Corn futures are mostly 6 to 8 cents higher at midmorning.
- Corn futures gapped higher overnight and are posting solid gains, but continue to face technical resistance at the 100-day moving average.
- USDA reported daily sales of 100,000 MT of corn to Colombia during 2026-27.
- USDA reported weekly export inspections totaled 1.55 MMT for the week ended July 16, up 4,771 MT from the previous week. Net inspections were within the analysts’ range of expectations from 1.4 to 1.6 MMT.
- The U.S. conducted a ninth straight day of airstrikes on Iran, trying to force that nation to stop shipping attacks and reopen the Strait of Hormuz. Shipping through the Strait has been drastically reduced during the recent military escalation.
- September corn futures gapped higher overnight, though resistance remains at the 100-day moving average of $4.73 1/4, while support lies at the 200-day moving average of $4.67 1/4.
Soybeans are 26 to 27 cents higher, while meal is around $5.00 higher. Soyoil is 60 points lower.
- Soybeans gapped higher overnight and have scored fresh near-term highs, though resistance remains at the mid-May high.
- USDA reported daily sales of 264,000 MT to China and 110,000 MT to unknown destinations during 2026-27.
- USDA reported weekly export inspections totaled 296,972 MT during the week ended July 16, down 151,018 MT from the previous week. Net inspections were well below the expected pre-report range of expectations from 400,000 to 600,000 MT.
- Secretary of State Marco Rubio said Chinese President Xi Jinping’s upcoming trip to America remains on track, days after the U.S. leader’s claims of Chinese election fraud threatened to upend the truce. “We anticipate that the trip is happening in September,” he told reporters before departing for a meeting of ASEAN foreign ministers in Manila and as reported by Bloomberg.
- August soybeans gapped higher overnight and are now up against resistance at the March high of $12.31, while support lies at the overnight low of $12.09.
Winter wheat futures are 4 to 5 cents lower. HRS futures are mostly unchanged.
- SRW wheat futures are correctively lower despite general strength across the grain and soy complex. A weaker U.S. dollar is a limiting factor.
- USDA reported weekly export inspections totaled 213,993 MT during the week ended July 16, down 182,353 MT from the previous week. Net inspections were just within the pre-report range of estimates from 200,000 to 300,000 MT.
- France’s wheat crop is expected to fall to 30.80 MMT, down 7.% from 2025, according to Argus Media.
- September SRW futures are up against resistance at $6.89 1/2, while support lies at $6.71.
Live cattle and feeders are posting solid gains at midsession.
- Cattle futures are posting strong corrective gains, with feeders leading the charge.
- Cash cattle trade continued to dive in late-week trade last week, though the final cash average won’t be released until later this morning.
- Boxed beef declined on Friday, with Choice down $1.57 to $366.81 and Select down 40 cents to $355.29. Movement totaled 111 loads.
- August live cattle are being supported at $223.33, while resistance stands at $226.38, $228.34 and $229.43.
Hog futures are mixed at midday.
- Lean hogs are weaker in corrective trade, with pressure from technical resistance.
- The CME lean hog index is up 55 cents to $95.65 as of July 16.
- The pork cutout value rose $1.99 to $104.41, led by gains in all cuts aside from primal ribs. Movement totaled 267.7 loads.
- August lean hogs are facing initial resistance at $102.28, which is backed by the 200- and 100-day moving averages. Support lies at $100.76 and $99.87, which is backed by the 10-, 20- and 40-day moving averages.