Old-crop corn futures are near steady while new-crop futures are 1 to 2 cents lower.
- Nearby corn futures have traded on either side of unchanged today, struggling to build much momentum either direction.
- USDA reported daily export sales of corn totaling 210,560 for delivery to unknown destinations. Of the total, 145,560 MT is set for delivery during the 2024-25 marketing year, with the remaining 65,000 MT for delivery during 2025-26.
- USDA reported net corn sales of 916,700 MT for 2024-25 were down 23% from the previous week and 34% from the four-week average. Increases came primarily for Japan and Mexico. Sales came within pre-report expectations ranging from 750,000 MT to 1.4 MMT.
- July corn futures found resistance at the psychological $4.50 mark, which remains initial resistance. That is reinforced by the 10-day moving average at $4.52 3/4. Support comes in at yesterday’s low of $4.43 1/2 on a push lower.
Soybeans are 7 to 9 cents lower, while soymeal is trading around $1.70 higher and soyoil is around 150 points lower.
- Soybeans are leading weakness today amid headwinds in trade talks between the U.S. and China and plunging soyoil futures.
- Today’s USDA export sales report showed net sales of 146,000 MT for 2024-25, which were down 53% from the previous week and 58% from the four-week average. Increases came primarily for Mexico and Indonesia. Sales were below pre-report expectations ranging from 150,000 to 500,000 MT. Export sales and shipments have both slowed seasonally as the Brazilian crop continues to dominate the world export market.
- U.S. trade talks with China are “a bit stalled” and getting a deal over the finish line will likely need the direct involvement of President Donald Trump and Chinese President Xi Jinping, U.S. Treasury Secretary Scott Bessent said.
- The White House is weighing a plan to clear a record backlog of requests from small refineries for exemptions (SREs) from U.S. biofuel laws, which could include approving many current applications and requesting industry input to deal with older ones, three sources familiar with the plans told Reuters.
- July soybeans are trading within Thursday’s range. Support comes in at $10.40 on continued selling pressure, while bulls are seeking to topple psychological $10.50 resistance.
SRW wheat futures are steady to 2 cents lower, HRW wheat is just above unchanged and HRS futures are around 4 to 7 cents higher.
- SRW wheat futures are facing headwinds at initial technical resistance, which pulled prices off their highs this morning.
- USDA reported net sales reductions of 128,800 MT for 2024-25, down from last week and the four-week average. Sales were in the middle of expectations ranging from (200,000) to 100,000 MT. Sales totaled 711,400 MT for 2025-26, in the upper end of pre-report expectations.
- Wheat condition ratings in France, the EU’s top wheat producer, continue to inch lower, most recent falling to 70% “good” to “excellent.”
- Spring wheat futures continue to see relative strength as the market continues to react to condition ratings coming in well below expectations.
- July SRW futures failed to topple resistance at $5.35, the 20-day moving average, which is reinforced by resistance at $5.41 1/4. Support stands at $5.28 1/2, this week’s low close, on persistent selling pressure.
Live cattle and feeders are modestly lower at midsession.
- Nearby live cattle opened higher but have since faced profit-taking as technical resistance continues to limit the upside.
- USDA reported net beef export sales of 14,700 MT for 2025, up 20% from the previous week and 24% from the four-week average.
- Packers raised cash bids on Thursday, spurring some trade at mostly $1.00 to $3.00 higher prices.
- Wholesale beef continues to work higher, with Choice cutout climbing another 67 cents to $366.09 Thursday, while Select rose $1.90 to $353.64.
- June live cattle found stiff resistance at the May 12 contract high close at $216.825. Additional resistance stems from $218.625. Bulls are seeking to hold support at $215.80 then the 10-day moving average at $214.75 on persistent weakness.
Hog futures are higher in midmorning trade.
- Nearby lean hogs continue to face stiff resistance stemming from the April and mid-May highs.
- USDA reported net pork export sales of 30,500 MT for 2025, down 19% from last week but up 1% from the four-week average.
- The CME lean hog index is up another 61 cents to $94.13 as of May 28, the largest daily gain during the current string of price strength.
- Pork cutout made a fresh for-the-move high on Thursday, rising another $2.22 to $104.62, led by strength in hams and bellies.
- June lean hogs continue to face stiff resistance at $100.60. A break above that mark targets the April high at $101.975. Support comes in at $100.00 then $99.60, the 10-day moving average, on a break lower.