Corn futures are mostly 4 cents lower at midmorning.
- Corn futures are facing pressure amid followthrough technical selling.
- Iran reported negotiators will suspend “talks and exchange of documents through mediators,” in protest to Israel’s expanded ground assault in Lebanon, according to Bloomberg. The report caused oil to surge and equities as peace prospects fade.
- USDA reported weekly export inspections of 1.728 MMT during the week ended May 28, up 123,896 MT from the previous week. Net inspections were near the low-end of the expected pre-report range of 1.4 MMT to 2.03 MMT.
- Farmers in Brazil’s center-south had harvested 2.4% of their 2026 corn crop as of last Thursday, according to AgRural. That was up from 0.9% from the previous week and above the 1.3% reported a year earlier.
- Southern safrinha corn areas of Brazil have trended drier recently. Northern crop areas are dry and crops are filling and maturing, according to World Weather Inc.
July corn futures are facing support at $4.41 ½, while resistance stands at $4.50 1/4.
Soybeans are a penny to 4 cents lower, while meal futures are around $3.50 lower. Soyoil futures are around 150 points higher.
- Soybeans continue to face technical challenges, though support from extended gains in soyoil is curbing seller interest.
- USDA reported weekly export inspections of 494,286 MT during the week ended May 26, down 94,611 MT from the previous week. Net inspections were near the low-end of analysts’ pre-report range of 400,000 to 600,000 MT.
- World Weather reports net drying is expected in a part of the U.S. Midwest over the coming week and temps will be seasonably warm. Most of the change will be welcome, but there are parts of northern Illinois, southeastern Wisconsin, northwestern Indiana and southwestern Michigan that need a moisture boost already and may become too dry over time.
- July soybeans are facing resistance at the 40-, 10- and 20-day moving averages, layered from $11.92 1/2 to $12.00 3/4. Initial support lies at $11.79 1/2.
Winter wheat futures are mostly unchanged to a penny higher, while HRS futures are around 4 to 5 cents lower.
- SRW wheat futures are modestly firmer despite strong gains in crude oil after peace talks were halted earlier this morning.
- USDA reported weekly export inspections of 402,346 MT during the week ended May 26, up 22,575 MT from the previous week. Net inspections were within the expected pre-report range of 300,000 to 500,000 MT.
- Sovecon cut its 2025-26 Russian wheat export forecast 0.6 MMT 46.8 MMT and raised its 2026-27 export forecast for Russian wheat by 1.1 MMT 46.3 MMT.
- Ukraine is likely to increase its 2026 combined grain and oilseed harvest to 83.6 MMT from 80 MMT in 2025 and its exportable surplus could total 50.8 MT, according to Ukrainian grain traders union UGA earlier today.
- July SRW futures are being limited by the 40-day moving average, trading at $6.26, while initial support lies at $6.09 1/4, which is backed by psychological support at $6.00, and the 100-day moving average.
Live cattle and feeders are higher at midsession.
- Nearby live cattle are firmer, but are being limited by technical resistance and weakening wholesale fundamentals, while the NWS threat looms.
- New World Screwworm has been found in a young sheep in Mexico within 31 miles of the U.S. border, USDA reported on Friday. “The detection heightens the risk for America’s beef industry and cattle producers, who have feared for more than a year that the pest would cross into the U.S. and infect livestock after spreading northward in Mexico,” said a Reuters report.
- Choice boxed beef fell 85 cents on Friday to $391.47 while Select fell $2.40 to $383.18. Movement totaled 83 loads.
- China has suspended beef imports from a JBS plant in the northern Brazilian city of Vilhena, according to news outlet Globo Rural. The suspension comes after the detection of progesterone in shipments sent by the Brazilian company’s plant to China.
- June cattle futures are facing initial resistance at $241.12, which is backed by the 10-, 20- and 40-day moving averages. Initial support lies at $237.80, which is backed by the 100-day moving average.
Hog futures are lower at midmorning.
- Lean hog futures are facing technical selling despite support from improving wholesale and cash fundamentals.
- The CME lean hog index is up 48 cents to $91.40 as of May 28.
- The pork cutout value rose 34 cents on Friday to $99.45. Movement improved to 406.2 loads.
- August lean hogs have marked a fresh 6-month low, though support lies at $97.54, while resistance stands at $991.3.