Corn futures are 5 to 8 cents lower.
- Corn futures are weaker amid spillover pressure from wheat futures.
- Heavy rains are expected across the Southern Plains, with active rains though lighter amounts through the Delta, Tennessee River basin and Southeast. Drier weather is expected for the Central Plains across the lower Midwest, while the upper Midwest and Northern Plains will see rain chances throughout the week.
- Ag consultancy, APK-Inform cut Ukraine’s 2025 grain production forecast by 4.3% to 52.9 MMT. The firm reduced its corn production forecast by 2.1 MMT to 24.9 MMT.
- USDA reported corn export inspections of 1.66 MMT (65.2 million b.) for the week ended June 5, up 14,840 MT from the previous week and above pre-report expectations from1.0 MMT to 1.6 MMT.
- July corn futures are testing support at $4.36 1/2, while resistance stands at the 10- and 20-day moving averages, trading at $4.45 3/4 and $4.48.
Soybeans are unchanged to 4 cents lower, while soymeal is 50 cents lower. Soyoil is near unchanged.
- Soybeans are modestly weaker, with meal weakness limiting buyer interest.
- A U.S. trade delegation currently in India has extended its stay through Tuesday, signaling accelerating momentum in negotiations aimed at finalizing a phased trade deal before new reciprocal tariffs take effect July 9. U.S. negotiators are also holding talks with China in London.
- China imported a record 13.92 MMT of soybeans in May, up 7.84 MMT (129%) from April and 3.7 MMT (36.2%) above last year. Customs clearance times returned to normal, while demand from crushing plants was strong. Through the first five months of this year, China imported 37.11 MMT of soybeans, down 0.7% from the same period last year.
- USDA reported soybean export inspections of 547,040 MT (20.1 million bu.) for the week ended June 5, up 245,581 MT from the previous week and above pre-report expectations from 155,000 to 400,000 MT.
- July soybeans are facing resistance at $10.62 3/4, while support lies at the 20-, 40-, 100- and 10-day moving averages, layered from $10.55 1/4 to $10.48 3/4.
Wheat futures are 10 to 13 cents lower.
- Wheat futures are facing pressure from reduced global supply concerns and technical-based selling.
- APK-Inform cut its Ukraine wheat production forecast by 100,000 MT to 21.7 MMT. The consultancy lowered its 2024-26 grain export forecast by 2.4 MMT to 38.5 MMT.
- Central parts of the U.S. Plains are trending too wet and the wet bias will shift into Oklahoma and northern Texas this week, notes World Weather Inc. Wet weather disease and lower protein levels are possible without a return to warmer and drier weather soon.
- USDA reported wheat export inspections of 290,957 MT (10.7 million bu.) for the week ended June 5, down 262,452 MT from the previous week but within the pre-report range of 250,000 to 600,000 MT.
- July SRW futures are facing resistance at the 100-day moving average of $5.62 1/4, while support lies at the 40-, 10- and 20-day moving averages, layered from $5.39 to $5.35.
Live cattle and feeders are mixed at midsession.
- Cattle futures gapped higher, pulled back and are now seeing buyer interest build again.
- While cattle futures and cash cattle prices continue to rise, wholesale beef values are showing signs of stalling in the mid-$360.00 range for Choice and mid-$350.00 area for Select. Choice beef fell $1.77 to $365.08 and Select firmed 12 cents to $356.73 on Friday.
- Missouri authorities are investigating a fake press release about New World screwworm, the state’s agriculture department said on Friday. On May 27, a false press release was sent to a northwest Missouri radio station about screwworm, the Missouri Department of Agriculture said.
- June live cattle have notched a fresh high, with resistance at today’s high at $227.875, while support lies at $225.30 and $223.85.
Hog futures are mostly firmer in midmorning trade.
- Nearby lean hogs are near unchanged after marking a fresh contract high early on.
- The CME lean hog index is up another 80 cents to $98.37 as of June 5.
- Pork cutout jumped $3.39 to $111.51 on Friday. Both marked for-the-move highs and are trading at the highest levels since August 2023.
- China imported 513,000 MT of meat in May, unchanged from the previous month but down 7.9% from last year. Through the first five months of the year, China imported 2.67 MMT of meat, down 3.9% from the same period last year.
- July lean hogs have edged to a new contract high, with resistance now at $107.925, while initial support lies at $106.45.