Corn futures are mostly 6 cents lower at midmorning.
- Corn futures are weaker in consolidative trade, with spillover pressure stemming from the soy complex.
- European crops will continue to be stressed this week with low soil moisture in many areas, but nowhere more serious than in France and the southern United Kingdom, according to World Weather Inc. Hotter weather later this week into next week coupled with ongoing limited rain will add to production concerns.
- September corn futures are facing resistance at last week’s high of $4.68, while support lies at 100- and 10-day moving averages, each trading around $4.54.
Soybeans are 26 to 28 cents higher while meal is around $4.50 lower. Soyoil is 140 points lower.
- Soybeans are facing continued selling pressure amid long liquidation.
- Eastern North Dakota into northwestern Minnesota is not likely to receive enough rain Thursday into Saturday to significantly increase soil moisture and stress to crops should rise next week as the soil dries down, according to World Weather Inc.
- September soybeans are testing support at the 20-day moving average, with additional support at $11.78 3/4, which is backed by 100- and 40-day moving averages.
Wheat futures are mostly unchanged to 3 cents higher.
- SRW wheat futures are posting modest followthrough gains as solid technical support limits recent selling.
- The Turkish government will allow milling wheat exports after a year-and-a-half pause. In a statement, the Turkish Grain Board said the export restriction — in place since March 2025 — was lifted after an assessment of production and current stocks deemed food supply to be sufficiently secure. Exports will be carried out in a “controlled and balanced manner” and will be subject to the Board’s assessments of applications, according to Bloomberg.
- September SRW futures are trading between the 10- and 20-day moving averages, trading at $6.77 1/2 and $6.51 1/2.
Live cattle and feeders are higher at midsession.
- Cattle futures are posting corrective gains after early-week selling.
- Cash cattle trade has commenced at slightly weaker levels in early-week trade.
- Choice boxed beef rose $2.97 on Tuesday to $365.86, while Select fell $1.64 to $343.52. Movement totaled 112 loads.
- August live cattle are testing resistance at the 10-day moving average, with greater resistance at the 200- and 20-day moving averages, trading at $231.37 and $231.90. Support lies at $224.24, which is backed by last week’s low of $221.70.
Hog futures are lower at midday.
- Nearby lean hogs are weaker following recent strength, with a decline in wholesale fundamentals and slowing gains in the cash index are likely limiting buyers.
- The CME lean hog index is up 12 cents to $98.35 as of July 27.
- The pork cutout value fell 54 cents to $103.91 on Tuesday, with declines in all cuts aside from primal bellies. Movement totaled 245.0 loads.
- August lean hogs are pivoting around the 100- and 200-day moving averages, which are serving as support. Resistance stems from the mid-May high of $106.975.