  • Reports say Bangladesh signed a trade deal Sunday to import 700,000 MT of U.S. wheat annually for five years. This is an effort to ease trade tensions with the U.S. and avoid new tariffs.
  • Rainfall in the next seven days will be good to possibly a little too much in some areas, especially Minnesota and the eastern Dakotas. World Weather notes the high-pressure ridge position will favor frequent thunderstorm complexes, which may cause flooding and delay fieldwork.
  • USDA reported export inspections of 732,290 MT (26.9 million bu.) for the week ended July 17, up 287,659 MT from the previous week, which topped pre-report expectations ranging from 300,000 to 500,000 MT.
  • December SRW futures continue to be limited by the 20- and 40-day moving averages, trading at $5.68 1/4 and $5.73 1/2, while support lies at $5.56 3/4, and is backed by last week’s low of $5.52 3/4.

Live cattle and feeders are notably firmer at midsession.

  • Nearby live cattle have taken out last week’s record high amid continued fundamental and technical support.
  • The average cash cattle trading price for last week, released by USDA near midday today, is likely to show lower prices fetched last week. Packers have been reluctant to bid up for cattle supplies given negative cutting margins.
  • Choice boxed beef rose 27 cents to $373.55 on Friday, while Select fell $2.35 to $351.49. Movement totaled 103 loads.
  • August live cattle have notched a new all-time high of $224.575, though resistance remains at $224.69, while support is layered at $222.67 and the 10-day moving average of $221.83.

Hog futures are weaker at midmorning.

  • Nearby lean hogs are weaker amid technical pressure, though futures’ discounts to cash should limit selling.
  • The latest CME lean hog index is up 30 cents to $107.93 as of July 17.
  • The pork cutout value rose $1.47 to $117.79 on Friday amid gains in all cuts. Movement totaled 234.3 loads.
  • August lean hogs are being limited by the 20- and 40-day moving averages, trading at $107.49 and $107.33, while support lies at $105.83 and the 10-day moving average of $105.53.