Advice: Cotton producers: Finish 2024-crop sales... Today marks the end of the 2024-25 marketing year for cotton. As a result, we advise cotton hedgers and cash-only marketers to sell the final 25% of 2024-crop production to get to 100% sold. New-crop sales will wait for an extended rally.
Corn is mostly unchanged to 2 cents higher.
- Corn futures are slightly firmer amid support from strong weekly export sales and a rush of daily sales.
- USDA reported daily sales of 100,000 MT to Columbia, 140,000 MT to South Korea and 136,000 MT to unknown destinations during 2025-26.
- USDA reported net corn sales of 340,900 MT for 2024-25, down 47% from the previous week and 46% from the four-week average. Net sales of 2025-26 totaled 1.892 MMT. Net sales were expected to range from 200,000 to 800,000 MT for 2024-25 and 600,000 MT to 1.6 MMT for 2025-26.
- September corn continues to be supported at $3.88 3/4, while resistance stands at $3.94 and is backed by the 10- and 20-day moving averages.
Soybeans are mostly 2 to 4 cents lower, while soymeal is around $1.40 higher. Soyoil is mostly 120 points lower.
- Soybeans continue to favor the downside as spreaders start to unwind meal shorts and soyoil longs.
- USDA reported net sales of 349,200 MT for 2024-25, up noticeably from the previous week and 4% from the four-week average. Net sales for 2025-26 totaled 429,500 MT. Analysts expected old-crop sales to range from 100,000 to 300,000 MT and new-crop sales between 100,000 and 600,000 MT.
- World Weather Inc. reports temps will be colder to much colder than normal through Monday with near normal temps common Tuesday into next Wednesday and near- to above-normal temps late next week.
- August soybean futures have wiped out the December low of $9.64, with support now serving at $9.62 1/4. Initial resistance is at $9.73.
SRW wheat futures are mostly a penny to 2 cents lower, while HRW futures are a penny to 3 cents higher. HRS futures are mostly 2 cents lower.
- SRW wheat futures are weaker but have turned from the contract low carved earlier this morning.
- USDA reported 100,000 MT of HRW wheat to Nigeria during 2025-26.
- USDA reported weekly wheat sales of 592,100 MT for 2025-26, down 17% from the previous week but in-line with the four-week average. Net sales landed within the pre-report range of 300,000 to 700,000 MT.
- December SRW futures have marked a new contract low, though support continues to serve at $5.38 3/4. Initial resistance is at $5.46 1/2.
Live cattle and feeders are weaker at midsession.
- Nearby live cattle are correctively lower as traders pause after Wednesday’s strong gains.
- Wholesale beef values continued to slide, with Choice down $2.20 to $361.99, while Select fell $1.57 to $340.91. Movement totaled 168 loads.
- USDA reported net beef sales of 8,500 MT for 2025, down 49% from the previous week and 30% from the four-week average.
- August live cattle are trading within Wednesday’s upper range, with resistance at this week’s all-time high of $233.75, while initial support lies at $230.60.
Hog futures are modestly firmer at midmorning.
- Nearby lean hogs are modestly firmer though technical resistance is curbing the upside.
- The pork cutout value rose 15 cents to $116.00, with gains in picnics, bellies and loins offsetting declines in ribs, hams and butts. Movement totaled 309.5 loads.
- USDA reported net pork sales of 39,500 MT for 2025, up noticeably from the previous week and 85% from the four-week average.
- August lean hogs continue to find support at the 20-day moving average of $106.65, though the 10-dy moving average of $107.74 serves as initial resistance, and is backed by the 40-day moving average.