Corn is near unchanged at midmorning.
- Corn futures are chopping around unchanged in directionless trade despite strong export sales.
- USDA reported daily corn sales of 110,000 MT to unknown destinations for 2025-26.
- For the week ended July 3, USDA reported corn export sales of 1.262 MT for 2024-25, which were the largest since early May and up 70% from the four-week average. Net sales of 888,600 MT were reported for 2025-26. Sales topped expectations of 375,000 to 900,000 MT for 2024-25 and 150,000 to 700,000 MT for 2025-26.
- World Weather Inc. notes the Midwest and Great Plains may trend warmer and drier in the latter part of next week and into the following weekend. However, complete dryness is not expected and the shift in pattern may be temporary.
- September corn futures are holding an inside range, with initial support at $3.96 1/4, while resistance is at $4.01 1/4.
Soybeans are unchanged to 6 cents lower, while meal futures are around $1.00 higher. Soyoil is near unchanged.
- Old-crop soybeans continue to fade despite continued export business, while new-crop futures are modestly firmer.
- For the week ended July 3, USDA reported net soybean sales of 503,000 MT for 2024-25, up 9% from the previous week and 43% from the four-week average. Net sales totaled 248,400 MT for 2025-26. Sales for both years were within the range of pre-report expectations.
- President Donald Trump warned Brazil he will impose a 50% tariff on all Brazilian exports to the U.S. starting Aug. 1 unless President Lula da Silva halts what Trump called a “witch hunt” trial against former president Jair Bolsonaro. Lula said the new tariffs would be met with reciprocal measures.
- August soybean futures gapped lower overnight, but found support at $10.03, which is backed by the psychological $10.00 level. Initial resistance is at $10.08 1/2, then $10.13 3/4.
Winter wheat futures are mostly 1 to 3 cents higher, while spring wheat is near unchanged.
- SRW wheat futures are firmer despite continued U.S. dollar strength.
- USDA reported wheat export sales for the week ended July 3 of 567,800 MT for 2025-26, which was within the range of expectations of 200,000 to 600,000 MT.
- U.S. HRW wheat harvest progress should advance swiftly next week when drier weather evolves.
- China’s wheat output dipped just 0.1% this year, official data showed, despite severe drought in key growing regions, including areas such as Henan and Shaanxi. Wheat production is estimated at 138.16 MMT by China’s National Bureau of Statistics, down 60,000 MT from last year.
- December SRW futures are facing resistance at the 40- and 20-day moving average of $5.74 1/2 and $5.75 3/4, while initial support lies at $5.62 1/2.
Live cattle are moderately higher, while feeders are posting strong gains midsession.
- Nearby live cattle have backed off their contract high scored in early trade, though continue to post solid gains.
- USDA Secretary Brooke Rollins late Wednesday ordered an immediate shutdown of livestock trade through all southern border ports following the detection of a new case of New World Screwworm (NWS) in Veracruz, Mexico. The case was confirmed by Mexican authorities in Ixhuatlan de Madero — just 370 miles from the U.S. border, raising serious concerns about the effectiveness of Mexico’s containment efforts and forcing USDA to abandon a phased port reopening plan that was scheduled to run from July 7 through mid-September.
- USDA reported weekly beef export sales of 11,600 MT for 2025, up 1% from the previous week but down 12% from the four-week average.
- August live cattle futures gapped higher at the open and carved a fresh contract high of $222.50, which now serves as resistance. Support lies at $220.05.
Hog futures are lower at midmorning.
- Nearby lean hogs are modestly weaker amid technical pressure and fading cash fundamentals. Deferred futures are moderately lower.
- The CME lean hog index dropped another 29 cents to $107.04 as of July 8, though that’s the smallest daily decline since June 27.
- Pork cutout firmed a nickel to $112.06 on Thursday, despite weakness in four of the six cuts.
- USDA reported net pork sales of 24,300 MT for 2025, down 11% from the previous week and 17% from the four-week average. China led purchases for the week at 8,800 MT.
- August lean hogs dropped below the 40-day moving average of $107.12, triggering sell stops. Support is at Monday’s low of $105.50.